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2014年初至2015年6月股债双牛(指数,%)
2014年初至2015年6月股债双牛(指数,%)
行业数据
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所属报告:
宏观深度报告:山重水复股债双牛-250118(51页).pdf
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相关数据
2014年初至2015年6月股债双牛(点,%)
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行业数据
2025-08-20
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美国股债双牛周期
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行业数据
2025-01-20
原图定位
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股债双牛周期与风格表现
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2025-01-20
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2016年股债双牛窗口期较短
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2025-01-20
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2024年股债双牛
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2025-01-20
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2013年12月至2015年2月股债双牛由估值驱动
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2025-01-20
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2021年3月至11月股债双牛(%)
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2025-01-20
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2018年至2019年间的股债双牛由估值驱动
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2025-01-20
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2013至2015年股债双牛中板块表现红利靠后(%)
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2025-01-20
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2013年至15年股债双牛
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行业数据
2025-01-20
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2024年股债双牛盈利驱动
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2025-01-20
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2020年3月至2020年9月股债双牛由估值驱动
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2025-01-20
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2018年至2019年间的股债双牛(指数,%)
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2025-01-20
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2014年至2015年股债双牛由估值驱动(指数,%)
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2025-01-20
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形成本轮股债双牛的主要环境包括:经济增速下台阶+平减系数转负,地产失速初期市场出现政策预期,2014 年 7 月后地产和货币政策发力推动超常规逆周期调节(棚改货币化安置)但财政相对缺位,各类资本市场改革政策催化、国企改革、并购重组、一带一路和大众创业万众创新等主题催化抬升风险偏好,两融资金带动杠杆牛,我国证券化率偏低且 A 股总市值较低(仅占 GDP 的 37%)。股牛的结束主要由于:基本面修复慢于预期,清理场外配资和加强对杠杆资金监管,2015 年美联储加息预期升温;而债牛的结束主要由于:GDP 平减指数于 2016 年 Q1 转正且在棚改货币化安置带动下地产重拾增速。
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欧洲股债双牛周期
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