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汇丰策略师Kettner更加看好股市 降低对高收益信用债的超配立场
Sou Hu Cai Jing· 2025-09-10 08:39
Core Viewpoint - HSBC's multi-asset strategist team is increasing equity holdings due to strong economic activity data contrasting with weak U.S. employment data [1] Economic Activity - Recent high-frequency data indicates a rebound in global manufacturing and U.S. consumer activity, supporting both stock earnings and valuations [1] Federal Reserve Policy - A weak labor market is expected to trigger interest rate cuts by the Federal Reserve, which will broaden the scope of stock market gains [1] Credit Market Strategy - The team is reducing its overweight position in high-yield credit bonds, as the market has priced in nearly six rate cuts by the Federal Reserve before December next year [1] - Even slight increases in credit spreads or short-term yields could lead to flat or negative returns [1] Equity Market Positioning - The team has ended its underweight stance on Japanese stocks, finding bank stocks attractive due to reduced growth risks from recent U.S.-Japan trade agreements [1] - The team holds an overweight position in equities, high-yield credit bonds, and emerging market rates, while maintaining an underweight stance in investment-grade credit bonds and developed market sovereign bonds [1]
固收类资产对长期投资者仍具有较大吸引力
Sou Hu Cai Jing· 2025-07-23 09:57
Group 1 - The global economic landscape is becoming increasingly complex, characterized by slowing growth and rising risks, with unpredictable trade policies questioning assumptions about inflation and employment trends [1] - Investors are likely to rely more on fixed income assets due to their dual characteristics of stability and yield, which have proven to be more predictable over time [1] Group 2 - The U.S. economy is expected to experience moderate growth, with GDP growth projected to be below trend levels, while potential risks from tariff uncertainties could increase the likelihood of recession or stagflation [3] - The Federal Reserve may need to resume easing policies, with the possibility of up to two rate cuts by the end of the year if tariffs impact U.S. economic growth [3] - Long-term interest rates are expected to fluctuate within a historically wide range, with the 10-year U.S. Treasury yield projected between 3.75% and 4.75% [3] Group 3 - The weakening of the dollar due to rising deficits, debt costs, and tariff uncertainties makes unhedged local currency bonds more attractive [4] Group 4 - Despite market volatility, credit fundamentals remain robust, and rising yields enhance the attractiveness of bonds, with expectations for moderate excess returns in the credit market [5] - Bonds have demonstrated stability during stock market turmoil, providing safety and stable returns, with a return to typical low correlation between stocks and bonds [5] - Historical data suggests that when bond yields are between 4% and 6% and stock valuations are high (P/E ratio over 23), bonds tend to outperform stocks over the next decade [6] Group 5 - In the context of increasing interest rate uncertainty, investors can achieve smoother return curves by balancing short-term positions with long-term allocations [7] - High-quality assets, such as collateralized loan obligations (CLOs) and investment-grade corporate bonds, are particularly attractive as they provide stable income and diversify equity risk [7] - Given significant uncertainties in U.S. policy and a weakening dollar, investors can benefit from more stable and attractively valued international bond yield curves [7] - Fixed income assets remain appealing for long-term investors seeking stable returns and enhanced portfolio stability amid economic slowdown and rising downside risks [7]