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电话:2025 邯郸市(永年区、成安县、临漳县、魏县、邱县、邯山区、涉县、广平县、复兴区、大名县、曲周县、鸡泽县、磁县、馆陶县、武安市、丛台区、峰峰矿区、肥乡区)
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汕尾市(城区、海丰县、陆丰市、陆河县)
桂林市(资源县、阳朔县、兴安县、七星区、永福县、恭城瑶族自治县、临桂区、秀峰区、荔浦市、象山区、雁山区、灌阳县、龙胜各族自治县、平乐县、全州县、叠彩区、灵川县)
内江市(市中区、东兴区、隆昌市、威远县、资中县)
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威海市(文登区、环翠区、乳山市、荣成市)
玉树藏族自治州(治多县、杂多县、称多县、曲麻莱县、玉树市、囊谦县)
保定市(容城县、唐县、雄县、曲阳县、顺平县、易县、竞秀区、莲池区、安新县、定兴县、博野县、涞水县、高碑店市、涿州市、涞源县、定州市、望都县、蠡县、阜平县、高阳县、徐水区、清苑区、安国市、满城区)
通化市(梅河口市、辉南县、二道江区、集安市、东昌区、通化县、柳河县)

在关税的影响下,这一周多以来的市场演绎了各种不确定性。曾经的避险资产美债仿佛成为了风险资产,曾经的成熟市场美股被笑称为新兴市场。但是在这种时刻只是刷着各种新闻看着逐渐加码的数字,并无益于投资决策。

橡树资本的创始人霍华德·马克斯在4月9日发表的备忘录中提到,“鉴于特朗普的战术思维特性,必须牢记一切皆可瞬息万变”,坦称他也无法预知三个月后的关税税率会是多少。似乎对投资大佬来说,这次的不确定性也是难以把握了。

但同时,他也引用了市场分析师沃尔特·迪默(WalterDeemer)一本著作的标题:《买入时机到来之时,你却望而却步》(WhentheTimeComesToBuy,YouWon’tWantTo)。导致价格下跌幅度最大的不利事态的发展令人恐慌,抑制投资者的买入欲望。但是,当不利事态纷至沓来,通常是果断出击的最佳时机。也就是说,再大的不确定性,对应到价格上,还是那句硬道理——恐慌带来的大幅下跌反而是机会。

回到国内市场,还是再看看这张熟悉的图:

当全市场的风险溢价再次回到机会值以上,理性的做法还是应该要买入,而不是等待。回望一下之前风险溢价率回到机会值以上时,每次都充斥着“不确定性”,每一次的故事都骇人听闻,18年底是贸易战+金融去杠杆,20年初的疫情、22年底经济降速、24年初市场大跌……每一次都有人会说“这次不一样”。

但市场的规律就是这么神奇,驱动市场下跌的原因不同,但一旦跌出了性价比,还是会给提供买点。所以这次也不例外,对于国内市场,在此刻抓住beta的机会,潜在会提供更高的回报,这正是“风险溢价”的含义。

那么用什么样的工具来抓这个beta的机会?工具性的产品,肯定还是首选量化股票多头,首先保证跟上beta的收益,其次,也可以提供额外的一些超额。

上周虽然市场整体下跌,但正好提供了一个良好的观察窗口,我们观察跟踪的一些量化全市场选股的管理人,在上周表现可圈可点,虽然整体下跌,但对于市场指数来说依旧是是跑赢。(注意,上周中证1000表现-5.5%,中证2000表现-7.01%)

历史总是在自我重复,无论出现的是什么样的事件,有些市场规律是不变的。因此在这个时刻,不妨抛开内心恐惧的一面,用好配置工具抓住冲击下的机会。

(转自:策略优基基)

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