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吳子青先生 (Andrew Ng)
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畢業於香港理工大學金融服務系,2008年完成財經分析師(CFA)考試,喜歡綜合基本因素與技術分析研究股票,並對衍生工具及IPO市場有獨到見解,現主力負責公司的高端客戶,提供度身訂造的投資服務
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資金流向債市?

Thursday, September 19, 2019 Views1030

最近的股市真的是非常難炒, 而且從四月以來, 恆指已出現下降軌, 不少客戶也有這樣的疑問: 是不是需要把資金從股市轉移到債市? 其實在較早一段時間, 已有上市公司的主席進行類似的操作, 例如許家印也把股票的股息認購債券. 至於債券的回報, 相對股票是否吸引?

 

  以目前的市況來看, 債券的價格相對是非常強勢的, 這至少有兩個原因:

1 貿易戰問題, 股市的弱勢導致資金流向債市

2 利率短期傾向下降

  所以筆者覺得, 現階段債價下行的風險, 相對股票會少一點, 另一個角度說, 只要債息的回報不少於股息, 債券投資就是吸引的.

 

  以內房板塊來說, 債息的回報普遍有6-8%, 不下於股票, 所以我認為是吸引的, 至於內銀, 債息回報只有3%多一點, 回報不及股息, 但也可以搏債價升值, 而在避險的角度看, 也是可以考慮的.

 

 

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