Core Insights - The article discusses the concept of living in deflationary regions while investing in inflationary assets, highlighting the potential benefits of such a strategy [1][2][5]. Group 1: Economic Context - Inflation benefits asset prices, leading to capital gains, while deflation can lower living costs [1]. - The article contrasts the experiences of individuals in high inflation countries versus those in deflationary environments, emphasizing the advantages of the latter for investment opportunities [1][2]. Group 2: Case Studies - Switzerland and Japan are cited as examples where residents benefit from living in deflationary environments while investing in inflationary assets [5][7][8]. - Swiss residents have historically invested in USD assets or emerging market funds, capitalizing on the appreciation of the Swiss franc [7]. - Japanese high-net-worth individuals have shifted their wealth to overseas investments post-bubble, favoring US bonds and stocks [8][9]. Group 3: Investment Strategies - Successful investment strategies require cross-border asset allocation, stable living costs, and detachment from local inflation [6][11]. - The article outlines seven categories of inflationary assets, including precious metals, commodities, high pricing power stocks, emerging market equities, inflation-linked bonds, rental real estate, and policy-driven assets like technology stocks in China [12][19][21]. Group 4: Inflation as an Investment Principle - Inflation is presented as a fundamental principle that underpins investment returns, with historical perspectives from notable investors like Ray Dalio and Warren Buffett emphasizing its significance [22].

来源：新浪证券 7月29日，新浪财经连线@刘煜辉lyhfhtx 博士，就A股走势、经济周期、资产配置等关键问题进行分 享。>>视频直播 刘煜辉表示，当前市场情绪正在快速升温，投资者对"顺周期风格回归"的信心显著增强。他指出，市场 正在形成一种预期：随着反内卷政策主线明确，下半年有望开启通缩象限的"转场窗口"。这一预期的迅 速强化，正促使资本市场迎来一次可能的风格切换。 他指出，过去三年债券作为典型"通缩资产"经历了超级牛市，大量机构与资金重仓债券、银行股、降级 消费等"口红资产"，使得通缩资产的仓位高度集中、认知趋同。 但当宏观投资时钟开始转向、市场集体减持通缩资产、转向非通缩甚至通胀资产时，刘煜辉警示，如果 没有提前做出策略性调整，将可能遭遇流动性冲击。他直言，资金再配置过程中"最怕的就是没有承接 力"，当市场集中卖出、买方力量不足，投资者要"付出负反馈溢价才能出来"，这正是债券市场面临的 核心风险。近期国债期货价格的走弱，已隐隐传递出这一压力。 直播连麦 直播时间 2025.07.29 15:30 6 微博 刘煜辉谈当前A股机会 2025年下半年研判和策略 ...