宋雪涛：二季度的主要交易逻辑

格隆汇2022-04-14

一季度，国内的主要矛盾在分子，年初以来地产销售塌方、基建持币观望、疫情扩散，政策没有兑现稳的预期，经济还停留在「滞」，预期走弱，情绪回落，A股的交易逻辑是重建信心。一季度，美国的主要矛盾在分母，政策兑现了紧的预期，进入加息周期，利率快速上升，美股的交易逻辑是消化估值。二季度是一季度的延伸，内外市场定价的核心矛盾没有明显变化：国内的焦点仍是分子，美国的焦点仍是分母。市场是根据一致预期之外的边际变化来...

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林明河
2022-04-15
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Youn7276
2022-04-15
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