美元走弱打乱资产配置节奏 5月以来境外机构加仓中国资产

2021年06月03日 9276点热度 0人点赞 1,952条评论

 

美元走弱打乱资产配置节奏 5月以来境外机构加仓中国资产

5月以来,作为全球资产配置的风向标之一,美元指数(90.02140.11200.12%)持续走软。在此期间,全球资金通过各种渠道加仓中国资产。

随着中国经济基本面持续向好,外资机构看好中国市场的趋势更加明显。展望下半年,中国资产能否跑赢全球?哪些领域的机会最为突出?

  美元走弱打乱资产配置节奏

美元指数近两个月以来持续走弱,并于近日跌破90大关。

弱势美元带来了一系列连锁反应。首先,市场进一步预期,美联储可能将较预期更早地收紧货币政策,虽然不会很快加息,但提前结束量化宽松政策可能提上日程。其次,美元疲软或将加剧美国国内本已高涨的物价水平,这将不利于经济复苏。

对于美国股市而言,上述两大因素不利于市场流动性和经济、行业基本面,美股主要股指近期均自高位回调,并出现一定波动。摩根士丹利指出,随着成本压力上升、企业税上调,美股未来半年或回调10%-15%。

此外,部分大宗商品价格在前期大幅上涨后,近期已出现回调和资金撤离迹象。瑞银大宗商品研究团队预计,未来几个月大宗商品价格将有所回落。

资金流向监测机构EPFR最新报告显示,近期资金配置部分前期热门的大宗商品以及美股等资产的热情有所降温,投资者观望情绪逐渐加重。

  中国资产获追捧

在美股及大宗商品观望情绪升温的背景下,新兴市场资产能否“填补空缺”?从最新情况看,新兴市场资产内部分化较明显。国际资金较看好中国资产,但规避部分疫情和经济压力较大的新兴市场资产。

国际金融协会(IIF)最新发布的月度全球资金流向报告显示,2021年5月,流入新兴市场国家的资金总额约为138亿美元,较此前一个月的455亿美元大幅缩减。在5月份,全球新兴经济体股票市场资金净流入额为40亿美元。其中,净流入中国股市的金额为113亿美元。换言之,除中国外的新兴经济体股票市场出现73亿美元的资金净流出。

此外,近期北向资金净流入的规模也显著放大。Choice数据显示,上周北向资金累计净流入468.14亿元,创周度净流入历史新高。其中,沪股通资金净流入300.90亿元,深股通资金净流入167.24亿元。5月25日,北向资金净流入217.23亿元,创北向资金单日净流入历史新高。从加仓的股票来看,上周北向资金加仓贵州茅台的金额最大,达到44.19亿元,共加仓203.02万股。

  机构乐观情绪升温

值得关注的是,进入6月以来,部分全球顶级机构专家对于中国经济和中国资产前景的乐观情绪持续升温,他们的投资方向将成为市场关注的焦点。

高盛财富管理投资策略组联席主管王胜祖表示,相对于现金和债券,该机构更看好中国股票。顺周期价值股将会迎头赶上成长股。

摩根士丹利中国首席经济学家邢自强表示,2021年中国经济增速有望达到9%。摩根士丹利中国首席市场策略师王滢表示,展望下半年,中国股票市场仍将提供较多赚取超额收益的机会。行业配置上,该机构短中期比较青睐原材料板块、银行板块。王滢还表示,摩根士丹利对中国消费和服务稳步恢复到疫情前的水平持有充分信心。在板块配置方面,建议增配的板块包括消费服务以及耐用消费品板块等。

安本标准投资管理董事及中国股票投资负责人姚鸿耀指出,投资者有充分理由对A股市场的前景感到乐观。该机构的经济师预测,2021年中国经济增长率约为9.5%。

姚鸿耀强调,中国经济复苏预计会利好国内消费市场的持续结构性增长,经常性消费品、非经常性消费品和健康护理板块的公司有望受惠。整体而言,中国出口正在回升,国内企业盈利前景良好,盈利质量胜过其他市场。展望未来,中国消费的结构性动力仍然稳固。调味料生产商、汽车零件制造商、新能源企业以及电池供货商等均存在机遇。投资者应留意有庞大市场份额且具备防守型竞争优势的行业翘楚。

    Kratos

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    And without the costume-change roulette we’ve come to expect of halftime shows, the internet fixated on one item in particular: his jeans.

    While not quite the bell-bottoms of decades past (the 1970s and the 2000s, specifically), the Compton-born rapper’s washed denim pants flared out at the knee and dragged beneath his heels along the stage at Caesars Superdrome in New Orleans. His silhouette stood in stark contrast to that of record producer Mustard, who made a brief cameo in a pair of outsized jeans straight from the West Coast hip-hop playbook.
    Opinions were, as ever, divided on social media. Some users described Lamar’s flares as “women’s jeans” and “Hannah Montana pants,” earning him comparisons to everyone from Jennifer Aniston to country singer Lainey Wilson. Others joked that their moms were looking for a similar pair or that they nodded to millennials, for whom flares were a teenage staple.

    But those suggesting his style was outdated, or gender-inappropriate, may not have been paying attention to the recent resurgence of flares — in both womenswear and menswear. After all, Lamar’s jeans were designed by one of the most influential figures in modern fashion, Celine’s former creative director Hedi Slimane, before he departed the French label in October.

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    Two bombs were initially removed by the British Army, the UK Ministry of Defense said in a statement. The parish council was then advised that a full survey of the area was required, according to a council spokesperson.
    Bomb disposal company Brimstone Site Investigation then uncovered 65 10-pound practice bombs and smoke cartridges on the first day of works, with a further 90 practice bombs recovered on the second day.

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    According to the parish council, all of the bombs need to be found and removed before the park can be reopened. It said 174 devices had been found so far.

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    Meanwhile, Pesto — a baby king penguin who was eating more fish than his parents by the time he was a few weeks old — is also an online celebrity, with human stars like Olivia Rodrigo and Katy Perry stopping by to meet him.

    But what happens when these cute animals become, well, less cute? The Sea Life Melbourne aquarium has already been planning for the next phase of Pesto’s life — and answering questions from the public about his changing appearance.

    It’s normal for king penguins to lose their feathers by the time they’re about a year old and become confident swimmers. As a result, a spokesperson for the aquarium says, guests have started asking why Pesto looks different — or why they can’t find him at all.

    “We are getting a few guests thinking we have moved him off display completely,” says the spokesperson. “Most of the team’s time is spent pointing him out to guests because he looks so different now.”
    The bottom line is that cute baby animals make money.

    Admission tickets are only the beginning. Many zoos and aquariums offer special “behind the scenes” or “zookeeper for a day” packages at much higher prices. At Sea Life Melbourne, standard entry tickets for adults start at $51, while the Penguin Passport — which include a 45-minute tour of the birds’ area and a look at how their food is prepared — is $199.

    The real jackpot, though, is merchandise. Stuffed animals, T-shirts, fridge magnets, keychains, kids’ books and other branded products are a major way for zoos and aquariums to make money.

    2025年2月11日
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    Scores of unexploded bombs dating from World War II have been recovered from a children’s playground in northern England after a chance discovery.

    Local officials in the town of Wooler, Northumberland called in bomb disposal experts after workers involved in a planned overhaul of Scotts Play Park found unexploded ordnance, the parish council said in a statement sent to CNN on Monday.

    Two bombs were initially removed by the British Army, the UK Ministry of Defense said in a statement. The parish council was then advised that a full survey of the area was required, according to a council spokesperson.
    Bomb disposal company Brimstone Site Investigation then uncovered 65 10-pound practice bombs and smoke cartridges on the first day of works, with a further 90 practice bombs recovered on the second day.

    The company told CNN that the bombs date from World War II.

    According to the parish council, all of the bombs need to be found and removed before the park can be reopened. It said 174 devices had been found so far.

    2025年2月11日
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    This year’s Super Bowl halftime show was hardly a fashion extravaganza, with headliner Kendrick Lamar keeping things simple in a backwards cap and motorbike-style varsity jacket, which he kept on throughout.

    And without the costume-change roulette we’ve come to expect of halftime shows, the internet fixated on one item in particular: his jeans.

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    2025年2月11日
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    One of the best things that can happen to a zoo or aquarium is for one of their resident animals to go viral.

    Just look at the multi-hour-long lines to see Moo Deng, a pygmy hippo in Thailand who has become an internet sensation following her July 2024 birth. The sassy animal is now a full-on brand, with Khao Kheow Open Zoo selling Moo Deng merchandise and even releasing a single “by” the hippo in multiple languages.

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    This year’s Super Bowl halftime show was hardly a fashion extravaganza, with headliner Kendrick Lamar keeping things simple in a backwards cap and motorbike-style varsity jacket, which he kept on throughout.

    And without the costume-change roulette we’ve come to expect of halftime shows, the internet fixated on one item in particular: his jeans.

    While not quite the bell-bottoms of decades past (the 1970s and the 2000s, specifically), the Compton-born rapper’s washed denim pants flared out at the knee and dragged beneath his heels along the stage at Caesars Superdrome in New Orleans. His silhouette stood in stark contrast to that of record producer Mustard, who made a brief cameo in a pair of outsized jeans straight from the West Coast hip-hop playbook.
    Opinions were, as ever, divided on social media. Some users described Lamar’s flares as “women’s jeans” and “Hannah Montana pants,” earning him comparisons to everyone from Jennifer Aniston to country singer Lainey Wilson. Others joked that their moms were looking for a similar pair or that they nodded to millennials, for whom flares were a teenage staple.

    But those suggesting his style was outdated, or gender-inappropriate, may not have been paying attention to the recent resurgence of flares — in both womenswear and menswear. After all, Lamar’s jeans were designed by one of the most influential figures in modern fashion, Celine’s former creative director Hedi Slimane, before he departed the French label in October.

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    One of the best things that can happen to a zoo or aquarium is for one of their resident animals to go viral.

    Just look at the multi-hour-long lines to see Moo Deng, a pygmy hippo in Thailand who has become an internet sensation following her July 2024 birth. The sassy animal is now a full-on brand, with Khao Kheow Open Zoo selling Moo Deng merchandise and even releasing a single “by” the hippo in multiple languages.

    Meanwhile, Pesto — a baby king penguin who was eating more fish than his parents by the time he was a few weeks old — is also an online celebrity, with human stars like Olivia Rodrigo and Katy Perry stopping by to meet him.

    But what happens when these cute animals become, well, less cute? The Sea Life Melbourne aquarium has already been planning for the next phase of Pesto’s life — and answering questions from the public about his changing appearance.

    It’s normal for king penguins to lose their feathers by the time they’re about a year old and become confident swimmers. As a result, a spokesperson for the aquarium says, guests have started asking why Pesto looks different — or why they can’t find him at all.

    “We are getting a few guests thinking we have moved him off display completely,” says the spokesperson. “Most of the team’s time is spent pointing him out to guests because he looks so different now.”
    The bottom line is that cute baby animals make money.

    Admission tickets are only the beginning. Many zoos and aquariums offer special “behind the scenes” or “zookeeper for a day” packages at much higher prices. At Sea Life Melbourne, standard entry tickets for adults start at $51, while the Penguin Passport — which include a 45-minute tour of the birds’ area and a look at how their food is prepared — is $199.

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    Scores of unexploded bombs dating from World War II have been recovered from a children’s playground in northern England after a chance discovery.

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    Two bombs were initially removed by the British Army, the UK Ministry of Defense said in a statement. The parish council was then advised that a full survey of the area was required, according to a council spokesperson.
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    The company told CNN that the bombs date from World War II.

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    2025年2月11日
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    Scores of unexploded bombs dating from World War II have been recovered from a children’s playground in northern England after a chance discovery.

    Local officials in the town of Wooler, Northumberland called in bomb disposal experts after workers involved in a planned overhaul of Scotts Play Park found unexploded ordnance, the parish council said in a statement sent to CNN on Monday.

    Two bombs were initially removed by the British Army, the UK Ministry of Defense said in a statement. The parish council was then advised that a full survey of the area was required, according to a council spokesperson.
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    This year’s Super Bowl halftime show was hardly a fashion extravaganza, with headliner Kendrick Lamar keeping things simple in a backwards cap and motorbike-style varsity jacket, which he kept on throughout.

    And without the costume-change roulette we’ve come to expect of halftime shows, the internet fixated on one item in particular: his jeans.

    While not quite the bell-bottoms of decades past (the 1970s and the 2000s, specifically), the Compton-born rapper’s washed denim pants flared out at the knee and dragged beneath his heels along the stage at Caesars Superdrome in New Orleans. His silhouette stood in stark contrast to that of record producer Mustard, who made a brief cameo in a pair of outsized jeans straight from the West Coast hip-hop playbook.
    Opinions were, as ever, divided on social media. Some users described Lamar’s flares as “women’s jeans” and “Hannah Montana pants,” earning him comparisons to everyone from Jennifer Aniston to country singer Lainey Wilson. Others joked that their moms were looking for a similar pair or that they nodded to millennials, for whom flares were a teenage staple.

    But those suggesting his style was outdated, or gender-inappropriate, may not have been paying attention to the recent resurgence of flares — in both womenswear and menswear. After all, Lamar’s jeans were designed by one of the most influential figures in modern fashion, Celine’s former creative director Hedi Slimane, before he departed the French label in October.

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    One of the best things that can happen to a zoo or aquarium is for one of their resident animals to go viral.

    Just look at the multi-hour-long lines to see Moo Deng, a pygmy hippo in Thailand who has become an internet sensation following her July 2024 birth. The sassy animal is now a full-on brand, with Khao Kheow Open Zoo selling Moo Deng merchandise and even releasing a single “by” the hippo in multiple languages.

    Meanwhile, Pesto — a baby king penguin who was eating more fish than his parents by the time he was a few weeks old — is also an online celebrity, with human stars like Olivia Rodrigo and Katy Perry stopping by to meet him.

    But what happens when these cute animals become, well, less cute? The Sea Life Melbourne aquarium has already been planning for the next phase of Pesto’s life — and answering questions from the public about his changing appearance.

    It’s normal for king penguins to lose their feathers by the time they’re about a year old and become confident swimmers. As a result, a spokesperson for the aquarium says, guests have started asking why Pesto looks different — or why they can’t find him at all.

    “We are getting a few guests thinking we have moved him off display completely,” says the spokesperson. “Most of the team’s time is spent pointing him out to guests because he looks so different now.”
    The bottom line is that cute baby animals make money.

    Admission tickets are only the beginning. Many zoos and aquariums offer special “behind the scenes” or “zookeeper for a day” packages at much higher prices. At Sea Life Melbourne, standard entry tickets for adults start at $51, while the Penguin Passport — which include a 45-minute tour of the birds’ area and a look at how their food is prepared — is $199.

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    If you’ve seen images of the infamous double-level airplane seat concept and thought “that’s never going to happen” — maybe think again.

    Aviation start-up Chaise Longue, the brains behind the controversial dual-level seat, announced today it’s “exploring some early stage concepts” with aviation giant Airbus.

    This collaboration with an aircraft manufacturing heavyweight is a significant step in this seat design’s journey from college student project to potential in-air reality.

    Designer and Chaise Longue CEO Alejandro Nunez Vicente tells CNN Travel he’s thankful Airbus sees “the true potential of two-level seating.”

    An Airbus representative confirmed to CNN Travel that “Chaise Longue is exploring some early stage concepts with Airbus on two-level seating solutions for Airbus commercial aircraft.”

    The representative added that “given the nature of this early phase level,” Airbus preferred “not to further comment at this stage.”
    The crux of Nunez Vicente’s Chaise Longue seat design is the removal of the overhead cabin to allow two levels of seats in a single aircraft cabin.

    The idea is that travelers would have the option of booking the top row or the bottom row — and while the lower level might look less-than-appealing in photos, bottom passengers would be able to stretch out their legs and enjoy extra leg room. The top level is also designed to give “larger recline angles” and “leg-stretching possibility” than your average economy airplane seat, says Nunez Vicente.

    Nunez Vicente initially developed the design for economy cabins before last year premiering a business class/first class iteration.

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    Now that it’s all over and the Ohio State Buckeyes are the college football national champions, it can be definitively said: expanding the College Football Playoff worked.

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