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记者观察:本轮“看股做债”本质上是风险偏好再平衡
Zheng Quan Shi Bao Wang·2025-09-10 09:59

Group 1 - The "see-saw effect" between stocks and bonds has become more pronounced since July, with the A-share market strengthening due to policy support and capital inflow, leading the Shanghai Composite Index to surpass 3,800 points, a ten-year high [1] - The bond market has adjusted as funds have been diverted, with the yield on 10-year government bonds rebounding from around 1.64% in early July to over 1.8% [1] - The strong performance of the equity market is seen as a key driver of the bond market's adjustment, with a rebalancing of market risk appetite being a major underlying reason for the differing performances of stocks and bonds [1] Group 2 - The current bond market adjustment and the strengthening of the equity market may represent a correction of overpricing in bonds and a filling of valuation gaps in equities, driven by shifts in risk appetite, policy expectations, and capital reallocation [2] - The relationship between stocks and bonds is not always a "see-saw"; there can be scenarios where both markets perform well simultaneously, particularly when falling funding rates influence asset price judgments [2] - The ongoing liquidity easing, influenced by declining bank deposit rates, may also play a role in the current market dynamics, as investors seek higher returns from equities, which in turn affects bond yields [2]