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高盛:全球机遇资产下半年展望_Goldilocks and the three bears
Goldman Sachs· 2025-07-11 01:05
Investment Rating - The report maintains a tactical Neutral (N) rating for equities over a 3-month horizon and an Overweight (OW) rating for equities over a 12-month horizon [5][9]. Core Insights - The current market sentiment has shifted towards a 'Goldilocks' narrative, characterized by a resilient macro backdrop and expectations of dovish monetary policy, despite potential headwinds from tariffs and a mixed growth/inflation outlook [4][15]. - The report identifies three potential risks ('bears') for the second half of the year: a significant negative growth shock, a large rate shock affecting long-duration bonds, and a deepening bear market for the Dollar [5][62]. - There is an emphasis on diversification across asset classes and regions, with specific recommendations for shorter-duration bonds, low volatility stocks, infrastructure, Gold, financials, and selective emerging market exposure [5][63]. Summary by Sections Market Sentiment and Risk Appetite - The Risk Appetite Indicator (RAI) has rebounded to somewhat bullish levels after a rapid re-risking phase, indicating a shift in investor sentiment towards riskier assets [4][27]. - Despite the bullish sentiment, the report warns of elevated valuations and a modestly negative asymmetry for equities in the near term, suggesting a higher probability of drawdowns compared to rallies [47][52]. Asset Allocation Strategy - The report recommends a tactical asset allocation of Overweight in cash and equities, Neutral in bonds and credit, and Underweight in commodities for the next 3 months [5][7]. - For the 12-month horizon, the strategy remains Overweight in equities and Neutral in cash, credit, and bonds, while continuing to Underweight commodities [5][7]. Economic Outlook - The macroeconomic environment is expected to face challenges in the second half of the year, with a deteriorating growth/inflation mix primarily driven by tariff impacts [15][67]. - The report highlights that while hard data has shown some negative surprises, the labor market remains resilient, and inflation pressures have not significantly materialized [19][67]. Sector and Asset Class Insights - The report suggests that equities may face headwinds from potential tariff impacts and a slowdown in corporate profitability, particularly in the US [66][71]. - Gold is highlighted as a key safe haven asset, with price forecasts raised to $3,700 per ounce by the end of 2025, supported by strong central bank buying [13][71]. Diversification Opportunities - The report emphasizes the importance of diversification in multi-asset portfolios, particularly in light of the current market dynamics and potential risks [58][62]. - Specific diversification strategies include focusing on shorter-duration bonds, quality stocks, and safe-haven assets like Gold and the Swiss Franc [71][82].
Gold and CHF Are Portfolio-Diversifiers: 3-Minute MLIV
Bloomberg Television· 2025-06-19 08:28
Market Risk & Geopolitical Factors - Equity markets are experiencing nervousness potentially due to Middle East tensions and potential US involvement [1] - Low liquidity is hindering aggressive trading, with the market drifting and awaiting the next major catalyst [3] - A negative surprise catalyst is deemed more likely given optimistic pricing on trade and the tax bill [3] Central Bank Policies & Currency Dynamics - The Fed's message regarding stagflation risks is slightly negative for stocks and the dollar [2][10] - The Swiss National Bank (SNB) is being watched for a possible move to negative interest rates [4] - The Swiss franc is viewed as a financial asset similar to gold, serving as a portfolio diversification asset [5][6] - Geopolitical factors, not fundamental inputs, primarily drive the Swiss franc [8] Dollar Performance - The dollar's recent strength is marginal, around 01% [9] - The Fed's stagflation message is not particularly positive for the dollar, and the short squeeze appears to be losing momentum [10] - The world is structurally overexposed to the dollar [10]
【寻找下一个“黄金”】避险资产新风口,5月布局指南!
Sou Hu Cai Jing· 2025-04-30 14:27
Core Viewpoint - The global capital markets are experiencing significant volatility, with traditional safe-haven assets like gold and foreign currencies gaining strength amidst geopolitical risks and inflation concerns Group 1: Safe-Haven Assets - Gold is gaining prominence due to central bank purchases and a trend towards de-dollarization, highlighting its value retention properties [2] - The Japanese yen is expected to appreciate as the Bank of Japan signals tightening, making it an attractive option for short-term forex arbitrage [2] - The Swiss franc is viewed as a safe haven amid European instability, bolstered by the recovery of trust in the Swiss banking sector [3] Group 2: Alternative Assets - Bitcoin is being recognized for its anti-inflation properties following the approval of Bitcoin futures ETFs, although its volatility remains a concern [4] - Rare earth resources are becoming strategic assets due to supply constraints and rising prices, making them suitable for long-term investment [4] Group 3: Pitfalls of Pseudo-Safe Assets - Oil is facing demand weakness despite OPEC+ production cuts, leading to a return to its commodity nature [5] - Real Estate Investment Trusts (REITs) are losing appeal due to rising interest rates, increasing liquidity risks [5] - Emerging market bonds are under pressure from a strong dollar, with heightened default risks in countries like Turkey and Argentina [5] Group 4: Investment Strategies - Conservative strategy suggests a portfolio of 60% gold ETFs, 30% yen cash, and 10% government bond reverse repos [6] - Aggressive strategy includes 50% Bitcoin, 30% rare earth stocks, and 20% Swiss franc deposits [6] - Balanced strategy recommends dollar-cost averaging in gold, holding Bitcoin, and hedging with yen forex options [6] Group 5: Future Outlook - The search for the next "gold" is ongoing, with potential shifts in value driven by blockchain technology and green energy [7] - The core principles of scarcity and consensus value remain central to identifying safe-haven assets [7]