20231211-甬兴证券-固收周报_出口增速由负转正_外贸结构边际改善_17页_1mb

Export Growth Turns Positive, Trade Structure Improves

• Key Findings: Export data shows a positive turnaround, with November exports growing by 17% year-over-year, supported by strong机电产品 exports like phones and cars. Trade surplus expanded by 55%.利率债 yields show short-term increases and long-term decreases, with narrowed term spreads.

• Market Dynamics: Liquidity improved due to net funding outflows, with资金 prices generally declining. Credit bonds saw yield increases across most maturities. US and European markets rose, while Asian indices were mixed.

• Investment Suggestions: Focus on equity assets due to improved valuation; monitor special bonds for regional credit risks; prioritize short-term and durable bonds for stability.

• Risks: Geopolitical tensions, potential Fed rate hikes, slow overseas growth, and market volatility could impact outcomes.