[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-JP2025060617363706455":3,"related-JP2025060617363706455":29},{"pageSize":4,"id":5,"productLine":6,"status":7,"articleCode":8,"articleType":9,"showStyle":7,"mediaType":10,"articleTitle":11,"coverImage":12,"listImage":13,"introduction":14,"description":15,"nonVipDescription":16,"postTime":17,"viewTime":17,"sortNumber":18,"isFree":19,"isShowList":7,"isRecommend":19,"linkType":7,"isOriginal":6,"hasMiniUrl":19,"hasAdvertising":19,"createBy":20,"updateBy":20,"createTime":21,"visitCount":19,"isLiked":19,"realSearch":22,"isRead":19,"productId":23,"isCollected":19,"collectCount":19,"vipExclusive":19,"allowComment":7,"style":24,"likeCount":19,"seoKeywords":16,"articleModuleVoList":25,"extendContentList":26,"noteCount":19,"categoryList":27,"dailyKeywordList":28},10,7171,"1",1,"JP2025060617363706455","1041018",3,"放水后，钱都去哪儿了？","https:\u002F\u002Fimage.jane7.com\u002F3375725c-d389-414b-8026-187a459f2892.png","https:\u002F\u002Fjane7-prod.oss-cn-hangzhou.aliyuncs.com\u002Fmanager\u002Farticle_default_img.png","2大金融数据，揭开「未解之谜」","\u003Cdiv>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">大家好呀~\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">最近收到一位小伙伴的留言，说想知道一个未解之谜的答案：\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cstrong>\u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">放了那么多水，钱都去哪儿了？\u003C\u002Fspan>\u003C\u002Fstrong>\n  \u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 16px;\">\n  \u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002Fbec225db-49c7-4055-a898-c0f08132fa89.jpg\">\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">这个问题还挺重要的，因为它和咱们钱袋子息息相关。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">比如要是知道钱要去股市、债市，咱们手上的资产可就能升值了；钱去普通人手中的话，买买买也能带动实体经济的生意。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">今天，结合4月份的金融数据，咱们就来聊聊这个话题，希望能让你了解到当下的经济走势，对资产价格的走向更有把握一点~\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 16px 16px 0em;white-space: normal;text-align: center;\">\n  \u003Cstrong>\u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F296b0c25-68cd-49ea-86a9-66cb88a238c7.jpg\">\u003C\u002Fstrong>\n \u003C\u002Fsection>\n \u003Ch3 style=\"font-size: 17px;white-space: normal;clear: both;min-height: 1em;text-align: center;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;margin-bottom: 16px;margin-left: 16px;margin-right: 16px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cstrong>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);\">01  经济的风向标\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fh3>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"letter-spacing: 1px;color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;\">\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"letter-spacing: 1px;color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;\">说起来，\u003Cstrong>金融数据是经济的领先指标\u003C\u002Fstrong>。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"letter-spacing: 1px;color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;\">因为企业只有拿到钱了才能进行扩张，然后才能拉动实体经济的增长，正所谓「兵马未动，粮草先行」。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"letter-spacing: 1px;color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;\">你可以把资金的流向，想象成农田的灌溉——\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"letter-spacing: 1px;color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;\">首先，央行具有「印钞」的权利，掌控水闸的大小。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"letter-spacing: 1px;color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;\">其次，水流要经过银行这个管道，才能达到农田\u003C\u002Fspan>\n  \u003Cspan style=\"letter-spacing: 1px;text-decoration: none solid rgb(34, 34, 34);color: rgb(136, 136, 136);font-size: 14px;\">（贷款给到企业和个人）\u003C\u002Fspan>\n  \u003Cspan style=\"letter-spacing: 1px;color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;\">，滋养作物的生长。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"letter-spacing: 1px;color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;\">所以，农田的肥沃程度取决于两点——\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"letter-spacing: 1px;color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;\">一是放水的量多不多，对应到\u003Cstrong>货币的供给\u003C\u002Fstrong>是否充分；\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"letter-spacing: 1px;color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;\">二是有多少水流向土地，对应到\u003Cstrong>货币的需求\u003C\u002Fstrong>够不够。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"letter-spacing: 1px;color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;\">有时候明明\u003C\u002Fspan>\n  \u003Cspan style=\"letter-spacing: 1px;text-decoration: none solid rgb(34, 34, 34);color: rgb(136, 136, 136);font-size: 14px;\">（央行）\u003C\u002Fspan>\n  \u003Cspan style=\"letter-spacing: 1px;color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;\">放了不少水，土地却没得到多少灌溉\u003C\u002Fspan>\n  \u003Cspan style=\"letter-spacing: 1px;text-decoration: none solid rgb(34, 34, 34);color: rgb(136, 136, 136);font-size: 14px;\">（我们手里的钱并没有变多）\u003C\u002Fspan>\n  \u003Cspan style=\"letter-spacing: 1px;color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;\">，就是因为管道堵塞了\u003C\u002Fspan>\n  \u003Cspan style=\"letter-spacing: 1px;text-decoration: none solid rgb(34, 34, 34);color: rgb(136, 136, 136);font-size: 14px;\">（银行没能把钱投出去\u003C\u002Fspan>\n  \u003Cspan style=\"letter-spacing: 1px;text-decoration: none solid rgb(34, 34, 34);color: rgb(136, 136, 136);font-size: 14px;\">）\u003C\u002Fspan>\n  \u003Cspan style=\"letter-spacing: 1px;color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;\">。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);text-decoration: none solid rgb(34, 34, 34);font-size: 16px;letter-spacing: 1px;\">\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-bottom: 0px;white-space: normal;text-align: center;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F807df5eb-63a1-4f6a-ad04-0e941c6f5bfd.jpg\">\n \u003C\u002Fsection>\n \u003Ch3 style=\"margin-bottom: 16px;font-size: 17px;white-space: normal;clear: both;min-height: 1em;text-align: center;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cstrong>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);\">02 货币供给多不多，关注M2\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fh3>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">每月发布的金融数据里，2大指标尤其重要——\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">一个是\u003Cstrong>货币供应量指标\u003C\u002Fstrong>，如M0、M1、M2。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-left: 16px;margin-right: 16px;\">\n  \u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F127356b8-9839-42a1-aff1-a5b01860354e.jpg\">\n \u003C\u002Fsection>\n \u003Csection style=\"margin-left: 16px;margin-right: 16px;\">\n  \u003Cspan 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data-lark-record-format=\"docx\u002Frecord\">\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">最常用的是\u003Cstrong>M2\u003C\u002Fstrong>，它统计了流通中现金、企事业单位存款、居民存款等，反映钱的总量有多少。其中，既有包含流向实体经济部门的，也包括流向金融部门的资金。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">最新公布的4月份M2同比增长12.4%，处在近6年的高位；M1同比增长5.3%，增速比上个月和去年同期都高了0.2%，说明市场上的资金挺多的。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 16px;\">\n  \u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F7d859ea2-3e82-4c9e-ba77-2efd40aa63c3.jpg\">\n  \u003Cspan style=\"letter-spacing: 0.034em;\">\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">另外，\u003Cstrong>M2-M1\u003C\u002Fstrong>的变化也挺关键的。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"background-color: rgb(255, 255, 255);text-decoration: none;letter-spacing: 1px;color: rgb(136, 136, 136);font-size: 14px;\">*两者的差值是居民存款+定期存款+其他存款\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">近两年来，M2增速一直大于M1，存在明显的剪刀差，意味着\u003Cstrong>定期存款的比重偏高\u003C\u002Fstrong>，反应经济活力不太够。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">比如企业觉得没啥投资机会，就会减少手上的「活钱」，转投定期存款；\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">居民风险偏好下降，收益上追求稳定性，也会更喜欢长期的保本产品。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">4月份的剪刀差有所收窄，表示存款开始「搬家」了。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">原因可能有几个——\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cstrong>\u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">消费需求提升：\u003C\u002Fspan>\u003C\u002Fstrong>\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">五一小长假的到来，刺激了大家旅游、购物的热情，愿意增加手头的流动性；\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cstrong>\u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">追逐理财产品：\u003C\u002Fspan>\u003C\u002Fstrong>\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">数据显示，4月理财存续规模比上个月增加1.25 万亿。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">这大概和存款利率下降，资金无处可去，以及理财近期表现不错，吸了一波粉有关。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cstrong>\u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">准备提前还贷：\u003C\u002Fspan>\u003C\u002Fstrong>\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">在监管发文不能阻碍提前还贷后，还贷需求集中释放，4月房贷的提前偿还比率加速上升。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 16px;\">\n  \u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F858902ca-2b73-4fc4-ba99-45614ada5931.jpg\">\n  \u003Cspan style=\"letter-spacing: 0.034em;\">\u003C\u002Fspan>\n  \u003Cspan style=\"background-color: rgb(255, 255, 255);color: rgb(51, 51, 51);font-size: 16px;letter-spacing: 1px;text-indent: 0em;\">\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">虽说存款下降，通常是投资、消费要好起来的「预兆」，但如果大家是将钱拿去还贷、去杠杆、宁愿「无债一身轻」，说明对未来的信心还得提振一下。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"line-height: 2em;text-align: justify;margin: 0px 16px;text-indent: 0em;\">\n  \u003Cspan style=\"color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);text-decoration: none;font-size: 16px;letter-spacing: 1px;\">\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-bottom: 0px;white-space: normal;text-align: center;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F32d08f09-c219-408e-ac47-7c8492258684.jpg\">\n \u003C\u002Fsection>\n \u003Ch3 style=\"margin-bottom: 16px;font-size: 17px;white-space: normal;clear: both;min-height: 1em;text-align: center;outline: 0px;max-width: 100%;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cstrong>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);\">03 货币需求够不够，关注社融\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fh3>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cstrong>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">观察\u003C\u002Fspan>\u003C\u002Fstrong>\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">\u003Cstrong>货币需求量的指标\u003C\u002Fstrong>，是\u003Cstrong>社会融资规模\u003C\u002Fstrong>，简称「社融」。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">它具体是指一定时期内\u003C\u002Fspan>\n  \u003Cspan style=\"background-color: rgb(255, 255, 255);text-decoration: none;letter-spacing: 1px;color: rgb(136, 136, 136);font-size: 14px;\">（每月、每季或每年）\u003C\u002Fspan>\n  \u003Cstrong>\u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">实体经济从金融体系拿到的钱\u003C\u002Fspan>\u003C\u002Fstrong>\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">举个例子，一家连锁餐厅想要开新的门店，但是手里缺钱，于是它可以去找银行借钱，也可以通过发行股票、债券等方式来筹集资金；再比如我们个人买房，找银行办理的房贷也会算在社会融资规模里头。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">社融的计算、分类挺复杂的，咱们可以抓住\u003C\u002Fspan>\n  \u003Cspan style=\"color: rgb(0, 0, 0);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">\u003Cstrong>预期差\u003C\u002Fstrong>\u003Cstrong>和\u003C\u002Fstrong>\u003Cstrong>结构\u003C\u002Fstrong>\u003C\u002Fspan>\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">两个关键要素，分析数据的成色——\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(214, 168, 65);\">\u003Cstrong>\u003Cspan style=\"color: rgb(214, 168, 65);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">第一个是看当月社融增量是否符合市场预期。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">比如我们在财经网站上，可以查看到国内4月的社融增量值1.2万亿，旁边还有一个预测值是2万亿：\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Cp style=\"margin-left: 16px;margin-right: 16px;margin-top: 16px;\">\u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002Ffc812f7d-1f76-430f-85af-f1fc69db2b26.jpg\">\u003Cspan style=\"background-color: rgb(255, 255, 255);color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">\u003C\u002Fspan>\u003C\u002Fp>\n \u003Csection style=\"margin-left: 16px;margin-right: 16px;\">\n  \u003Cspan 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data-lark-record-format=\"docx\u002Frecord\">\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Cp style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: center;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 1.5em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\u003Cspan style=\"background-color: rgb(255, 255, 255);text-decoration: none;letter-spacing: 1px;color: rgb(136, 136, 136);font-size: 14px;\">图源：英为财情-财经日历-选择「5月11日」\u003C\u002Fspan>\u003C\u002Fp>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">这个预测值是券商机构分析师做出的预测，4月份的新增社融低于预测，说明实体经济借钱的欲望并不强烈。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(214, 168, 65);\">\u003Cstrong>\u003Cspan style=\"color: rgb(214, 168, 65);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">第二个是看新增人民币贷款的去向和变化趋势。\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"background-color: rgb(255, 255, 255);text-decoration: none;letter-spacing: 1px;color: rgb(136, 136, 136);font-size: 14px;\">*人民币贷款占社融存量的比重接近70%\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">4月份，住户短期长期贷款都在下降，中长期贷款\u003C\u002Fspan>\n  \u003Cspan style=\"background-color: rgb(255, 255, 255);text-decoration: none;letter-spacing: 1px;color: rgb(136, 136, 136);font-size: 14px;\">（房贷为主\u003C\u002Fspan>\n  \u003Cspan style=\"background-color: rgb(255, 255, 255);text-decoration: none;letter-spacing: 1px;color: rgb(136, 136, 136);font-size: 14px;\">）\u003C\u002Fspan>\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">甚至创下统计以来的新低。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">可能和4月楼市销售热度下降，以及提前还贷的人太多有关。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">结合一季度的「天量」社融数据，反映出不少人把买房、消费的钱，都花在前3月了。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 16px;\">\n  \u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F6baac90e-fe00-41ee-a118-5ee5c9bf702b.jpg\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);\">\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">企业方面，贷款规模还可以，4月长期贷款的金额是同期\u003C\u002Fspan>\n  \u003Cspan style=\"background-color: rgb(255, 255, 255);text-decoration: none;letter-spacing: 1px;color: rgb(136, 136, 136);font-size: 14px;\">（每年4月份）\u003C\u002Fspan>\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">新高。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">但这些需求，大概率靠的还是政策支持的\u003Cstrong>基建、保交楼项目\u003C\u002Fstrong>，借钱主力来自国企、央企。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">总得来看，4月份金融数据告诉我们，市场上的流动性挺宽裕的，但银行放贷有点难，实体经济借钱的动力还得加把劲。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-bottom: 0px;white-space: normal;text-align: center;outline: 0px;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;\">\n  \u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F42753995-4175-4b60-bd9a-d9850037740f.jpg\">\n \u003C\u002Fsection>\n \u003Ch3 style=\"margin-bottom: 16px;font-size: 17px;white-space: normal;clear: both;min-height: 1em;text-align: center;outline: 0px;font-family: -apple-system, "system-ui", "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;\">\u003Cstrong>\u003Cspan style=\"font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);color: rgb(214, 168, 65);\">04 M2-社融，剩余流动性去哪儿了？\u003C\u002Fspan>\u003C\u002Fstrong>\u003C\u002Fh3>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">接下来呢，估计你还关心，手上的资产价格会怎么变动。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">这里就要引入\u003Cstrong>「剩余流动性」\u003C\u002Fstrong>的概念。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">刚刚我们提到，货币流动性有2个去处，一个是金融市场，另一个是实体经济。那么如果能从货币流动性里，剔除实体部门流动性需求后剩下的部分，就是金融市场的流动性了。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">简单说就是：\u003Cstrong>剩余流动性越高，资本市场的表现也就越好。\u003C\u002Fstrong>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">那么，剩余流动性该怎么计算呢？\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">我们可以用\u003Cstrong>M2与社融存量同比增速的差值\u003C\u002Fstrong>来衡量。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">M2是衡量钱的总量指标；社融，指的是实体经济从金融体系获得的资金。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">两者相减可以近似看成是流向金融市场的钱。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">复盘历史可以发现，基本上\u003Cstrong>只要剩余流动性高于历史平均水平一段时间，股市或者债市总有一个会迎来牛市。\u003C\u002Fstrong>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 16px 16px 0px;\">\n  \u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002Fc03c1e33-b369-4f62-95f1-06ddd8876c62.jpg\">\n  \u003Cspan style=\"letter-spacing: 0.034em;\">\u003C\u002Fspan>\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);\">\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"background-color: rgb(255, 255, 255);text-decoration: none;letter-spacing: 1px;color: rgb(136, 136, 136);font-size: 14px;\">*注：债券收益率和债券价格成反比，债券收益率下降，意味着债券价格上升，是「债券牛市」。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">4月份M2-社融的剩余流动性还是挺高的\u003C\u002Fspan>\n  \u003Cspan style=\"background-color: rgb(255, 255, 255);text-decoration: none;letter-spacing: 1px;color: rgb(136, 136, 136);font-size: 14px;\">（2.4>平均值-1.9）\u003C\u002Fspan>\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">。那么，买债好，还是买股好呢？\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">咱们还得结合\u003Cstrong>企业的盈利数据\u003C\u002Fstrong>。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">一季度，全A\u003C\u002Fspan>\n  \u003Cspan style=\"background-color: rgb(255, 255, 255);text-decoration: none;letter-spacing: 1px;color: rgb(136, 136, 136);font-size: 14px;\">（非金融石油石化）\u003C\u002Fspan>\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">归母净利润同比增速-6.48%，对比2022年净利润同比增速是-1.66%。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">A股上市公司整体盈利是负增长，而且同比增速加速下滑，经济复苏的程度没有想象中那么乐观。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">那么，\u003Cstrong>资金去往债市的可能性更高\u003C\u002Fstrong>。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 16px;\">\n  \u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F8430630e-a4bc-4f31-9855-4f421e0a0a7a.jpg\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);background-color: rgb(255, 255, 255);\">\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">可以看到，除了去年11月的利率上涨冲击外，21年之后，债市总体呈现出一路向北的走势，最近涨得也不错。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">说回股市，4月份的政治局会议上，提到接下来要观察经济的\u003Cstrong>「内生驱动」\u003C\u002Fstrong>。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">\u003Cbr>\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">如果能打通\u003Cstrong>「就业-收入-消费」\u003C\u002Fstrong>的循环，企业敢投资，增加工作岗位；我们手上钱更多，愿意消费；公司能有实打实的业绩支撑，投资的「含金量」也会更高。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">投资股市的小伙伴，可以跟踪高频的经济景气度\u003C\u002Fspan>\n  \u003Cspan style=\"background-color: rgb(255, 255, 255);text-decoration: none;letter-spacing: 1px;color: rgb(136, 136, 136);font-size: 14px;\">（PMI）\u003C\u002Fspan>\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">、企业盈利\u003C\u002Fspan>\n  \u003Cspan style=\"background-color: rgb(255, 255, 255);text-decoration: none;letter-spacing: 1px;color: rgb(136, 136, 136);font-size: 14px;\">（工业企业利润）\u003C\u002Fspan>\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">的指标，看公司的长期业绩是否持续向好。\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin: 0px 16px 16px;padding: 0px;font-weight: 400;outline: 0px;max-width: 100%;clear: both;min-height: 1em;display: block;font-style: normal;font-variant-ligatures: normal;font-variant-caps: normal;orphans: 2;text-indent: 0px;text-transform: none;white-space: normal;widows: 2;word-spacing: 0px;-webkit-text-stroke-width: 0px;text-decoration-thickness: initial;text-decoration-style: initial;text-decoration-color: initial;color: rgb(51, 51, 51);font-size: 17px;text-align: justify;font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;box-sizing: border-box !important;overflow-wrap: break-word !important;\">\n  \u003Cimg src=\"https:\u002F\u002Fimage.jane7.com\u002F486f3ed3-246d-4725-8156-fb1b3d3fae9a.jpg\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-bottom: 0px;white-space: normal;outline: 0px;color: rgb(51, 51, 51);font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">好啦，关于金融数据就和你聊到这里了，希望看完文章，你对钱去哪儿的问题，能有一些了解哦~\u003C\u002Fspan>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-bottom: 0px;white-space: normal;outline: 0px;color: rgb(51, 51, 51);font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;\">\n  \u003Cbr>\n \u003C\u002Fsection>\n \u003Csection style=\"margin-bottom: 0px;white-space: normal;outline: 0px;color: rgb(51, 51, 51);font-family: -apple-system, system-ui, "Helvetica Neue", "PingFang SC", "Hiragino Sans GB", "Microsoft YaHei UI", "Microsoft YaHei", Arial, sans-serif;letter-spacing: 0.544px;background-color: rgb(255, 255, 255);line-height: 2em;margin-left: 16px;margin-right: 16px;\">\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;caret-color: rgb(51, 51, 51);letter-spacing: 1px;\">晚安🌹\u003C\u002Fspan>\n  \u003Cspan style=\"color: rgb(34, 34, 34);font-family: Optima-Regular, PingFangTC-light;font-size: 16px;letter-spacing: 1px;caret-color: rgb(51, 51, 51);\">\u003C\u002Fspan>\n \u003C\u002Fsection>\n\u003C\u002Fdiv>","","2023-05-15 23:41:00",100,0,"renqiang@jane7.com","2025-06-06 17:36:37",false,17233,"1038002",[],[],[],[],[]]