https://reports.zhihai.me/tags/%E5%85%A8%E7%90%83%E5%AE%8F%E8%A7%82/ Recent content in 全球宏观 on 脱水研报 Hugo zh-cn Wed, 26 Aug 2026 10:42:00 +0800 https://reports.zhihai.me/posts/2026-08-26-barclays-global-bonds-r-star-repricing/ Wed, 26 Aug 2026 10:42:00 +0800 https://reports.zhihai.me/posts/2026-08-26-barclays-global-bonds-r-star-repricing/ Barclays 全球宏观特别报告：债市调整尚未到位——主因不是财政期限溢价而是中性利率重估（R*=3.65%）；10Y 合理价值 4.65%-4.95%；当前不具备配置价值。 https://reports.zhihai.me/posts/2026-08-26-jpmorgan-us-equity-strategy-rest-of-year/ Wed, 26 Aug 2026 10:38:00 +0800 https://reports.zhihai.me/posts/2026-08-26-jpmorgan-us-equity-strategy-rest-of-year/ 小摩看年底前美股「缓步上行+板块轮动」，三线并重：优质成长 / 超大规模云厂商 / 半导体；定性长端美债波动为「资本需求增多而非政策失误」。