兴业证券股份有限公司 兴业证券研究所
Bond Market Investment Strategy
The weak financial data in July suggested that the aggregate demand did show constantup-trending. However, there is no solid evidence showing that the aggregate demand will drop.Financial data in July was dragged down by some temporary factors, including high temperatureand flooding. Data in August shows that demand remains stable. We believe market expectation ismore volatile than the economic fundamentals. From the mid-term perspective, if the regulatorcontinues pushing forward regulation in the financial industry and deleveraging. The aggregatedemand will face downside pressure. At present, China’s economy has been growing steadily.
China’s policymaker will maintain slightly tight monetary policy, as the likelihood for relaxation onM2and excess reserve ratio is very slim. Deleveraging in the financial market, strengthening offinancial market and risk diffusion will be pushed forward.
The bond market will remain volatile in the short-term. Credit spread and term spread will continueremaining unstable.
Bond Market Investment Strategy
The weak financial data in July suggested that the aggregate demand did show constantup-trending. However, there is no solid evidence showing that the aggregate demand will drop.Financial data in July was dragged down by some temporary factors, including high temperatureand flooding. Data in August shows that demand remains stable. We believe market expectation ismore volatile than the economic fundamentals. From the mid-term perspective, if the regulatorcontinues pushing forward regulation in the financial industry and deleveraging. The aggregatedemand will face downside pressure. At present, China’s economy has been growing steadily.
China’s policymaker will maintain slightly tight monetary policy, as the likelihood for relaxation onM2and excess reserve ratio is very slim. Deleveraging in the financial market, strengthening offinancial market and risk diffusion will be pushed forward.
The bond market will remain volatile in the short-term. Credit spread and term spread will continueremaining unstable.
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