高盛最新报告：13张图，看清最近的市场形势

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高盛最新报告：13张图，看清最近的市场形势

华尔街见闻2021-08-05

作者：于旭东在最新的一份报告中，高盛交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。 1、目前流动性充裕高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。 2、股票的收益率正在向好高盛表示，目前SPX（标普500指数）和NDX（...

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Cyndilim93
·2021-08-06
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WWW1234
·2021-08-06
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中国ChinaATM
·2021-08-06
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AK泰
·2021-08-06
對！流動性氾濫！
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Linda2240
·2021-08-06
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hangyuliang
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algie
·2021-08-06
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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n高盛最新报告：13张图，看清最近的市场形势\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-05 23:36 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3637261><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者：于旭东\n在最新的一份报告中，高盛交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。\n1、目前流动性充裕\n高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。\n\n2、股票的收益率正在向好\n高盛表示，目前SPX（标普500指数）和NDX（...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3637261\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GS","symbol_name":"高盛","start_time":0,"source_url":"https://wallstreetcn.com/articles/3637261","article_id":"1157551750","we_media_id":null,"thumbnails":["https://static.tigerbbs.com/bf9ac23bac84c629134c18540a11264a"],"rights":{"source":"highlight_wallstreetcn","url":"https://wallstreetcn.com/articles/3637261","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=1157551750","pubTimestamp":1628177811,"sourceInfo":{"source_id":"highlight_wallstreetcn","name":"华尔街见闻"},"weMediaInfo":null,"summary":"本周将是夏季剩余时间里的流动性高峰；股市的收益率正在向好……","collect":0,"end_time":0,"defaultTopTitle":"wallstreetcn.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"GS":"高盛",".DJI":"道琼斯"},"translate_title":"Goldman Sachs's latest report: 13 charts to see the recent market situation","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/9a02ff6053009ea5c6ce7ab31379b603","symbols_score_info":{".DJI":0.9,"GS":0.9},"content_text":"作者：于旭东\n在最新的一份报告中，高盛交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。\n1、目前流动性充裕\n高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。\n\n2、股票的收益率正在向好\n高盛表示，目前SPX（标普500指数）和NDX（纳斯达克指数）与30年收益率的负相关再次转为正相关，这意味着股市的收益率正在向好。\n\n3、中概股再次分化\n高盛表示，中概股的走势再度分化：MSCI中国除互联网外的每股盈利年初至今增长5%，而中国互联网每股盈利年初至今下降22%。\n\n4、在过去5年中，美国和欧洲市场的隐含分散水平一直在升高\n\n5、由于股指一直在抬升，因此分散表现一直很稳定\n\n6、由于此前市场波动率曾峰值，因此疫情期间的分散其实一直是防御属性\n\n7、指数隐含波动率大幅拉低了指数疫情前后的低位\n\n8、近年来指数隐含波动率下降的部分原因是指数隐含相关性水平急剧下降，以及欧洲股市对上行看涨期权的需求下降\n市场隐含的平均单只股票相关性数据表明，虽然指数隐含波动率自2015年以来下降，并在疫情之后再次下降，推动隐含分散水平升高，但这与同期隐含相关性水平急剧下降相吻合。\n\n9、SX5E（欧洲斯托克50指数）中t与t-1的回报率相关性极低\n\n10、2020年以后，价差交易处于历史低位\n\n11、目前SX5E-SPX的价差显着上升\n\n12、大盘与动量与欧盟周期性/防御性之间已实现相关性\n\n13. VOW3的期限结构在过去一年中大幅趋于平缓","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":899413456,"gmtCreate":1628210055075,"gmtModify":1703503140655,"author":{"id":"3586928132531672","authorId":"3586928132531672","name":"Cyndilim93","avatar":"https://static.tigerbbs.com/f3a31cb90d66b7a8374dcb75a6842f98","vip":1,"hat":"https://static.tigerbbs.com/4c5ceab71416b120bab4604c0754b52a","crmLevel":1,"crmLevelSwitch":0,"idStr":"3586928132531672","authorIdStr":"3586928132531672"},"htmlText":"[呆住]&nbsp;","listText":"[呆住]&nbsp;","text":"[呆住]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/899413456","repostId":1157551750,"repostType":4,"repost":{"id":"1157551750","pubTimestamp":1628177811,"share":"https://ttm.financial/m/news/1157551750?lang=&edition=fundamental","pubTime":"2021-08-05 23:36","market":"us","language":"zh","title":"高盛最新报告：13张图，看清最近的市场形势","url":"https://stock-news.laohu8.com/highlight/detail?id=1157551750","media":"华尔街见闻","summary":"本周将是夏季剩余时间里的流动性高峰；股市的收益率正在向好……","content":"<p>作者：于旭东</p>\n<p>在最新的一份报告中，<a href=\"https://laohu8.com/S/GS\">高盛</a>交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。</p>\n<p>1、目前流动性充裕</p>\n<p>高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。</p>\n<p><img src=\"https://static.tigerbbs.com/880861172ccda951f035a472f7c005ed\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>2、股票的收益率正在向好</p>\n<p>高盛表示，目前SPX（标普500指数）和NDX（纳斯达克指数）与30年收益率的负相关再次转为正相关，这意味着股市的收益率正在向好。</p>\n<p><img src=\"https://static.tigerbbs.com/3a540a0743e9a23a96f8beafc4fff7eb\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>3、中概股再次分化</p>\n<p>高盛表示，中概股的走势再度分化：MSCI中国除互联网外的每股盈利年初至今增长5%，而中国互联网每股盈利年初至今下降22%。</p>\n<p><img src=\"https://static.tigerbbs.com/91b30abbf71994074119b1beb495c6e5\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>4、在过去5年中，美国和欧洲市场的隐含分散水平一直在升高</p>\n<p><img src=\"https://static.tigerbbs.com/6b72aeb35466d17504a5405a0bfed2bb\" tg-width=\"500\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p>\n<p>5、由于股指一直在抬升，因此分散表现一直很稳定</p>\n<p><img src=\"https://static.tigerbbs.com/c7080126e3fc55e4fe89d3da0618d899\" tg-width=\"500\" tg-height=\"370\" referrerpolicy=\"no-referrer\"></p>\n<p>6、由于此前市场波动率曾峰值，因此疫情期间的分散其实一直是防御属性</p>\n<p><img src=\"https://static.tigerbbs.com/c661876c062e2f07e1d93bf5446775d1\" tg-width=\"500\" tg-height=\"358\" referrerpolicy=\"no-referrer\"></p>\n<p>7、指数隐含波动率大幅拉低了指数疫情前后的低位</p>\n<p><img src=\"https://static.tigerbbs.com/42a018affb9b1e72964b75c3e594f27b\" tg-width=\"500\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p>\n<p>8、近年来指数隐含波动率下降的部分原因是指数隐含相关性水平急剧下降，以及欧洲股市对上行看涨期权的需求下降</p>\n<p>市场隐含的平均单只股票相关性数据表明，虽然指数隐含波动率自2015年以来下降，并在疫情之后再次下降，推动隐含分散水平升高，但这与同期隐含相关性水平急剧下降相吻合。</p>\n<p><img src=\"https://static.tigerbbs.com/8c1d87e3b1e4b9d79e5d7dfcd2f90d42\" tg-width=\"500\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p>\n<p>9、SX5E（欧洲斯托克50指数）中t与t-1的回报率相关性极低</p>\n<p><img src=\"https://static.tigerbbs.com/af84b6b55759c333bfa86662821e87ec\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>10、2020年以后，价差交易处于历史低位</p>\n<p><img src=\"https://static.tigerbbs.com/696c3dc2ca2b98fc30fd17871f9f1bd3\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>11、目前SX5E-SPX的价差显着上升</p>\n<p><img src=\"https://static.tigerbbs.com/327b9f40bb004f0ec9911d0bcab037b6\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>12、大盘与动量与欧盟周期性/防御性之间已实现相关性</p>\n<p><img src=\"https://static.tigerbbs.com/769d2e8bfbdd51389a15828d71dd1d71\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>13. VOW3的期限结构在过去一年中大幅趋于平缓</p>\n<p><img src=\"https://static.tigerbbs.com/55de07d0c110be49ba2310e4e387c513\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>高盛最新报告：13张图，看清最近的市场形势</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n高盛最新报告：13张图，看清最近的市场形势\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-05 23:36 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3637261><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者：于旭东\n在最新的一份报告中，高盛交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。\n1、目前流动性充裕\n高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。\n\n2、股票的收益率正在向好\n高盛表示，目前SPX（标普500指数）和NDX（...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3637261\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bf9ac23bac84c629134c18540a11264a","relate_stocks":{"GS":"高盛",".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/articles/3637261","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1157551750","content_text":"作者：于旭东\n在最新的一份报告中，高盛交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。\n1、目前流动性充裕\n高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。\n\n2、股票的收益率正在向好\n高盛表示，目前SPX（标普500指数）和NDX（纳斯达克指数）与30年收益率的负相关再次转为正相关，这意味着股市的收益率正在向好。\n\n3、中概股再次分化\n高盛表示，中概股的走势再度分化：MSCI中国除互联网外的每股盈利年初至今增长5%，而中国互联网每股盈利年初至今下降22%。\n\n4、在过去5年中，美国和欧洲市场的隐含分散水平一直在升高\n\n5、由于股指一直在抬升，因此分散表现一直很稳定\n\n6、由于此前市场波动率曾峰值，因此疫情期间的分散其实一直是防御属性\n\n7、指数隐含波动率大幅拉低了指数疫情前后的低位\n\n8、近年来指数隐含波动率下降的部分原因是指数隐含相关性水平急剧下降，以及欧洲股市对上行看涨期权的需求下降\n市场隐含的平均单只股票相关性数据表明，虽然指数隐含波动率自2015年以来下降，并在疫情之后再次下降，推动隐含分散水平升高，但这与同期隐含相关性水平急剧下降相吻合。\n\n9、SX5E（欧洲斯托克50指数）中t与t-1的回报率相关性极低\n\n10、2020年以后，价差交易处于历史低位\n\n11、目前SX5E-SPX的价差显着上升\n\n12、大盘与动量与欧盟周期性/防御性之间已实现相关性\n\n13. VOW3的期限结构在过去一年中大幅趋于平缓","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":899432790,"gmtCreate":1628209825910,"gmtModify":1703503131699,"author":{"id":"3586996018526097","authorId":"3586996018526097","name":"WWW1234","avatar":"https://static.tigerbbs.com/f999fbab63e5f6bc66819c077e68aa42","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3586996018526097","authorIdStr":"3586996018526097"},"htmlText":"[呆住]&nbsp;","listText":"[呆住]&nbsp;","text":"[呆住]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/899432790","repostId":1157551750,"repostType":4,"repost":{"id":"1157551750","pubTimestamp":1628177811,"share":"https://ttm.financial/m/news/1157551750?lang=&edition=fundamental","pubTime":"2021-08-05 23:36","market":"us","language":"zh","title":"高盛最新报告：13张图，看清最近的市场形势","url":"https://stock-news.laohu8.com/highlight/detail?id=1157551750","media":"华尔街见闻","summary":"本周将是夏季剩余时间里的流动性高峰；股市的收益率正在向好……","content":"<p>作者：于旭东</p>\n<p>在最新的一份报告中，<a href=\"https://laohu8.com/S/GS\">高盛</a>交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。</p>\n<p>1、目前流动性充裕</p>\n<p>高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。</p>\n<p><img src=\"https://static.tigerbbs.com/880861172ccda951f035a472f7c005ed\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>2、股票的收益率正在向好</p>\n<p>高盛表示，目前SPX（标普500指数）和NDX（纳斯达克指数）与30年收益率的负相关再次转为正相关，这意味着股市的收益率正在向好。</p>\n<p><img src=\"https://static.tigerbbs.com/3a540a0743e9a23a96f8beafc4fff7eb\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>3、中概股再次分化</p>\n<p>高盛表示，中概股的走势再度分化：MSCI中国除互联网外的每股盈利年初至今增长5%，而中国互联网每股盈利年初至今下降22%。</p>\n<p><img src=\"https://static.tigerbbs.com/91b30abbf71994074119b1beb495c6e5\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>4、在过去5年中，美国和欧洲市场的隐含分散水平一直在升高</p>\n<p><img src=\"https://static.tigerbbs.com/6b72aeb35466d17504a5405a0bfed2bb\" tg-width=\"500\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p>\n<p>5、由于股指一直在抬升，因此分散表现一直很稳定</p>\n<p><img src=\"https://static.tigerbbs.com/c7080126e3fc55e4fe89d3da0618d899\" tg-width=\"500\" tg-height=\"370\" referrerpolicy=\"no-referrer\"></p>\n<p>6、由于此前市场波动率曾峰值，因此疫情期间的分散其实一直是防御属性</p>\n<p><img src=\"https://static.tigerbbs.com/c661876c062e2f07e1d93bf5446775d1\" tg-width=\"500\" tg-height=\"358\" referrerpolicy=\"no-referrer\"></p>\n<p>7、指数隐含波动率大幅拉低了指数疫情前后的低位</p>\n<p><img src=\"https://static.tigerbbs.com/42a018affb9b1e72964b75c3e594f27b\" tg-width=\"500\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p>\n<p>8、近年来指数隐含波动率下降的部分原因是指数隐含相关性水平急剧下降，以及欧洲股市对上行看涨期权的需求下降</p>\n<p>市场隐含的平均单只股票相关性数据表明，虽然指数隐含波动率自2015年以来下降，并在疫情之后再次下降，推动隐含分散水平升高，但这与同期隐含相关性水平急剧下降相吻合。</p>\n<p><img src=\"https://static.tigerbbs.com/8c1d87e3b1e4b9d79e5d7dfcd2f90d42\" tg-width=\"500\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p>\n<p>9、SX5E（欧洲斯托克50指数）中t与t-1的回报率相关性极低</p>\n<p><img src=\"https://static.tigerbbs.com/af84b6b55759c333bfa86662821e87ec\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>10、2020年以后，价差交易处于历史低位</p>\n<p><img src=\"https://static.tigerbbs.com/696c3dc2ca2b98fc30fd17871f9f1bd3\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>11、目前SX5E-SPX的价差显着上升</p>\n<p><img src=\"https://static.tigerbbs.com/327b9f40bb004f0ec9911d0bcab037b6\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>12、大盘与动量与欧盟周期性/防御性之间已实现相关性</p>\n<p><img src=\"https://static.tigerbbs.com/769d2e8bfbdd51389a15828d71dd1d71\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>13. VOW3的期限结构在过去一年中大幅趋于平缓</p>\n<p><img src=\"https://static.tigerbbs.com/55de07d0c110be49ba2310e4e387c513\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>高盛最新报告：13张图，看清最近的市场形势</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n高盛最新报告：13张图，看清最近的市场形势\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-05 23:36 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3637261><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者：于旭东\n在最新的一份报告中，高盛交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。\n1、目前流动性充裕\n高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。\n\n2、股票的收益率正在向好\n高盛表示，目前SPX（标普500指数）和NDX（...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3637261\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bf9ac23bac84c629134c18540a11264a","relate_stocks":{"GS":"高盛",".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/articles/3637261","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1157551750","content_text":"作者：于旭东\n在最新的一份报告中，高盛交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。\n1、目前流动性充裕\n高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。\n\n2、股票的收益率正在向好\n高盛表示，目前SPX（标普500指数）和NDX（纳斯达克指数）与30年收益率的负相关再次转为正相关，这意味着股市的收益率正在向好。\n\n3、中概股再次分化\n高盛表示，中概股的走势再度分化：MSCI中国除互联网外的每股盈利年初至今增长5%，而中国互联网每股盈利年初至今下降22%。\n\n4、在过去5年中，美国和欧洲市场的隐含分散水平一直在升高\n\n5、由于股指一直在抬升，因此分散表现一直很稳定\n\n6、由于此前市场波动率曾峰值，因此疫情期间的分散其实一直是防御属性\n\n7、指数隐含波动率大幅拉低了指数疫情前后的低位\n\n8、近年来指数隐含波动率下降的部分原因是指数隐含相关性水平急剧下降，以及欧洲股市对上行看涨期权的需求下降\n市场隐含的平均单只股票相关性数据表明，虽然指数隐含波动率自2015年以来下降，并在疫情之后再次下降，推动隐含分散水平升高，但这与同期隐含相关性水平急剧下降相吻合。\n\n9、SX5E（欧洲斯托克50指数）中t与t-1的回报率相关性极低\n\n10、2020年以后，价差交易处于历史低位\n\n11、目前SX5E-SPX的价差显着上升\n\n12、大盘与动量与欧盟周期性/防御性之间已实现相关性\n\n13. VOW3的期限结构在过去一年中大幅趋于平缓","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":899404887,"gmtCreate":1628209108549,"gmtModify":1703503104255,"author":{"id":"3584867430360256","authorId":"3584867430360256","name":"中国ChinaATM","avatar":"https://static.tigerbbs.com/bd214125064b4d25501bb48cef2fb529","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":5,"crmLevelSwitch":0,"idStr":"3584867430360256","authorIdStr":"3584867430360256"},"htmlText":"？？？","listText":"？？？","text":"？？？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/899404887","repostId":1157551750,"repostType":4,"repost":{"id":"1157551750","pubTimestamp":1628177811,"share":"https://ttm.financial/m/news/1157551750?lang=&edition=fundamental","pubTime":"2021-08-05 23:36","market":"us","language":"zh","title":"高盛最新报告：13张图，看清最近的市场形势","url":"https://stock-news.laohu8.com/highlight/detail?id=1157551750","media":"华尔街见闻","summary":"本周将是夏季剩余时间里的流动性高峰；股市的收益率正在向好……","content":"<p>作者：于旭东</p>\n<p>在最新的一份报告中，<a href=\"https://laohu8.com/S/GS\">高盛</a>交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。</p>\n<p>1、目前流动性充裕</p>\n<p>高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。</p>\n<p><img src=\"https://static.tigerbbs.com/880861172ccda951f035a472f7c005ed\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>2、股票的收益率正在向好</p>\n<p>高盛表示，目前SPX（标普500指数）和NDX（纳斯达克指数）与30年收益率的负相关再次转为正相关，这意味着股市的收益率正在向好。</p>\n<p><img src=\"https://static.tigerbbs.com/3a540a0743e9a23a96f8beafc4fff7eb\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>3、中概股再次分化</p>\n<p>高盛表示，中概股的走势再度分化：MSCI中国除互联网外的每股盈利年初至今增长5%，而中国互联网每股盈利年初至今下降22%。</p>\n<p><img src=\"https://static.tigerbbs.com/91b30abbf71994074119b1beb495c6e5\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>4、在过去5年中，美国和欧洲市场的隐含分散水平一直在升高</p>\n<p><img src=\"https://static.tigerbbs.com/6b72aeb35466d17504a5405a0bfed2bb\" tg-width=\"500\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p>\n<p>5、由于股指一直在抬升，因此分散表现一直很稳定</p>\n<p><img src=\"https://static.tigerbbs.com/c7080126e3fc55e4fe89d3da0618d899\" tg-width=\"500\" tg-height=\"370\" referrerpolicy=\"no-referrer\"></p>\n<p>6、由于此前市场波动率曾峰值，因此疫情期间的分散其实一直是防御属性</p>\n<p><img src=\"https://static.tigerbbs.com/c661876c062e2f07e1d93bf5446775d1\" tg-width=\"500\" tg-height=\"358\" referrerpolicy=\"no-referrer\"></p>\n<p>7、指数隐含波动率大幅拉低了指数疫情前后的低位</p>\n<p><img src=\"https://static.tigerbbs.com/42a018affb9b1e72964b75c3e594f27b\" tg-width=\"500\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p>\n<p>8、近年来指数隐含波动率下降的部分原因是指数隐含相关性水平急剧下降，以及欧洲股市对上行看涨期权的需求下降</p>\n<p>市场隐含的平均单只股票相关性数据表明，虽然指数隐含波动率自2015年以来下降，并在疫情之后再次下降，推动隐含分散水平升高，但这与同期隐含相关性水平急剧下降相吻合。</p>\n<p><img src=\"https://static.tigerbbs.com/8c1d87e3b1e4b9d79e5d7dfcd2f90d42\" tg-width=\"500\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p>\n<p>9、SX5E（欧洲斯托克50指数）中t与t-1的回报率相关性极低</p>\n<p><img src=\"https://static.tigerbbs.com/af84b6b55759c333bfa86662821e87ec\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>10、2020年以后，价差交易处于历史低位</p>\n<p><img src=\"https://static.tigerbbs.com/696c3dc2ca2b98fc30fd17871f9f1bd3\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>11、目前SX5E-SPX的价差显着上升</p>\n<p><img src=\"https://static.tigerbbs.com/327b9f40bb004f0ec9911d0bcab037b6\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>12、大盘与动量与欧盟周期性/防御性之间已实现相关性</p>\n<p><img src=\"https://static.tigerbbs.com/769d2e8bfbdd51389a15828d71dd1d71\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>13. VOW3的期限结构在过去一年中大幅趋于平缓</p>\n<p><img src=\"https://static.tigerbbs.com/55de07d0c110be49ba2310e4e387c513\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>高盛最新报告：13张图，看清最近的市场形势</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n高盛最新报告：13张图，看清最近的市场形势\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-05 23:36 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3637261><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者：于旭东\n在最新的一份报告中，高盛交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。\n1、目前流动性充裕\n高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。\n\n2、股票的收益率正在向好\n高盛表示，目前SPX（标普500指数）和NDX（...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3637261\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bf9ac23bac84c629134c18540a11264a","relate_stocks":{"GS":"高盛",".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/articles/3637261","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1157551750","content_text":"作者：于旭东\n在最新的一份报告中，高盛交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。\n1、目前流动性充裕\n高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。\n\n2、股票的收益率正在向好\n高盛表示，目前SPX（标普500指数）和NDX（纳斯达克指数）与30年收益率的负相关再次转为正相关，这意味着股市的收益率正在向好。\n\n3、中概股再次分化\n高盛表示，中概股的走势再度分化：MSCI中国除互联网外的每股盈利年初至今增长5%，而中国互联网每股盈利年初至今下降22%。\n\n4、在过去5年中，美国和欧洲市场的隐含分散水平一直在升高\n\n5、由于股指一直在抬升，因此分散表现一直很稳定\n\n6、由于此前市场波动率曾峰值，因此疫情期间的分散其实一直是防御属性\n\n7、指数隐含波动率大幅拉低了指数疫情前后的低位\n\n8、近年来指数隐含波动率下降的部分原因是指数隐含相关性水平急剧下降，以及欧洲股市对上行看涨期权的需求下降\n市场隐含的平均单只股票相关性数据表明，虽然指数隐含波动率自2015年以来下降，并在疫情之后再次下降，推动隐含分散水平升高，但这与同期隐含相关性水平急剧下降相吻合。\n\n9、SX5E（欧洲斯托克50指数）中t与t-1的回报率相关性极低\n\n10、2020年以后，价差交易处于历史低位\n\n11、目前SX5E-SPX的价差显着上升\n\n12、大盘与动量与欧盟周期性/防御性之间已实现相关性\n\n13. VOW3的期限结构在过去一年中大幅趋于平缓","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":899652511,"gmtCreate":1628181087933,"gmtModify":1703502778539,"author":{"id":"4089380870571900","authorId":"4089380870571900","name":"AK泰","avatar":"https://static.tigerbbs.com/e8257c40c0dde0b9e39cde26e198f229","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4089380870571900","authorIdStr":"4089380870571900"},"htmlText":"對！流動性氾濫！","listText":"對！流動性氾濫！","text":"對！流動性氾濫！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/899652511","repostId":1157551750,"repostType":4,"repost":{"id":"1157551750","pubTimestamp":1628177811,"share":"https://ttm.financial/m/news/1157551750?lang=&edition=fundamental","pubTime":"2021-08-05 23:36","market":"us","language":"zh","title":"高盛最新报告：13张图，看清最近的市场形势","url":"https://stock-news.laohu8.com/highlight/detail?id=1157551750","media":"华尔街见闻","summary":"本周将是夏季剩余时间里的流动性高峰；股市的收益率正在向好……","content":"<p>作者：于旭东</p>\n<p>在最新的一份报告中，<a href=\"https://laohu8.com/S/GS\">高盛</a>交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。</p>\n<p>1、目前流动性充裕</p>\n<p>高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。</p>\n<p><img src=\"https://static.tigerbbs.com/880861172ccda951f035a472f7c005ed\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>2、股票的收益率正在向好</p>\n<p>高盛表示，目前SPX（标普500指数）和NDX（纳斯达克指数）与30年收益率的负相关再次转为正相关，这意味着股市的收益率正在向好。</p>\n<p><img src=\"https://static.tigerbbs.com/3a540a0743e9a23a96f8beafc4fff7eb\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>3、中概股再次分化</p>\n<p>高盛表示，中概股的走势再度分化：MSCI中国除互联网外的每股盈利年初至今增长5%，而中国互联网每股盈利年初至今下降22%。</p>\n<p><img src=\"https://static.tigerbbs.com/91b30abbf71994074119b1beb495c6e5\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>4、在过去5年中，美国和欧洲市场的隐含分散水平一直在升高</p>\n<p><img src=\"https://static.tigerbbs.com/6b72aeb35466d17504a5405a0bfed2bb\" tg-width=\"500\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p>\n<p>5、由于股指一直在抬升，因此分散表现一直很稳定</p>\n<p><img src=\"https://static.tigerbbs.com/c7080126e3fc55e4fe89d3da0618d899\" tg-width=\"500\" tg-height=\"370\" referrerpolicy=\"no-referrer\"></p>\n<p>6、由于此前市场波动率曾峰值，因此疫情期间的分散其实一直是防御属性</p>\n<p><img src=\"https://static.tigerbbs.com/c661876c062e2f07e1d93bf5446775d1\" tg-width=\"500\" tg-height=\"358\" referrerpolicy=\"no-referrer\"></p>\n<p>7、指数隐含波动率大幅拉低了指数疫情前后的低位</p>\n<p><img src=\"https://static.tigerbbs.com/42a018affb9b1e72964b75c3e594f27b\" tg-width=\"500\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p>\n<p>8、近年来指数隐含波动率下降的部分原因是指数隐含相关性水平急剧下降，以及欧洲股市对上行看涨期权的需求下降</p>\n<p>市场隐含的平均单只股票相关性数据表明，虽然指数隐含波动率自2015年以来下降，并在疫情之后再次下降，推动隐含分散水平升高，但这与同期隐含相关性水平急剧下降相吻合。</p>\n<p><img src=\"https://static.tigerbbs.com/8c1d87e3b1e4b9d79e5d7dfcd2f90d42\" tg-width=\"500\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p>\n<p>9、SX5E（欧洲斯托克50指数）中t与t-1的回报率相关性极低</p>\n<p><img src=\"https://static.tigerbbs.com/af84b6b55759c333bfa86662821e87ec\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>10、2020年以后，价差交易处于历史低位</p>\n<p><img src=\"https://static.tigerbbs.com/696c3dc2ca2b98fc30fd17871f9f1bd3\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>11、目前SX5E-SPX的价差显着上升</p>\n<p><img src=\"https://static.tigerbbs.com/327b9f40bb004f0ec9911d0bcab037b6\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>12、大盘与动量与欧盟周期性/防御性之间已实现相关性</p>\n<p><img src=\"https://static.tigerbbs.com/769d2e8bfbdd51389a15828d71dd1d71\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>13. VOW3的期限结构在过去一年中大幅趋于平缓</p>\n<p><img src=\"https://static.tigerbbs.com/55de07d0c110be49ba2310e4e387c513\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>高盛最新报告：13张图，看清最近的市场形势</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n高盛最新报告：13张图，看清最近的市场形势\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-05 23:36 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3637261><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者：于旭东\n在最新的一份报告中，高盛交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。\n1、目前流动性充裕\n高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。\n\n2、股票的收益率正在向好\n高盛表示，目前SPX（标普500指数）和NDX（...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3637261\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bf9ac23bac84c629134c18540a11264a","relate_stocks":{"GS":"高盛",".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/articles/3637261","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1157551750","content_text":"作者：于旭东\n在最新的一份报告中，高盛交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。\n1、目前流动性充裕\n高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。\n\n2、股票的收益率正在向好\n高盛表示，目前SPX（标普500指数）和NDX（纳斯达克指数）与30年收益率的负相关再次转为正相关，这意味着股市的收益率正在向好。\n\n3、中概股再次分化\n高盛表示，中概股的走势再度分化：MSCI中国除互联网外的每股盈利年初至今增长5%，而中国互联网每股盈利年初至今下降22%。\n\n4、在过去5年中，美国和欧洲市场的隐含分散水平一直在升高\n\n5、由于股指一直在抬升，因此分散表现一直很稳定\n\n6、由于此前市场波动率曾峰值，因此疫情期间的分散其实一直是防御属性\n\n7、指数隐含波动率大幅拉低了指数疫情前后的低位\n\n8、近年来指数隐含波动率下降的部分原因是指数隐含相关性水平急剧下降，以及欧洲股市对上行看涨期权的需求下降\n市场隐含的平均单只股票相关性数据表明，虽然指数隐含波动率自2015年以来下降，并在疫情之后再次下降，推动隐含分散水平升高，但这与同期隐含相关性水平急剧下降相吻合。\n\n9、SX5E（欧洲斯托克50指数）中t与t-1的回报率相关性极低\n\n10、2020年以后，价差交易处于历史低位\n\n11、目前SX5E-SPX的价差显着上升\n\n12、大盘与动量与欧盟周期性/防御性之间已实现相关性\n\n13. VOW3的期限结构在过去一年中大幅趋于平缓","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":899659156,"gmtCreate":1628180524975,"gmtModify":1703502769934,"author":{"id":"3581665781703479","authorId":"3581665781703479","name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3581665781703479","authorIdStr":"3581665781703479"},"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/899659156","repostId":1157551750,"repostType":4,"repost":{"id":"1157551750","pubTimestamp":1628177811,"share":"https://ttm.financial/m/news/1157551750?lang=&edition=fundamental","pubTime":"2021-08-05 23:36","market":"us","language":"zh","title":"高盛最新报告：13张图，看清最近的市场形势","url":"https://stock-news.laohu8.com/highlight/detail?id=1157551750","media":"华尔街见闻","summary":"本周将是夏季剩余时间里的流动性高峰；股市的收益率正在向好……","content":"<p>作者：于旭东</p>\n<p>在最新的一份报告中，<a href=\"https://laohu8.com/S/GS\">高盛</a>交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。</p>\n<p>1、目前流动性充裕</p>\n<p>高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。</p>\n<p><img src=\"https://static.tigerbbs.com/880861172ccda951f035a472f7c005ed\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>2、股票的收益率正在向好</p>\n<p>高盛表示，目前SPX（标普500指数）和NDX（纳斯达克指数）与30年收益率的负相关再次转为正相关，这意味着股市的收益率正在向好。</p>\n<p><img src=\"https://static.tigerbbs.com/3a540a0743e9a23a96f8beafc4fff7eb\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>3、中概股再次分化</p>\n<p>高盛表示，中概股的走势再度分化：MSCI中国除互联网外的每股盈利年初至今增长5%，而中国互联网每股盈利年初至今下降22%。</p>\n<p><img src=\"https://static.tigerbbs.com/91b30abbf71994074119b1beb495c6e5\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>4、在过去5年中，美国和欧洲市场的隐含分散水平一直在升高</p>\n<p><img src=\"https://static.tigerbbs.com/6b72aeb35466d17504a5405a0bfed2bb\" tg-width=\"500\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p>\n<p>5、由于股指一直在抬升，因此分散表现一直很稳定</p>\n<p><img src=\"https://static.tigerbbs.com/c7080126e3fc55e4fe89d3da0618d899\" tg-width=\"500\" tg-height=\"370\" referrerpolicy=\"no-referrer\"></p>\n<p>6、由于此前市场波动率曾峰值，因此疫情期间的分散其实一直是防御属性</p>\n<p><img src=\"https://static.tigerbbs.com/c661876c062e2f07e1d93bf5446775d1\" tg-width=\"500\" tg-height=\"358\" referrerpolicy=\"no-referrer\"></p>\n<p>7、指数隐含波动率大幅拉低了指数疫情前后的低位</p>\n<p><img src=\"https://static.tigerbbs.com/42a018affb9b1e72964b75c3e594f27b\" tg-width=\"500\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p>\n<p>8、近年来指数隐含波动率下降的部分原因是指数隐含相关性水平急剧下降，以及欧洲股市对上行看涨期权的需求下降</p>\n<p>市场隐含的平均单只股票相关性数据表明，虽然指数隐含波动率自2015年以来下降，并在疫情之后再次下降，推动隐含分散水平升高，但这与同期隐含相关性水平急剧下降相吻合。</p>\n<p><img src=\"https://static.tigerbbs.com/8c1d87e3b1e4b9d79e5d7dfcd2f90d42\" tg-width=\"500\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p>\n<p>9、SX5E（欧洲斯托克50指数）中t与t-1的回报率相关性极低</p>\n<p><img src=\"https://static.tigerbbs.com/af84b6b55759c333bfa86662821e87ec\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>10、2020年以后，价差交易处于历史低位</p>\n<p><img src=\"https://static.tigerbbs.com/696c3dc2ca2b98fc30fd17871f9f1bd3\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>11、目前SX5E-SPX的价差显着上升</p>\n<p><img src=\"https://static.tigerbbs.com/327b9f40bb004f0ec9911d0bcab037b6\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>12、大盘与动量与欧盟周期性/防御性之间已实现相关性</p>\n<p><img src=\"https://static.tigerbbs.com/769d2e8bfbdd51389a15828d71dd1d71\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>13. VOW3的期限结构在过去一年中大幅趋于平缓</p>\n<p><img src=\"https://static.tigerbbs.com/55de07d0c110be49ba2310e4e387c513\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>高盛最新报告：13张图，看清最近的市场形势</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n高盛最新报告：13张图，看清最近的市场形势\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-05 23:36 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3637261><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者：于旭东\n在最新的一份报告中，高盛交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。\n1、目前流动性充裕\n高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。\n\n2、股票的收益率正在向好\n高盛表示，目前SPX（标普500指数）和NDX（...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3637261\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bf9ac23bac84c629134c18540a11264a","relate_stocks":{"GS":"高盛",".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/articles/3637261","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1157551750","content_text":"作者：于旭东\n在最新的一份报告中，高盛交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。\n1、目前流动性充裕\n高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。\n\n2、股票的收益率正在向好\n高盛表示，目前SPX（标普500指数）和NDX（纳斯达克指数）与30年收益率的负相关再次转为正相关，这意味着股市的收益率正在向好。\n\n3、中概股再次分化\n高盛表示，中概股的走势再度分化：MSCI中国除互联网外的每股盈利年初至今增长5%，而中国互联网每股盈利年初至今下降22%。\n\n4、在过去5年中，美国和欧洲市场的隐含分散水平一直在升高\n\n5、由于股指一直在抬升，因此分散表现一直很稳定\n\n6、由于此前市场波动率曾峰值，因此疫情期间的分散其实一直是防御属性\n\n7、指数隐含波动率大幅拉低了指数疫情前后的低位\n\n8、近年来指数隐含波动率下降的部分原因是指数隐含相关性水平急剧下降，以及欧洲股市对上行看涨期权的需求下降\n市场隐含的平均单只股票相关性数据表明，虽然指数隐含波动率自2015年以来下降，并在疫情之后再次下降，推动隐含分散水平升高，但这与同期隐含相关性水平急剧下降相吻合。\n\n9、SX5E（欧洲斯托克50指数）中t与t-1的回报率相关性极低\n\n10、2020年以后，价差交易处于历史低位\n\n11、目前SX5E-SPX的价差显着上升\n\n12、大盘与动量与欧盟周期性/防御性之间已实现相关性\n\n13. VOW3的期限结构在过去一年中大幅趋于平缓","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5438686,"gmtCreate":1628180533625,"gmtModify":1663231983827,"authorId":3581665781703479,"author":{"id":3581665781703479,"idStr":"3581665781703479","authorId":3581665781703479,"name":"Linda2240","avatar":"https://static.tigerbbs.com/f18a9b60dbd0321aa6fc8321e7a05a0d","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":899659156,"type":1,"supId":0,"prevId":0,"content":"[微笑]","text":"[微笑]","html":"[微笑]"},{"id":5439661,"gmtCreate":1628202888547,"gmtModify":1663231982973,"authorId":3582191381367811,"author":{"id":3582191381367811,"idStr":"3582191381367811","authorId":3582191381367811,"name":"垂死的小猫","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":899659156,"type":1,"supId":0,"prevId":0,"content":"[微笑]","text":"[微笑]","html":"[微笑]"}],"langContent":"CN"},{"id":899650559,"gmtCreate":1628180429671,"gmtModify":1703502769444,"author":{"id":"3581648325885484","authorId":"3581648325885484","name":"hangyuliang","avatar":"https://static.tigerbbs.com/666befce0f00a6a00c265bccefcc9033","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3581648325885484","authorIdStr":"3581648325885484"},"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/899650559","repostId":1157551750,"repostType":4,"repost":{"id":"1157551750","pubTimestamp":1628177811,"share":"https://ttm.financial/m/news/1157551750?lang=&edition=fundamental","pubTime":"2021-08-05 23:36","market":"us","language":"zh","title":"高盛最新报告：13张图，看清最近的市场形势","url":"https://stock-news.laohu8.com/highlight/detail?id=1157551750","media":"华尔街见闻","summary":"本周将是夏季剩余时间里的流动性高峰；股市的收益率正在向好……","content":"<p>作者：于旭东</p>\n<p>在最新的一份报告中，<a href=\"https://laohu8.com/S/GS\">高盛</a>交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。</p>\n<p>1、目前流动性充裕</p>\n<p>高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。</p>\n<p><img src=\"https://static.tigerbbs.com/880861172ccda951f035a472f7c005ed\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>2、股票的收益率正在向好</p>\n<p>高盛表示，目前SPX（标普500指数）和NDX（纳斯达克指数）与30年收益率的负相关再次转为正相关，这意味着股市的收益率正在向好。</p>\n<p><img src=\"https://static.tigerbbs.com/3a540a0743e9a23a96f8beafc4fff7eb\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>3、中概股再次分化</p>\n<p>高盛表示，中概股的走势再度分化：MSCI中国除互联网外的每股盈利年初至今增长5%，而中国互联网每股盈利年初至今下降22%。</p>\n<p><img src=\"https://static.tigerbbs.com/91b30abbf71994074119b1beb495c6e5\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>4、在过去5年中，美国和欧洲市场的隐含分散水平一直在升高</p>\n<p><img src=\"https://static.tigerbbs.com/6b72aeb35466d17504a5405a0bfed2bb\" tg-width=\"500\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p>\n<p>5、由于股指一直在抬升，因此分散表现一直很稳定</p>\n<p><img src=\"https://static.tigerbbs.com/c7080126e3fc55e4fe89d3da0618d899\" tg-width=\"500\" tg-height=\"370\" referrerpolicy=\"no-referrer\"></p>\n<p>6、由于此前市场波动率曾峰值，因此疫情期间的分散其实一直是防御属性</p>\n<p><img src=\"https://static.tigerbbs.com/c661876c062e2f07e1d93bf5446775d1\" tg-width=\"500\" tg-height=\"358\" referrerpolicy=\"no-referrer\"></p>\n<p>7、指数隐含波动率大幅拉低了指数疫情前后的低位</p>\n<p><img src=\"https://static.tigerbbs.com/42a018affb9b1e72964b75c3e594f27b\" tg-width=\"500\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p>\n<p>8、近年来指数隐含波动率下降的部分原因是指数隐含相关性水平急剧下降，以及欧洲股市对上行看涨期权的需求下降</p>\n<p>市场隐含的平均单只股票相关性数据表明，虽然指数隐含波动率自2015年以来下降，并在疫情之后再次下降，推动隐含分散水平升高，但这与同期隐含相关性水平急剧下降相吻合。</p>\n<p><img src=\"https://static.tigerbbs.com/8c1d87e3b1e4b9d79e5d7dfcd2f90d42\" tg-width=\"500\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p>\n<p>9、SX5E（欧洲斯托克50指数）中t与t-1的回报率相关性极低</p>\n<p><img src=\"https://static.tigerbbs.com/af84b6b55759c333bfa86662821e87ec\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>10、2020年以后，价差交易处于历史低位</p>\n<p><img src=\"https://static.tigerbbs.com/696c3dc2ca2b98fc30fd17871f9f1bd3\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>11、目前SX5E-SPX的价差显着上升</p>\n<p><img src=\"https://static.tigerbbs.com/327b9f40bb004f0ec9911d0bcab037b6\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>12、大盘与动量与欧盟周期性/防御性之间已实现相关性</p>\n<p><img src=\"https://static.tigerbbs.com/769d2e8bfbdd51389a15828d71dd1d71\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>13. VOW3的期限结构在过去一年中大幅趋于平缓</p>\n<p><img src=\"https://static.tigerbbs.com/55de07d0c110be49ba2310e4e387c513\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>高盛最新报告：13张图，看清最近的市场形势</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n高盛最新报告：13张图，看清最近的市场形势\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-05 23:36 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3637261><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者：于旭东\n在最新的一份报告中，高盛交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。\n1、目前流动性充裕\n高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。\n\n2、股票的收益率正在向好\n高盛表示，目前SPX（标普500指数）和NDX（...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3637261\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bf9ac23bac84c629134c18540a11264a","relate_stocks":{"GS":"高盛",".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/articles/3637261","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1157551750","content_text":"作者：于旭东\n在最新的一份报告中，高盛交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。\n1、目前流动性充裕\n高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。\n\n2、股票的收益率正在向好\n高盛表示，目前SPX（标普500指数）和NDX（纳斯达克指数）与30年收益率的负相关再次转为正相关，这意味着股市的收益率正在向好。\n\n3、中概股再次分化\n高盛表示，中概股的走势再度分化：MSCI中国除互联网外的每股盈利年初至今增长5%，而中国互联网每股盈利年初至今下降22%。\n\n4、在过去5年中，美国和欧洲市场的隐含分散水平一直在升高\n\n5、由于股指一直在抬升，因此分散表现一直很稳定\n\n6、由于此前市场波动率曾峰值，因此疫情期间的分散其实一直是防御属性\n\n7、指数隐含波动率大幅拉低了指数疫情前后的低位\n\n8、近年来指数隐含波动率下降的部分原因是指数隐含相关性水平急剧下降，以及欧洲股市对上行看涨期权的需求下降\n市场隐含的平均单只股票相关性数据表明，虽然指数隐含波动率自2015年以来下降，并在疫情之后再次下降，推动隐含分散水平升高，但这与同期隐含相关性水平急剧下降相吻合。\n\n9、SX5E（欧洲斯托克50指数）中t与t-1的回报率相关性极低\n\n10、2020年以后，价差交易处于历史低位\n\n11、目前SX5E-SPX的价差显着上升\n\n12、大盘与动量与欧盟周期性/防御性之间已实现相关性\n\n13. VOW3的期限结构在过去一年中大幅趋于平缓","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5440352,"gmtCreate":1628206332512,"gmtModify":1663231990133,"authorId":3583042781608308,"author":{"id":3583042781608308,"idStr":"3583042781608308","authorId":3583042781608308,"name":"缠绕的紫藤","avatar":"https://community-static.tradeup.com/news/535cb6874b19a7866472fd792f53d3a0","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":899650559,"type":1,"supId":5438676,"prevId":0,"content":"支持","text":"支持","html":"支持"},{"id":5438676,"gmtCreate":1628180438146,"gmtModify":1663231983536,"authorId":3581648325885484,"author":{"id":3581648325885484,"idStr":"3581648325885484","authorId":3581648325885484,"name":"hangyuliang","avatar":"https://static.tigerbbs.com/666befce0f00a6a00c265bccefcc9033","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":899650559,"type":1,"supId":0,"prevId":0,"content":"[微笑]","text":"[微笑]","html":"[微笑]"}],"langContent":"CN"},{"id":899627867,"gmtCreate":1628180336059,"gmtModify":1703502767825,"author":{"id":"3581663680495191","authorId":"3581663680495191","name":"yuliang559","avatar":"https://static.tigerbbs.com/2769f9b0cdb3c39664fc7b74a5de5f0d","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3581663680495191","authorIdStr":"3581663680495191"},"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/899627867","repostId":1157551750,"repostType":4,"repost":{"id":"1157551750","pubTimestamp":1628177811,"share":"https://ttm.financial/m/news/1157551750?lang=&edition=fundamental","pubTime":"2021-08-05 23:36","market":"us","language":"zh","title":"高盛最新报告：13张图，看清最近的市场形势","url":"https://stock-news.laohu8.com/highlight/detail?id=1157551750","media":"华尔街见闻","summary":"本周将是夏季剩余时间里的流动性高峰；股市的收益率正在向好……","content":"<p>作者：于旭东</p>\n<p>在最新的一份报告中，<a href=\"https://laohu8.com/S/GS\">高盛</a>交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。</p>\n<p>1、目前流动性充裕</p>\n<p>高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。</p>\n<p><img src=\"https://static.tigerbbs.com/880861172ccda951f035a472f7c005ed\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>2、股票的收益率正在向好</p>\n<p>高盛表示，目前SPX（标普500指数）和NDX（纳斯达克指数）与30年收益率的负相关再次转为正相关，这意味着股市的收益率正在向好。</p>\n<p><img src=\"https://static.tigerbbs.com/3a540a0743e9a23a96f8beafc4fff7eb\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>3、中概股再次分化</p>\n<p>高盛表示，中概股的走势再度分化：MSCI中国除互联网外的每股盈利年初至今增长5%，而中国互联网每股盈利年初至今下降22%。</p>\n<p><img src=\"https://static.tigerbbs.com/91b30abbf71994074119b1beb495c6e5\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>4、在过去5年中，美国和欧洲市场的隐含分散水平一直在升高</p>\n<p><img src=\"https://static.tigerbbs.com/6b72aeb35466d17504a5405a0bfed2bb\" tg-width=\"500\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p>\n<p>5、由于股指一直在抬升，因此分散表现一直很稳定</p>\n<p><img src=\"https://static.tigerbbs.com/c7080126e3fc55e4fe89d3da0618d899\" tg-width=\"500\" tg-height=\"370\" referrerpolicy=\"no-referrer\"></p>\n<p>6、由于此前市场波动率曾峰值，因此疫情期间的分散其实一直是防御属性</p>\n<p><img src=\"https://static.tigerbbs.com/c661876c062e2f07e1d93bf5446775d1\" tg-width=\"500\" tg-height=\"358\" referrerpolicy=\"no-referrer\"></p>\n<p>7、指数隐含波动率大幅拉低了指数疫情前后的低位</p>\n<p><img src=\"https://static.tigerbbs.com/42a018affb9b1e72964b75c3e594f27b\" tg-width=\"500\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p>\n<p>8、近年来指数隐含波动率下降的部分原因是指数隐含相关性水平急剧下降，以及欧洲股市对上行看涨期权的需求下降</p>\n<p>市场隐含的平均单只股票相关性数据表明，虽然指数隐含波动率自2015年以来下降，并在疫情之后再次下降，推动隐含分散水平升高，但这与同期隐含相关性水平急剧下降相吻合。</p>\n<p><img src=\"https://static.tigerbbs.com/8c1d87e3b1e4b9d79e5d7dfcd2f90d42\" tg-width=\"500\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p>\n<p>9、SX5E（欧洲斯托克50指数）中t与t-1的回报率相关性极低</p>\n<p><img src=\"https://static.tigerbbs.com/af84b6b55759c333bfa86662821e87ec\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>10、2020年以后，价差交易处于历史低位</p>\n<p><img src=\"https://static.tigerbbs.com/696c3dc2ca2b98fc30fd17871f9f1bd3\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>11、目前SX5E-SPX的价差显着上升</p>\n<p><img src=\"https://static.tigerbbs.com/327b9f40bb004f0ec9911d0bcab037b6\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>12、大盘与动量与欧盟周期性/防御性之间已实现相关性</p>\n<p><img src=\"https://static.tigerbbs.com/769d2e8bfbdd51389a15828d71dd1d71\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>13. VOW3的期限结构在过去一年中大幅趋于平缓</p>\n<p><img src=\"https://static.tigerbbs.com/55de07d0c110be49ba2310e4e387c513\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>高盛最新报告：13张图，看清最近的市场形势</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n高盛最新报告：13张图，看清最近的市场形势\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-05 23:36 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3637261><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者：于旭东\n在最新的一份报告中，高盛交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。\n1、目前流动性充裕\n高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。\n\n2、股票的收益率正在向好\n高盛表示，目前SPX（标普500指数）和NDX（...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3637261\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bf9ac23bac84c629134c18540a11264a","relate_stocks":{"GS":"高盛",".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/articles/3637261","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1157551750","content_text":"作者：于旭东\n在最新的一份报告中，高盛交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。\n1、目前流动性充裕\n高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。\n\n2、股票的收益率正在向好\n高盛表示，目前SPX（标普500指数）和NDX（纳斯达克指数）与30年收益率的负相关再次转为正相关，这意味着股市的收益率正在向好。\n\n3、中概股再次分化\n高盛表示，中概股的走势再度分化：MSCI中国除互联网外的每股盈利年初至今增长5%，而中国互联网每股盈利年初至今下降22%。\n\n4、在过去5年中，美国和欧洲市场的隐含分散水平一直在升高\n\n5、由于股指一直在抬升，因此分散表现一直很稳定\n\n6、由于此前市场波动率曾峰值，因此疫情期间的分散其实一直是防御属性\n\n7、指数隐含波动率大幅拉低了指数疫情前后的低位\n\n8、近年来指数隐含波动率下降的部分原因是指数隐含相关性水平急剧下降，以及欧洲股市对上行看涨期权的需求下降\n市场隐含的平均单只股票相关性数据表明，虽然指数隐含波动率自2015年以来下降，并在疫情之后再次下降，推动隐含分散水平升高，但这与同期隐含相关性水平急剧下降相吻合。\n\n9、SX5E（欧洲斯托克50指数）中t与t-1的回报率相关性极低\n\n10、2020年以后，价差交易处于历史低位\n\n11、目前SX5E-SPX的价差显着上升\n\n12、大盘与动量与欧盟周期性/防御性之间已实现相关性\n\n13. VOW3的期限结构在过去一年中大幅趋于平缓","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5438668,"gmtCreate":1628180346256,"gmtModify":1663231982365,"authorId":3581663680495191,"author":{"id":3581663680495191,"idStr":"3581663680495191","authorId":3581663680495191,"name":"yuliang559","avatar":"https://static.tigerbbs.com/2769f9b0cdb3c39664fc7b74a5de5f0d","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":899627867,"type":1,"supId":0,"prevId":0,"content":"[微笑]","text":"[微笑]","html":"[微笑]"}],"langContent":"CN"},{"id":899627310,"gmtCreate":1628180316130,"gmtModify":1703502768150,"author":{"id":"3537827390869581","authorId":"3537827390869581","name":"algie","avatar":"https://static.tigerbbs.com/dfcefb537665cd79426ddb17777b7a7f","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3537827390869581","authorIdStr":"3537827390869581"},"htmlText":"good","listText":"good","text":"good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/899627310","repostId":1157551750,"repostType":4,"repost":{"id":"1157551750","pubTimestamp":1628177811,"share":"https://ttm.financial/m/news/1157551750?lang=&edition=fundamental","pubTime":"2021-08-05 23:36","market":"us","language":"zh","title":"高盛最新报告：13张图，看清最近的市场形势","url":"https://stock-news.laohu8.com/highlight/detail?id=1157551750","media":"华尔街见闻","summary":"本周将是夏季剩余时间里的流动性高峰；股市的收益率正在向好……","content":"<p>作者：于旭东</p>\n<p>在最新的一份报告中，<a href=\"https://laohu8.com/S/GS\">高盛</a>交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。</p>\n<p>1、目前流动性充裕</p>\n<p>高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。</p>\n<p><img src=\"https://static.tigerbbs.com/880861172ccda951f035a472f7c005ed\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>2、股票的收益率正在向好</p>\n<p>高盛表示，目前SPX（标普500指数）和NDX（纳斯达克指数）与30年收益率的负相关再次转为正相关，这意味着股市的收益率正在向好。</p>\n<p><img src=\"https://static.tigerbbs.com/3a540a0743e9a23a96f8beafc4fff7eb\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>3、中概股再次分化</p>\n<p>高盛表示，中概股的走势再度分化：MSCI中国除互联网外的每股盈利年初至今增长5%，而中国互联网每股盈利年初至今下降22%。</p>\n<p><img src=\"https://static.tigerbbs.com/91b30abbf71994074119b1beb495c6e5\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>4、在过去5年中，美国和欧洲市场的隐含分散水平一直在升高</p>\n<p><img src=\"https://static.tigerbbs.com/6b72aeb35466d17504a5405a0bfed2bb\" tg-width=\"500\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p>\n<p>5、由于股指一直在抬升，因此分散表现一直很稳定</p>\n<p><img src=\"https://static.tigerbbs.com/c7080126e3fc55e4fe89d3da0618d899\" tg-width=\"500\" tg-height=\"370\" referrerpolicy=\"no-referrer\"></p>\n<p>6、由于此前市场波动率曾峰值，因此疫情期间的分散其实一直是防御属性</p>\n<p><img src=\"https://static.tigerbbs.com/c661876c062e2f07e1d93bf5446775d1\" tg-width=\"500\" tg-height=\"358\" referrerpolicy=\"no-referrer\"></p>\n<p>7、指数隐含波动率大幅拉低了指数疫情前后的低位</p>\n<p><img src=\"https://static.tigerbbs.com/42a018affb9b1e72964b75c3e594f27b\" tg-width=\"500\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p>\n<p>8、近年来指数隐含波动率下降的部分原因是指数隐含相关性水平急剧下降，以及欧洲股市对上行看涨期权的需求下降</p>\n<p>市场隐含的平均单只股票相关性数据表明，虽然指数隐含波动率自2015年以来下降，并在疫情之后再次下降，推动隐含分散水平升高，但这与同期隐含相关性水平急剧下降相吻合。</p>\n<p><img src=\"https://static.tigerbbs.com/8c1d87e3b1e4b9d79e5d7dfcd2f90d42\" tg-width=\"500\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p>\n<p>9、SX5E（欧洲斯托克50指数）中t与t-1的回报率相关性极低</p>\n<p><img src=\"https://static.tigerbbs.com/af84b6b55759c333bfa86662821e87ec\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>10、2020年以后，价差交易处于历史低位</p>\n<p><img src=\"https://static.tigerbbs.com/696c3dc2ca2b98fc30fd17871f9f1bd3\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>11、目前SX5E-SPX的价差显着上升</p>\n<p><img src=\"https://static.tigerbbs.com/327b9f40bb004f0ec9911d0bcab037b6\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>12、大盘与动量与欧盟周期性/防御性之间已实现相关性</p>\n<p><img src=\"https://static.tigerbbs.com/769d2e8bfbdd51389a15828d71dd1d71\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>13. VOW3的期限结构在过去一年中大幅趋于平缓</p>\n<p><img src=\"https://static.tigerbbs.com/55de07d0c110be49ba2310e4e387c513\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>高盛最新报告：13张图，看清最近的市场形势</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n高盛最新报告：13张图，看清最近的市场形势\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-05 23:36 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3637261><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者：于旭东\n在最新的一份报告中，高盛交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。\n1、目前流动性充裕\n高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。\n\n2、股票的收益率正在向好\n高盛表示，目前SPX（标普500指数）和NDX（...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3637261\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bf9ac23bac84c629134c18540a11264a","relate_stocks":{"GS":"高盛",".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/articles/3637261","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1157551750","content_text":"作者：于旭东\n在最新的一份报告中，高盛交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。\n1、目前流动性充裕\n高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。\n\n2、股票的收益率正在向好\n高盛表示，目前SPX（标普500指数）和NDX（纳斯达克指数）与30年收益率的负相关再次转为正相关，这意味着股市的收益率正在向好。\n\n3、中概股再次分化\n高盛表示，中概股的走势再度分化：MSCI中国除互联网外的每股盈利年初至今增长5%，而中国互联网每股盈利年初至今下降22%。\n\n4、在过去5年中，美国和欧洲市场的隐含分散水平一直在升高\n\n5、由于股指一直在抬升，因此分散表现一直很稳定\n\n6、由于此前市场波动率曾峰值，因此疫情期间的分散其实一直是防御属性\n\n7、指数隐含波动率大幅拉低了指数疫情前后的低位\n\n8、近年来指数隐含波动率下降的部分原因是指数隐含相关性水平急剧下降，以及欧洲股市对上行看涨期权的需求下降\n市场隐含的平均单只股票相关性数据表明，虽然指数隐含波动率自2015年以来下降，并在疫情之后再次下降，推动隐含分散水平升高，但这与同期隐含相关性水平急剧下降相吻合。\n\n9、SX5E（欧洲斯托克50指数）中t与t-1的回报率相关性极低\n\n10、2020年以后，价差交易处于历史低位\n\n11、目前SX5E-SPX的价差显着上升\n\n12、大盘与动量与欧盟周期性/防御性之间已实现相关性\n\n13. VOW3的期限结构在过去一年中大幅趋于平缓","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":899624250,"gmtCreate":1628180240070,"gmtModify":1703502766205,"author":{"id":"3582685386479633","authorId":"3582685386479633","name":"Mingzu","avatar":"https://static.tigerbbs.com/c629c36c53878360c505d837193f9e79","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3582685386479633","authorIdStr":"3582685386479633"},"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/899624250","repostId":1157551750,"repostType":4,"repost":{"id":"1157551750","pubTimestamp":1628177811,"share":"https://ttm.financial/m/news/1157551750?lang=&edition=fundamental","pubTime":"2021-08-05 23:36","market":"us","language":"zh","title":"高盛最新报告：13张图，看清最近的市场形势","url":"https://stock-news.laohu8.com/highlight/detail?id=1157551750","media":"华尔街见闻","summary":"本周将是夏季剩余时间里的流动性高峰；股市的收益率正在向好……","content":"<p>作者：于旭东</p>\n<p>在最新的一份报告中，<a href=\"https://laohu8.com/S/GS\">高盛</a>交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。</p>\n<p>1、目前流动性充裕</p>\n<p>高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。</p>\n<p><img src=\"https://static.tigerbbs.com/880861172ccda951f035a472f7c005ed\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>2、股票的收益率正在向好</p>\n<p>高盛表示，目前SPX（标普500指数）和NDX（纳斯达克指数）与30年收益率的负相关再次转为正相关，这意味着股市的收益率正在向好。</p>\n<p><img src=\"https://static.tigerbbs.com/3a540a0743e9a23a96f8beafc4fff7eb\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>3、中概股再次分化</p>\n<p>高盛表示，中概股的走势再度分化：MSCI中国除互联网外的每股盈利年初至今增长5%，而中国互联网每股盈利年初至今下降22%。</p>\n<p><img src=\"https://static.tigerbbs.com/91b30abbf71994074119b1beb495c6e5\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>4、在过去5年中，美国和欧洲市场的隐含分散水平一直在升高</p>\n<p><img src=\"https://static.tigerbbs.com/6b72aeb35466d17504a5405a0bfed2bb\" tg-width=\"500\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p>\n<p>5、由于股指一直在抬升，因此分散表现一直很稳定</p>\n<p><img src=\"https://static.tigerbbs.com/c7080126e3fc55e4fe89d3da0618d899\" tg-width=\"500\" tg-height=\"370\" referrerpolicy=\"no-referrer\"></p>\n<p>6、由于此前市场波动率曾峰值，因此疫情期间的分散其实一直是防御属性</p>\n<p><img src=\"https://static.tigerbbs.com/c661876c062e2f07e1d93bf5446775d1\" tg-width=\"500\" tg-height=\"358\" referrerpolicy=\"no-referrer\"></p>\n<p>7、指数隐含波动率大幅拉低了指数疫情前后的低位</p>\n<p><img src=\"https://static.tigerbbs.com/42a018affb9b1e72964b75c3e594f27b\" tg-width=\"500\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p>\n<p>8、近年来指数隐含波动率下降的部分原因是指数隐含相关性水平急剧下降，以及欧洲股市对上行看涨期权的需求下降</p>\n<p>市场隐含的平均单只股票相关性数据表明，虽然指数隐含波动率自2015年以来下降，并在疫情之后再次下降，推动隐含分散水平升高，但这与同期隐含相关性水平急剧下降相吻合。</p>\n<p><img src=\"https://static.tigerbbs.com/8c1d87e3b1e4b9d79e5d7dfcd2f90d42\" tg-width=\"500\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p>\n<p>9、SX5E（欧洲斯托克50指数）中t与t-1的回报率相关性极低</p>\n<p><img src=\"https://static.tigerbbs.com/af84b6b55759c333bfa86662821e87ec\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>10、2020年以后，价差交易处于历史低位</p>\n<p><img src=\"https://static.tigerbbs.com/696c3dc2ca2b98fc30fd17871f9f1bd3\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>11、目前SX5E-SPX的价差显着上升</p>\n<p><img src=\"https://static.tigerbbs.com/327b9f40bb004f0ec9911d0bcab037b6\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>12、大盘与动量与欧盟周期性/防御性之间已实现相关性</p>\n<p><img src=\"https://static.tigerbbs.com/769d2e8bfbdd51389a15828d71dd1d71\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>13. VOW3的期限结构在过去一年中大幅趋于平缓</p>\n<p><img src=\"https://static.tigerbbs.com/55de07d0c110be49ba2310e4e387c513\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>高盛最新报告：13张图，看清最近的市场形势</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n高盛最新报告：13张图，看清最近的市场形势\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-05 23:36 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3637261><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者：于旭东\n在最新的一份报告中，高盛交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。\n1、目前流动性充裕\n高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。\n\n2、股票的收益率正在向好\n高盛表示，目前SPX（标普500指数）和NDX（...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3637261\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bf9ac23bac84c629134c18540a11264a","relate_stocks":{"GS":"高盛",".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/articles/3637261","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1157551750","content_text":"作者：于旭东\n在最新的一份报告中，高盛交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。\n1、目前流动性充裕\n高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。\n\n2、股票的收益率正在向好\n高盛表示，目前SPX（标普500指数）和NDX（纳斯达克指数）与30年收益率的负相关再次转为正相关，这意味着股市的收益率正在向好。\n\n3、中概股再次分化\n高盛表示，中概股的走势再度分化：MSCI中国除互联网外的每股盈利年初至今增长5%，而中国互联网每股盈利年初至今下降22%。\n\n4、在过去5年中，美国和欧洲市场的隐含分散水平一直在升高\n\n5、由于股指一直在抬升，因此分散表现一直很稳定\n\n6、由于此前市场波动率曾峰值，因此疫情期间的分散其实一直是防御属性\n\n7、指数隐含波动率大幅拉低了指数疫情前后的低位\n\n8、近年来指数隐含波动率下降的部分原因是指数隐含相关性水平急剧下降，以及欧洲股市对上行看涨期权的需求下降\n市场隐含的平均单只股票相关性数据表明，虽然指数隐含波动率自2015年以来下降，并在疫情之后再次下降，推动隐含分散水平升高，但这与同期隐含相关性水平急剧下降相吻合。\n\n9、SX5E（欧洲斯托克50指数）中t与t-1的回报率相关性极低\n\n10、2020年以后，价差交易处于历史低位\n\n11、目前SX5E-SPX的价差显着上升\n\n12、大盘与动量与欧盟周期性/防御性之间已实现相关性\n\n13. VOW3的期限结构在过去一年中大幅趋于平缓","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5438658,"gmtCreate":1628180248866,"gmtModify":1663231979229,"authorId":3582685386479633,"author":{"id":3582685386479633,"idStr":"3582685386479633","authorId":3582685386479633,"name":"Mingzu","avatar":"https://static.tigerbbs.com/c629c36c53878360c505d837193f9e79","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":899624250,"type":1,"supId":0,"prevId":0,"content":"[微笑]","text":"[微笑]","html":"[微笑]"}],"langContent":"CN"},{"id":899625690,"gmtCreate":1628180155210,"gmtModify":1703502765072,"author":{"id":"3582688457818684","authorId":"3582688457818684","name":"liuxiangwei","avatar":"https://static.tigerbbs.com/2769f9b0cdb3c39664fc7b74a5de5f0d","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3582688457818684","authorIdStr":"3582688457818684"},"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/899625690","repostId":1157551750,"repostType":4,"repost":{"id":"1157551750","pubTimestamp":1628177811,"share":"https://ttm.financial/m/news/1157551750?lang=&edition=fundamental","pubTime":"2021-08-05 23:36","market":"us","language":"zh","title":"高盛最新报告：13张图，看清最近的市场形势","url":"https://stock-news.laohu8.com/highlight/detail?id=1157551750","media":"华尔街见闻","summary":"本周将是夏季剩余时间里的流动性高峰；股市的收益率正在向好……","content":"<p>作者：于旭东</p>\n<p>在最新的一份报告中，<a href=\"https://laohu8.com/S/GS\">高盛</a>交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。</p>\n<p>1、目前流动性充裕</p>\n<p>高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。</p>\n<p><img src=\"https://static.tigerbbs.com/880861172ccda951f035a472f7c005ed\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>2、股票的收益率正在向好</p>\n<p>高盛表示，目前SPX（标普500指数）和NDX（纳斯达克指数）与30年收益率的负相关再次转为正相关，这意味着股市的收益率正在向好。</p>\n<p><img src=\"https://static.tigerbbs.com/3a540a0743e9a23a96f8beafc4fff7eb\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>3、中概股再次分化</p>\n<p>高盛表示，中概股的走势再度分化：MSCI中国除互联网外的每股盈利年初至今增长5%，而中国互联网每股盈利年初至今下降22%。</p>\n<p><img src=\"https://static.tigerbbs.com/91b30abbf71994074119b1beb495c6e5\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>4、在过去5年中，美国和欧洲市场的隐含分散水平一直在升高</p>\n<p><img src=\"https://static.tigerbbs.com/6b72aeb35466d17504a5405a0bfed2bb\" tg-width=\"500\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p>\n<p>5、由于股指一直在抬升，因此分散表现一直很稳定</p>\n<p><img src=\"https://static.tigerbbs.com/c7080126e3fc55e4fe89d3da0618d899\" tg-width=\"500\" tg-height=\"370\" referrerpolicy=\"no-referrer\"></p>\n<p>6、由于此前市场波动率曾峰值，因此疫情期间的分散其实一直是防御属性</p>\n<p><img src=\"https://static.tigerbbs.com/c661876c062e2f07e1d93bf5446775d1\" tg-width=\"500\" tg-height=\"358\" referrerpolicy=\"no-referrer\"></p>\n<p>7、指数隐含波动率大幅拉低了指数疫情前后的低位</p>\n<p><img src=\"https://static.tigerbbs.com/42a018affb9b1e72964b75c3e594f27b\" tg-width=\"500\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p>\n<p>8、近年来指数隐含波动率下降的部分原因是指数隐含相关性水平急剧下降，以及欧洲股市对上行看涨期权的需求下降</p>\n<p>市场隐含的平均单只股票相关性数据表明，虽然指数隐含波动率自2015年以来下降，并在疫情之后再次下降，推动隐含分散水平升高，但这与同期隐含相关性水平急剧下降相吻合。</p>\n<p><img src=\"https://static.tigerbbs.com/8c1d87e3b1e4b9d79e5d7dfcd2f90d42\" tg-width=\"500\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p>\n<p>9、SX5E（欧洲斯托克50指数）中t与t-1的回报率相关性极低</p>\n<p><img src=\"https://static.tigerbbs.com/af84b6b55759c333bfa86662821e87ec\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>10、2020年以后，价差交易处于历史低位</p>\n<p><img src=\"https://static.tigerbbs.com/696c3dc2ca2b98fc30fd17871f9f1bd3\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>11、目前SX5E-SPX的价差显着上升</p>\n<p><img src=\"https://static.tigerbbs.com/327b9f40bb004f0ec9911d0bcab037b6\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>12、大盘与动量与欧盟周期性/防御性之间已实现相关性</p>\n<p><img src=\"https://static.tigerbbs.com/769d2e8bfbdd51389a15828d71dd1d71\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>13. VOW3的期限结构在过去一年中大幅趋于平缓</p>\n<p><img src=\"https://static.tigerbbs.com/55de07d0c110be49ba2310e4e387c513\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>高盛最新报告：13张图，看清最近的市场形势</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n高盛最新报告：13张图，看清最近的市场形势\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-05 23:36 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3637261><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者：于旭东\n在最新的一份报告中，高盛交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。\n1、目前流动性充裕\n高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。\n\n2、股票的收益率正在向好\n高盛表示，目前SPX（标普500指数）和NDX（...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3637261\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bf9ac23bac84c629134c18540a11264a","relate_stocks":{"GS":"高盛",".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/articles/3637261","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1157551750","content_text":"作者：于旭东\n在最新的一份报告中，高盛交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。\n1、目前流动性充裕\n高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。\n\n2、股票的收益率正在向好\n高盛表示，目前SPX（标普500指数）和NDX（纳斯达克指数）与30年收益率的负相关再次转为正相关，这意味着股市的收益率正在向好。\n\n3、中概股再次分化\n高盛表示，中概股的走势再度分化：MSCI中国除互联网外的每股盈利年初至今增长5%，而中国互联网每股盈利年初至今下降22%。\n\n4、在过去5年中，美国和欧洲市场的隐含分散水平一直在升高\n\n5、由于股指一直在抬升，因此分散表现一直很稳定\n\n6、由于此前市场波动率曾峰值，因此疫情期间的分散其实一直是防御属性\n\n7、指数隐含波动率大幅拉低了指数疫情前后的低位\n\n8、近年来指数隐含波动率下降的部分原因是指数隐含相关性水平急剧下降，以及欧洲股市对上行看涨期权的需求下降\n市场隐含的平均单只股票相关性数据表明，虽然指数隐含波动率自2015年以来下降，并在疫情之后再次下降，推动隐含分散水平升高，但这与同期隐含相关性水平急剧下降相吻合。\n\n9、SX5E（欧洲斯托克50指数）中t与t-1的回报率相关性极低\n\n10、2020年以后，价差交易处于历史低位\n\n11、目前SX5E-SPX的价差显着上升\n\n12、大盘与动量与欧盟周期性/防御性之间已实现相关性\n\n13. VOW3的期限结构在过去一年中大幅趋于平缓","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5438845,"gmtCreate":1628182486075,"gmtModify":1663231982226,"authorId":3575846264530485,"author":{"id":3575846264530485,"idStr":"3575846264530485","authorId":3575846264530485,"name":"迷恋者","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":899625690,"type":1,"supId":5438654,"prevId":0,"content":"?","text":"?","html":"?"},{"id":5438654,"gmtCreate":1628180164014,"gmtModify":1663231981834,"authorId":3582688457818684,"author":{"id":3582688457818684,"idStr":"3582688457818684","authorId":3582688457818684,"name":"liuxiangwei","avatar":"https://static.tigerbbs.com/2769f9b0cdb3c39664fc7b74a5de5f0d","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":899625690,"type":1,"supId":0,"prevId":0,"content":"[微笑]","text":"[微笑]","html":"[微笑]"}],"langContent":"CN"},{"id":899628012,"gmtCreate":1628179838136,"gmtModify":1703502761839,"author":{"id":"3495252398666385","authorId":"3495252398666385","name":"dwh790101","avatar":"https://static.tigerbbs.com/4aa8ecad30f97a85a2c39efed09e6d26","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3495252398666385","authorIdStr":"3495252398666385"},"htmlText":"niu","listText":"niu","text":"niu","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/899628012","repostId":1157551750,"repostType":2,"repost":{"id":"1157551750","pubTimestamp":1628177811,"share":"https://ttm.financial/m/news/1157551750?lang=&edition=fundamental","pubTime":"2021-08-05 23:36","market":"us","language":"zh","title":"高盛最新报告：13张图，看清最近的市场形势","url":"https://stock-news.laohu8.com/highlight/detail?id=1157551750","media":"华尔街见闻","summary":"本周将是夏季剩余时间里的流动性高峰；股市的收益率正在向好……","content":"<p>作者：于旭东</p>\n<p>在最新的一份报告中，<a href=\"https://laohu8.com/S/GS\">高盛</a>交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。</p>\n<p>1、目前流动性充裕</p>\n<p>高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。</p>\n<p><img src=\"https://static.tigerbbs.com/880861172ccda951f035a472f7c005ed\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>2、股票的收益率正在向好</p>\n<p>高盛表示，目前SPX（标普500指数）和NDX（纳斯达克指数）与30年收益率的负相关再次转为正相关，这意味着股市的收益率正在向好。</p>\n<p><img src=\"https://static.tigerbbs.com/3a540a0743e9a23a96f8beafc4fff7eb\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>3、中概股再次分化</p>\n<p>高盛表示，中概股的走势再度分化：MSCI中国除互联网外的每股盈利年初至今增长5%，而中国互联网每股盈利年初至今下降22%。</p>\n<p><img src=\"https://static.tigerbbs.com/91b30abbf71994074119b1beb495c6e5\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>4、在过去5年中，美国和欧洲市场的隐含分散水平一直在升高</p>\n<p><img src=\"https://static.tigerbbs.com/6b72aeb35466d17504a5405a0bfed2bb\" tg-width=\"500\" tg-height=\"361\" referrerpolicy=\"no-referrer\"></p>\n<p>5、由于股指一直在抬升，因此分散表现一直很稳定</p>\n<p><img src=\"https://static.tigerbbs.com/c7080126e3fc55e4fe89d3da0618d899\" tg-width=\"500\" tg-height=\"370\" referrerpolicy=\"no-referrer\"></p>\n<p>6、由于此前市场波动率曾峰值，因此疫情期间的分散其实一直是防御属性</p>\n<p><img src=\"https://static.tigerbbs.com/c661876c062e2f07e1d93bf5446775d1\" tg-width=\"500\" tg-height=\"358\" referrerpolicy=\"no-referrer\"></p>\n<p>7、指数隐含波动率大幅拉低了指数疫情前后的低位</p>\n<p><img src=\"https://static.tigerbbs.com/42a018affb9b1e72964b75c3e594f27b\" tg-width=\"500\" tg-height=\"365\" referrerpolicy=\"no-referrer\"></p>\n<p>8、近年来指数隐含波动率下降的部分原因是指数隐含相关性水平急剧下降，以及欧洲股市对上行看涨期权的需求下降</p>\n<p>市场隐含的平均单只股票相关性数据表明，虽然指数隐含波动率自2015年以来下降，并在疫情之后再次下降，推动隐含分散水平升高，但这与同期隐含相关性水平急剧下降相吻合。</p>\n<p><img src=\"https://static.tigerbbs.com/8c1d87e3b1e4b9d79e5d7dfcd2f90d42\" tg-width=\"500\" tg-height=\"363\" referrerpolicy=\"no-referrer\"></p>\n<p>9、SX5E（欧洲斯托克50指数）中t与t-1的回报率相关性极低</p>\n<p><img src=\"https://static.tigerbbs.com/af84b6b55759c333bfa86662821e87ec\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>10、2020年以后，价差交易处于历史低位</p>\n<p><img src=\"https://static.tigerbbs.com/696c3dc2ca2b98fc30fd17871f9f1bd3\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>11、目前SX5E-SPX的价差显着上升</p>\n<p><img src=\"https://static.tigerbbs.com/327b9f40bb004f0ec9911d0bcab037b6\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>12、大盘与动量与欧盟周期性/防御性之间已实现相关性</p>\n<p><img src=\"https://static.tigerbbs.com/769d2e8bfbdd51389a15828d71dd1d71\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>\n<p>13. VOW3的期限结构在过去一年中大幅趋于平缓</p>\n<p><img src=\"https://static.tigerbbs.com/55de07d0c110be49ba2310e4e387c513\" tg-width=\"500\" tg-height=\"346\" referrerpolicy=\"no-referrer\"></p>","source":"highlight_wallstreetcn","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>高盛最新报告：13张图，看清最近的市场形势</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n高盛最新报告：13张图，看清最近的市场形势\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-05 23:36 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3637261><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者：于旭东\n在最新的一份报告中，高盛交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。\n1、目前流动性充裕\n高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。\n\n2、股票的收益率正在向好\n高盛表示，目前SPX（标普500指数）和NDX（...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3637261\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bf9ac23bac84c629134c18540a11264a","relate_stocks":{"GS":"高盛",".DJI":"道琼斯"},"source_url":"https://wallstreetcn.com/articles/3637261","is_english":false,"share_image_url":"https://static.laohu8.com/cc96873d3d23ee6ac10685520df9c100","article_id":"1157551750","content_text":"作者：于旭东\n在最新的一份报告中，高盛交易员Scott Rubner、Matthew Fleury、Matthieu Martal、Kavita Vaja和Jonas Bovbjerg用13张图总结了8月及过去的市场。\n1、目前流动性充裕\n高盛认为，本周将是夏季剩余时间里的流动性高峰，在未来一周，流动性将进入繁忙的一周。\n\n2、股票的收益率正在向好\n高盛表示，目前SPX（标普500指数）和NDX（纳斯达克指数）与30年收益率的负相关再次转为正相关，这意味着股市的收益率正在向好。\n\n3、中概股再次分化\n高盛表示，中概股的走势再度分化：MSCI中国除互联网外的每股盈利年初至今增长5%，而中国互联网每股盈利年初至今下降22%。\n\n4、在过去5年中，美国和欧洲市场的隐含分散水平一直在升高\n\n5、由于股指一直在抬升，因此分散表现一直很稳定\n\n6、由于此前市场波动率曾峰值，因此疫情期间的分散其实一直是防御属性\n\n7、指数隐含波动率大幅拉低了指数疫情前后的低位\n\n8、近年来指数隐含波动率下降的部分原因是指数隐含相关性水平急剧下降，以及欧洲股市对上行看涨期权的需求下降\n市场隐含的平均单只股票相关性数据表明，虽然指数隐含波动率自2015年以来下降，并在疫情之后再次下降，推动隐含分散水平升高，但这与同期隐含相关性水平急剧下降相吻合。\n\n9、SX5E（欧洲斯托克50指数）中t与t-1的回报率相关性极低\n\n10、2020年以后，价差交易处于历史低位\n\n11、目前SX5E-SPX的价差显着上升\n\n12、大盘与动量与欧盟周期性/防御性之间已实现相关性\n\n13. 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