债市配置行情
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【申万固收|利率】内需偏弱支撑债市短期配置行情——1月中采PMI点评
申万宏源证券上海北京西路营业部· 2026-02-03 02:15
Core Viewpoint - The article discusses the weak domestic demand and its support for the short-term configuration of the bond market, particularly in light of the January PMI data [2] Group 1: Economic Indicators - The January PMI data indicates a continued contraction in manufacturing, with the index falling to 48.2, down from 49.0 in December, reflecting a decline in domestic demand [2] - The non-manufacturing PMI also showed a decrease, dropping to 51.1 from 52.0, suggesting a slowdown in service sector growth [2] Group 2: Bond Market Implications - The weak PMI readings are expected to lead to a more accommodative monetary policy, which could support bond prices in the short term [2] - Investors may find opportunities in the bond market as the central bank is likely to maintain a supportive stance to stimulate economic activity [2]