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1、目錄目錄1.宏觀經(jīng)濟(jì)51.1國(guó)內(nèi)經(jīng)濟(jì):經(jīng)濟(jì)數(shù)據(jù)回落,經(jīng)濟(jì)下行壓力猶存............................................................................................................51.1.1經(jīng)濟(jì)動(dòng)能持續(xù)放緩,下行壓力增強(qiáng).........................................................
2、................................................................51.1.2經(jīng)濟(jì)景氣度:仍處榮枯線之上,但市場(chǎng)需求延續(xù)疲軟.....................................................................................61.1.3貨幣政策:4月社融規(guī)模整體回落.....................
3、...................................................................................................61.1.4通脹:CPI環(huán)比由降轉(zhuǎn)漲,同比漲幅略有擴(kuò)大..............................................................................................
4、.....71.2海外經(jīng)濟(jì):美國(guó)經(jīng)濟(jì)增速放緩,處于加速見頂區(qū)間...................................................................................................81.2.1美國(guó)經(jīng)濟(jì)增長(zhǎng):經(jīng)濟(jì)增速放緩.......................................................................
5、...........................................................81.2.2景氣度:制造業(yè)指數(shù)創(chuàng)新低......................................................................................................................................91.2.3就業(yè):
6、4月非農(nóng)就業(yè)人口超預(yù)期,失業(yè)率創(chuàng)新低...............................................................................................91.2.4信心指數(shù):消費(fèi)投資信心意外低于預(yù)期....................................................................................
7、..........................101.2.5CPI小幅抬升,通脹水平適中..............................................................................................................................101.2.6歐洲經(jīng)濟(jì):通脹高于預(yù)期,經(jīng)濟(jì)增長(zhǎng)持續(xù)疲軟....................
8、............................................................................111.2.7日本經(jīng)濟(jì):CPI高于預(yù)期,PMI景氣度持續(xù)低于榮枯線...............................................................................112.股票..........................
9、....................................................................................................................................................................122.1A股:震蕩調(diào)整122.2港股:震蕩調(diào)整132.3美股:高位震蕩153.債券..............
10、................................................................................................................................................................................163.1資金面整體寬松,財(cái)政政策和結(jié)構(gòu)性經(jīng)濟(jì)政策密集出臺(tái)...............
11、....................................................................163.2市場(chǎng)流動(dòng)性處于寬松時(shí)點(diǎn),銀行間質(zhì)押式回購(gòu)利率下行...................................................................................163.3貨幣政策邊際收斂,不同期限利率債收益率多數(shù)上升............
12、............................................................................173.4社融數(shù)據(jù)不及預(yù)期,信用債各期限收益率整體上升............................................................................................183.5短融信用利差延續(xù)收窄,中期信用利差小幅走
13、擴(kuò).................................................................................................183.65月債券市場(chǎng)展望.............................................................................................................
14、.................................................194.大宗商品194.1黃金............................................................................................................................................................
15、.............................................194.1.1黃金行情回顧:美指高位調(diào)整,黃金價(jià)格抬升..................................................................................................194.1.2黃金展望:避險(xiǎn)情緒升溫,配置價(jià)值凸顯.........................
16、..................................................................................204.2原油...................................................................................................................................
17、......................................................................204.2.1原油行情回顧:EIA原油庫(kù)存超預(yù)期大幅增加,油價(jià)短期回落...................................................................204.2.2原油展望:需求無放量基礎(chǔ),原油無漲價(jià)支撐.....................
18、.............................................................................215.6月份大類資產(chǎn)配置建議................................................................................................................................
19、........................22圖44AAA級(jí)短融收益率月變動(dòng)(%).............................................................................................................................................18圖45AAA級(jí)中票收益率月變動(dòng)(%)...............
20、..............................................................................................................................18圖461Y各等級(jí)短融信用利差走勢(shì)(單位,BP).....................................................................
21、....................................................19圖475Y各等級(jí)中票信用利差走勢(shì)(單位,BP).........................................................................................................................19圖48美元指數(shù)與黃金價(jià)格呈現(xiàn)反向變動(dòng)..
22、......................................................................................................................................20圖49SPDR黃金持倉(cāng)回落.......................................................................
23、...........................................................................................20圖50滬黃金期貨價(jià)格持續(xù)攀升.................................................................................................................
24、.........................................20圖51WTI原油價(jià)格短期回落................................................................................................................................................................21圖
25、52布倫特原油現(xiàn)價(jià)短期回落..........................................................................................................................................................21圖53美國(guó)EIA原油庫(kù)存變動(dòng)情況(萬桶)...............................
26、....................................................................................................21圖54OPEC持續(xù)減產(chǎn)...........................................................................................................
27、...................................................................22圖55美國(guó)商業(yè)原油庫(kù)存量...........................................................................................................................................
28、..........................22圖56大類資產(chǎn)配置建議........................................................................................................................................................................22圖57大類資產(chǎn)配置建議
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