宏利投信：黃金、美公司債持續看好

йҡЁи‘—2019ж–°еһӢеҶ зӢҖз—…жҜ’зҡ„ж„ҹжҹ“зҺҮжңүжүҖж”ҫз·©пјҢе…ЁзҗғиЁұеӨҡеңӢ家жӯЈйҖҗжӯҘйҮҚ е•ҹ經жҝҹжҙ»еӢ•гҖӮе„ҳз®Ўд»»дҪ•йӮҒеҗ‘жӯЈеёёеҢ–зҡ„йҖІеұ•пјҢеҸҜиғҪжҝҖзҷјеёӮе ҙеҜ©ж…ҺжЁӮи§Җжғ… з·’пјҢдҪҶж•ҙй«”еүҚжҷҜд»Қ然еӯҳеңЁи‘—й«ҳеәҰзҡ„дёҚзўәе®ҡжҖ§гҖӮгҖҖгҖҖе®ҸеҲ©жҠ•иіҮз®ЎзҗҶйҰ–еёӯ經жҝҹеё«е…је®Ҹи§Җ經жҝҹзӯ–з•ҘйғЁдё»з®ЎFrances DonaldиӘҚ зӮәпјҢе…ЁзҗғжҺЁиЎҢиІЎж”ҝеҲәжҝҖжҺӘж–ҪпјҢж„Ҹе‘іи‘—еҗ„еңӢзҡ„иІЎж”ҝиөӨеӯ—дәҰеҸҜиғҪж“ҙеӨ§иҮізӣё 當於жҲ°жҷӮзҡ„ж°ҙжә–пјҢеңЁзҫҺеңӢзҡ„жғ…жіҒе°Өз”ҡгҖӮгҖҖгҖҖFrances DonaldжҢҮеҮәпјҢд»ҘиІЁе№Јж”ҝзӯ–ж”ҜжҢҒ經жҝҹеўһй•·еҸҠйҖҡиҶЁзҡ„ж•Ҳз”ЁпјҢеңЁ 1995е№ҙеҫҢе·Ій–Ӣе§ӢжёӣејұпјӣзӣёеҸҚпјҢиІЎж”ҝж”ҝзӯ–зҡ„ж•Ҳз”ЁеҚ»жңүжүҖеўһеј·гҖӮгҖҖгҖҖ研究йЎҜзӨәпјҢзҸҫеңЁзҫҺеңӢж”ҝеәңдҪңеҮәзҡ„жҜҸ1зҫҺе…ғж”ҜеҮәпјҢеңЁеӣӣе№ҙеҫҢе°ҮеҸҜзӮәзҫҺ еңӢGDPеё¶дҫҶзӣёз•¶ж–ј4зҫҺе…ғзҡ„иІўзҚ»гҖӮжҸӣиЁҖд№ӢпјҢзҸҫеңЁзҡ„иІЎж”ҝж”ҜеҮәеҸҜиғҪжңғеңЁжңӘ дҫҶдёүиҮідә”е№ҙиҪүеҢ–зӮәйҖҡиҶЁеЈ“еҠӣгҖӮе®ҸеҲ©иӘҚзӮәпјҢиҝ‘жңҹйҖҡзё®иҲҮдёӯжңҹйҖҡиҶЁеЈ“еҠӣд№Ӣ й–“зҡ„жҷӮй–“е·®и·қиҮій—ңйҮҚиҰҒгҖӮгҖҖгҖҖеҫһжҠ•иіҮи§’еәҰдҫҶзңӢпјҢе®ҸеҲ©й җжңҹй»ғйҮ‘е°ҮжңүеҘҪиЎЁзҸҫпјҢеҺҹеӣ жңүеӨҡеҖӢпјҡй»ғйҮ‘еҸҜ з”ЁдҪңеӣ жҮүзҹӯжңҹжіўеӢ•еҸҠй•·жңҹйҖҡиҶЁпјӣдҪңзӮәйҒҝйҡӘиіҮз”ўпјҢй»ғйҮ‘已經жү“з ҙеӮізөұдёҠ иҲҮзҫҺе…ғе‘ҲиІ зӣёй—ңжҖ§зҡ„иө°еӢўпјҢж„Ҹе‘іи‘—жҠ•иіҮиҖ…еҸҠеӨ®иЎҢе°Қй»ғйҮ‘зҡ„жҠ•иіҮйңҖжұӮеј· еӢҒиҖҢдё”е°ҮжңғжҢҒзәҢгҖӮгҖҖгҖҖеңЁжңӘдҫҶеҚҒе№ҙпјҢе®ҸеҲ©иӘҚзӮәгҖҢи·ҹйҡЁиҒҜжә–жңғжүҖжҢҒжңүзҡ„жҠ•иіҮгҖҚеҸҜиғҪзӣёз•¶ж–јгҖҢ дёҚиҰҒиҲҮиҒҜжә–жңғе°Қи‘—е№№гҖҚпјҢйҖҷжҳҜжҠ•иіҮз•ҢеңЁе…ЁзҗғйҮ‘иһҚеҚұж©ҹеҫҢзҡ„дёҖеҖӢйҮҚиҰҒжҠ• иіҮж јиЁҖгҖӮгҖҖгҖҖеҫһжҠ•иіҮзҡ„и§’еәҰдҫҶзңӢпјҢе®ҸеҲ©зңӢеҘҪзҫҺеңӢе…¬еҸёеӮөеӨҡж–јзҫҺеңӢе…¬еӮөгҖӮ然иҖҢпјҢеҚі дҪҝиҒҜжә–жңғжҳҜзҫҺеңӢе…¬еҸёеӮөзҡ„йҮҚиҰҒ買家пјҢе®ҸеҲ©е°ҚйҖЈз•ӘдҝЎиІёдәӢ件зҡ„жҶӮж…®д»Қ然 жҸ®д№ӢдёҚеҺ»гҖӮгҖҖгҖҖеңЁеӨ®иЎҢз©ҚжҘөиЎҢеӢ•зҡ„ж”ҜжҢҒдёӢпјҢеңЁ3жңҲдёӯйЎҜи‘—еҸ—еЈ“зҡ„еӨ§йғЁд»ҪдҝЎиІёеёӮе ҙйҖҗ жӯҘи¶Ёеҗ‘жӯЈеёёеҢ–гҖӮзөҗжһңпјҢзҫҺеңӢе…¬еӮөеёӮе ҙгҖҒе•ҶжҘӯзҘЁж“ҡеёӮе ҙгҖҒеёӮж”ҝеӮөеҲёеёӮе ҙ пјҢд»ҘиҮіжңҖйҮҚиҰҒзҡ„зҫҺеңӢе…¬еҸёеӮөеёӮе ҙеқҮжңүжүҖж”№е–„гҖӮгҖҖгҖҖиҒҜжә–жңғй–Ӣе§ӢпјҲз·©ж…ўпјүж¶үзҚөй«ҳ收зӣҠеёӮе ҙпјҢдёҰиЎЁзӨәеҸҜиғҪжңғиіјиІ·гҖҢеў®иҗҪеӨ© дҪҝгҖҚпјҲFallen angelsпјҢеҚіеңЁз–«жғ…зҲҶзҷјеүҚеҺҹеұ¬жҠ•иіҮзҙҡеҲҘпјҢдҪҶе…¶еҫҢйҒӯйҷҚ зҙҡзҡ„е…¬еҸёпјүгҖӮж №ж“ҡе®ҸеҲ©зҡ„еҹәжң¬жғ…еўғй җжё¬пјҢиҒҜжә–жңғжҜӢй Ҳжӣҙз©ҚжҘөд»Ӣе…Ҙй«ҳ收 зӣҠеёӮе ҙгҖӮдәӢеҜҰдёҠпјҢе®ҸеҲ©иӘҚзӮәиҒҜжә–жңғеҸӘжҳҜеёҢжңӣзўәдҝқеёӮе ҙжҳҺзҷҪе…¶и§’иүІпјҢдёҰ йқһж”ҜжҢҒгҖҢж®ӯеұҚгҖҚдјҒжҘӯгҖӮгҖҖгҖҖеӣ жӯӨпјҢйҡЁи‘—иҒҜжә–жңғдё»еёӯй®‘зҲҫй–Ӣе§Ӣй—Ўиҝ°е…¶еҜҰйҡӣж„ҸйЎҳпјҢеёӮе ҙеңЁзҹӯжңҹе…§еҸҜ иғҪжңғж„ҹеҲ°еӨұжңӣгҖӮи©ұйӣ–еҰӮжӯӨпјҢйҡЁи‘—жҷӮй–“йҒҺеҺ»пјҢе…ЁзҗғеӨ®иЎҢйЎҜ然жңүијғеӨ§ж©ҹжңғ ж“ҙеӨ§иІ·еӮөзҜ„еңҚпјҢз”ұжҠ•иіҮзҙҡеҲҘеҸҠгҖҢйҷҚзҙҡеӨ©дҪҝгҖҚж“ҙеұ•иҮіж¶өи“Ӣй«ҳ收зӣҠй ҳеҹҹпјҢ иҖҢдёҚжҳҜиӮЎзҘЁй ҳеҹҹгҖӮгҖҖгҖҖе®ҸеҲ©д»Қ然й җжңҹпјҢжҺ§еҲ¶ж®–еҲ©зҺҮжӣІз·ҡе°ҮжңғжҲҗзӮәиҒҜжә–жңғдёӢдёҖй …йҮҚиҰҒж”ҝзӯ–иҲү жҺӘпјҢдёҰдё”зӣёдҝЎеӨ®иЎҢе°Үзӣ®жЁҷйҺ–е®ҡзӮәж®–еҲ©зҺҮжӣІз·ҡзҡ„ијғзҹӯжңҹйғЁд»ҪпјҲе…©е№ҙеҸҠд»Ҙ дёӢпјүгҖӮгҖҖгҖҖиҒҜжә–жңғеңЁйҒҺеҺ»е…©е‘ЁжҢҒзәҢзё®жёӣе…¶иіјиІ·е…¬еӮөзҡ„иҰҸжЁЎгҖӮжңүй—ңжұәе®ҡзҡ„зҗҶз”ұжҳҜ зҫҺеңӢе…¬еӮөеёӮе ҙзӣ®еүҚйҒӢиЎҢжӯЈеёёпјҢеӣ жӯӨйңҖиҰҒзҡ„ж”ҜжҢҒзӣёе°Қијғе°‘гҖӮе®ҸеҲ©д№ҹдёҚзҰҒ иіӘз–‘иҒҜжә–жңғжңҖеҲқжұәе®ҡжҜҸж—ҘиіјиІ·750е„„зҫҺе…ғпјҲжҲ–жҜҸе№ҙ19.5е…ҶзҫҺе…ғпјүиіҮз”ў е…¶еҜҰйӣЈд»ҘжҢҒзәҢпјҢеӣ зӮәзӣ®еүҚзҫҺеңӢе…¬еӮөеёӮе ҙзёҪеҖјеҸӘжңү18.5е…ҶзҫҺе…ғгҖӮгҖҖгҖҖеҖјеҫ—жіЁж„Ҹзҡ„жҳҜпјҢжҠ•иіҮдәәеҝ…й ҲжҳҺзҷҪпјҢиҒҜжә–жңғеңЁжңӘдҫҶж•ёе‘Ёзҡ„жҷӮй–“д№Ӣе…§пјҢ д»Қ然жңүеҸҜиғҪжңғд»ӨеёӮе ҙеӨұжңӣгҖӮ