Group 1 - The improvement in risk appetite is largely dependent on the decline in real interest rates, credit expansion, and the improvement of corporate earnings [1][11] - The current market's risk appetite is more influenced by institutional behavior rather than household actions, with weakened housing demand not translating into a chase for risk assets [1][11] - Despite nominal interest rates on deposits reaching historical lows, the willingness of residents to save remains at a historical high due to high real interest rates when inflation is excluded [2] Group 2 - Future market risk appetite may exhibit characteristics similar to macroeconomic counter-cyclical adjustments, with marginal adjustments in the cost-effectiveness of stocks and bonds [6] - The geopolitical risks are expected to drive gold prices, but ordinary residents face challenges in timing their investments in this market [9] - The upcoming maturity of a large volume of fixed-term deposits is likely to stimulate demand for asset reallocation among residents, supported by institutional behaviors that guide savings into the market [11]
伍戈：市场幡动心未动，现金为王仍是居民优选
Di Yi Cai Jing·2026-01-29 03:10