中銀香港(02388.HK):次季續持防守性投資策略 料債券牛市將於年內出現
中銀香港(02388.HK)個人數字金融產品部資深財富策略師高耀豪認為,牛市並非因個別風險事件得以解決而出現,而應伴隨著經濟改善、通脹真正下行等的因素才再現。
他指,信貸市場緊張是加息週期中必然發生的事情,於加息週期末段,市場對壞消息的反應往往更敏感,3月發生的個別風險事件令市場的風險情緒瞬間上漲,因此投資者應繼續採取防守性及低波幅投資策略。
踏入第二季,高耀豪認為,投資者應該關注首先見頂及見底的美國國債類資產;未來市場最大的關注點是衰退風險,進一步加息將增加衰退風險,從而提高對提早減息的預期,因此在這預期下,債息難以大幅提升並且有下調壓力。
在投資策略方面,高耀豪認為,去年因通脹急升導致股債雙跌的情況應會改變,預期債券牛市將先於股市牛市出現;投資者應該逐步增持美國國債類資產,採取靈活配置長短期債券策略可以受惠於今年的市場環境,並可對沖股票投資組合風險,從而降低波幅。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.