The second half of how asset allocation Interest rate downward financial assets 爱多vcd

The second half of how asset allocation? Interest rate downward trend in the financial assets of the king Sina fund exposure platform: letter Phi lag behind false propaganda, the performance of long-term lower than similar products, how to buy funds pit? Click [I want to complain], Sina help you expose them! Recently, Haitong Securities analyst Jiang Chao, Gu Xiao Xiao said in a report, from the beginning of the second half of the year, stock and bond performance is better than the beginning of commodity markets, means that financial assets than physical assets; interest rate downward trend, financial assets is king, and decreased long-term Treasury rates is financial asset prices force field. The report recommends: financial assets to become the preferred configuration, which is the bond market is the big winner of the interest rate down, while the high dividend blue chip bonds also benefit from the decline in interest rates. Haitong said that in the first half of this year, from the market performance, gold, oil, steel, pork and other gains are close to 30%. But these are basic physical assets, but also the opportunity to bring prices. As the financial assets on behalf of the bond market and the stock market, the first half of this year and poor performance, the Shanghai Composite Index fell 17%, the iconic 10 year rate from 2.82% to 2.84%, rising interest rates means that the first half of the bond market basically did not rise. Obviously, physical assets in the first half of the performance is far better than financial assets. The second half of the financial assets led by Haitong Securities in Jiang Chao’s view, changes in the second half of the economy and the largest capital market from the price, and the resulting changes in interest rates. On the one hand, as inflation index CPI is the most important, the first half of this year had the highest reached 2.3%, but dropped sharply to 1.9% in June, fell to 1.8% in July, August or will continue to fall to 1.7%, it is expected that in 2017 the price trend will be high to low, which means that the high probability of current inflation has been in the past. Since the second half of the year, the biggest change is the change in inflation expectations, from short-term inflation expectations gradually become the expected long-term deflation. According to the classical investment clock, with the change of economic growth and price, the economy will turn a recession, recovery, overheat and stagflation 4 cycles, and the optimal allocation of assets in bonds, stocks, commodities and cash moving round. Since the beginning of 2011, China’s economic growth is no longer changing, economic growth has always been down. If economic growth is only a "bad" state, then the corresponding economic cycle is only two kinds of combination of recession and stagnation. In the first half of the year is "economy and rising prices", corresponding to the stagflation period; and the future is "economy and price", corresponding to a recession, which is the key to price change. Further, in the price upward period, the physical class of assets is certainly the preferred configuration, as long as the price can make money. But it is precisely because of rising prices, the central bank is difficult to relax monetary policy, market interest rates will be difficult to fall. The interest rate does not fall, the bond market is difficult to make money. The stock market, on the one hand, the economy continues to decline, it is difficult to make the enterprise profit money, but on the other hand, rising inflation, interest rates do not fall not to earn money to enhance the valuation, so overall it is difficult to make money even easier to lose money. Therefore, the first half of the相关的主题文章: