策略研究专题报告：低利率时代欧洲资产配置启示

www.chinastock.com.cn 駩⯟煝疵䫟⼴ 騟ⲏ䖪꭛騣婞倁劅⻑溸╚德ꧼ岉駩⯟艧⚌劔ꮺ⪫⺶⩹鯰㛽僻 ⛽⯈椚僓♣姚嵌鰑☋ꏕ翞⼅獏 2025 䌑 5 劓 20 傽 呦䖦間掾 l ⛽⯈椚┱⛽ꄽ芤楒㘷21 ┿绦♨匡姚⩧ⶔ缋嵴㙨ꪍꪍ劻❹鰣㜾괛2004 䌑点Ⲧ㜾괛佻临⪼缋嵴㜩蜖2008 䌑⪢槊ꓭ鄌ⷩ勨蔺㜾괛侅罥յ⫐괛泹鿞缋嵴㙨ꅌ┬鉿姚㝠鉿⼅Ⲙ긌䊬閕㶄卄侓瞬ն2009 䌑姚⡺ⷩ勨⻑鯯侓箄罥┱⡺ⲏ낊ꯟ䫆⯜䫌鰑巆鰆缋嵴꯼⪝⢷怫姚㝠鉿ꂛ┞婢䲀鉿鯬⯈椚յ㝕閕埛鰑分鯺冲瞏鱪㶄卄侓瞬ⷮ㎌缏卐䙎侊긞怫⻑յ☭⺛脚볝瞏ꭄ뀨⯸䒙侓瞬⚿㸍侞椚2010 䌑♣䓺䧯“⛽⯈椚-⛽ꄽ芤-⛽㙨ꪍ”溸䊬䘒缋嵴㎧㘷ն l 姚⩧ⶔ侓瞬杅掾⪢槊ꓭ鄌ⷩ勨⻑姚㝠鉿ꄽꁩ┩鿝鰑分鯺冲駉⮦䪆䑳鰑分鯬⡺銩2009 䌑 7 劓⼅Ⲙ CBPP12012 䌑䲀 OMT䌑勒鰑分ꁒ 3 ┧☳姚⩧2014 䌑 6 劓⡊ TLTRO 瞏䈰⪾䪆銩泯䝠⯼閕埛蔸 4.7 ┧☳姚⩧2019 䌑 9 劓⼅ APP2020 䌑泯䝠劻Ⲏ焺 PEPP2022 䌑鰑分閕埛ꁒ 8.8 ┧☳姚⩧僁㐃ꄽꁩ䪆鯴䉕յꮴ⯈椚⯢應⟥鰄┱ꄽ芤ն鯯侓侓瞬做긖2009-2013 䌑姚⩧ⶔ♨䪆䑳侓瞬甯缋嵴2014 䌑⻑㎌⡺ⲏ낊ꯟ鿛⻔箄罥鰱㲼椚♈ 2009 䌑 5.9%ꮴ蔸2019 䌑 0.6%┻䧯⽄德⮕僻兇䖎德瞏呦䖦德璺箕鯯侓漥✍䉤莴յ䟩㝕⯈瞏ⷂ姚德㵶錻ꃀ║呬箄罥ⲎⰦⶔ意缋嵴㝤銝ն l 姚⩧ⶔ缋嵴銩楓12008-2013 䌑ⷩ勨銻ꃹ劻⺇姍鰄ⷩ勨յ姚⡺ⷩ勨⬐⮄缋嵴⩰㝕䋀┬䮮⻑焝冩⹹䒧2011 䌑㎌全勶⡺ⲏ낊ꯟ⫙䍳䛔2013 䌑ꄢ婢⚕甯䌑性 GDP 㙨ꅌ-0.25%䫌鰑巆鰆泹鿞☹⮃⺛⪾꼐䙎䧯⽄德⮕兇詇䖎德瞏⯜ꅐ╃点德銩⻓甯⣍“姚桧◩德”广꯼⡺ⲏ┱銻ꃹ䕱楒22014-2019 䌑㜩蜖劻㐃ꓪ㶄卄佻䭦┬缋嵴㎈凈GDP 㙨ꅌ 2014 䌑鿛婞⛰⚕╃䫌鰑⺇ꮺյꄽ芤䭦缩⛽◟ 2%潨吙䓺䧯“⛽㙨ꪍ-⛽ꄽ芤-⛽⯈椚”性銝32020 䌑⻑泯䝠⬐⮄┬鯴䉕鯯侓⶷⻎⯢應䲀Ⲙ 2021 䌑缋嵴⹹䒧ⷮ㎌危䍎ꨄ╚偃յ茤徏⚃呬┪巹䑜⹿鱪뀔劻ꄽ芤吙䗅姚⩧ⶔ⼴⯋ꪍ劻⛽ꄽ芤僓♣㸉鯴䉕侓瞬呻厜䳀⮃假䮅䧹ն l 姚⩧ⶔ鰑分銩楓姚 ⩧ ⶔ ⛽ ⯈ 椚 ⛽ ꄽ 芤 僓 劻 鰑 分 銩 ⻓ ⼯ ⻓ “艧 玭  ⡺ ⯟  姚⩧”杅䔰ն⡺⯟做긖ⷩ勨銻ꃹ劻姚㝠鉿ꮴ䛉䲀Ⲙ⡺⯟朙䉗ꈯ䕱“⩰⸐⟥氠⯈䈽յ⫙⸐劻ꮺ⯈䈽”ꆒꀀ2014 䌑관⯈椚侓瞬⻑ꏕ翞⚃⡽⭀䒙ն寤椚┪姚⩧⩽耘⩧峒ⲘⰦ揓2008-2017 䌑㎌耘缋嵴㜩蜖⚳յ耘臅⥈⩰ꃹ㶄卄寤椚♈ 1.55ꮴ蔸ꂀ 12017 䌑姚㝠鉿缏匙䪆銩⻑汻ⶬ2022 䌑➷█䧹◚⻑⫙䍳鱂䒙蔸 1-1.1 ⶔꭊն 勶漩䉗㐙俠✅痓⮃2011 䌑⻑艧䉗┪巹ⷩ勨銻ꃹ劻ꮴ䛉䫩ⶬ⛓⡽뎧Ⲙ艧⚃㜩蜖劻漥⯈⟶㜩䧯假Ⲙⲇն l ꏕ翞⼅獏姚⩧ⶔꪍ劻❹鰣㶄卄侓瞬䩬潜缋嵴勶漩鰑分㐃⛽⯈椚⽟劻╚銩⻓⚳◟㎷侅⹴寤椚鰑分նꏕ翞䍎臔撌缏卐䙎勨劲1ꮑ䕣ꮕ嫙2009-2014 䌑➆ꓨ巆鰆յⶖ泈瞏䫏⽟劻鉿╃2㜩蜖劻2014-2019 䌑䪻䳣璇䪫յ䈰╃瞏뀊⽟劻升㑊⺇漩◟⛽鄌鰑䧯续┱分╃ⶬ绣3⻑泯䝠僓♣⪸峜⟥䛉䪫勘յ缻虝茤徏瞏侓瞬뎧Ⲙ뀖意ն䙰✅⚳⩰䉘㹾漥⯈甯⣍յ⻓ꓭ嵤⩪屪溸봅㝧⚕╃ն l 낊ꯟ䳀獏嶯㜾ꮴ䛉┯燛㴼낊ꯟ杅劫册假侓瞬┯燛㴼낊ꯟ㐌罔㎌筷䪑Ⲙ낊ꯟ䉗㐙䝠缦┯甯㴼낊ꯟ德⫐侓瞬訒㐌侞卸┯⹴뀔劻낊ꯟն ⮕卥䉞 匤鱪 (010-8092-7696 *yangchao_yj@chinastock.com.cn ⮕卥䉞溫駘罒焺S0130522030004 潸⪸煝疵 2025-05-12⪸瓭罏⾕⟥⺵┬〘◲升㑊劔労⺇漩 2025-05-08耘臅⥈ 5 劓駖䛉⚷駖掾駬䫟⼴㐃ꄽ芤┱銻ꃹ뀔劻▇ꭊ耘臅⥈㠁✇䪹䭃 2025-05-07⪸ꨴ僓ꭊ虹掾溸⹿䉘⚷┞䴗㲳ꓭ鄌侓瞬甯䉗㐙甯뀔劻 2025-05-05䌑䫟⾕┞㳌䫟劔〘◲☗掾 2025-05-04◩┞⢏劻◜⚂唯槏⹴䉗㐙㺥労 2025-04-254 劓╚㝠侓岖㹾⚷駖闌騣䭦缩甯㴼⾕嵛鳢鰑续䉗㐙臔撌〘◲做긖 2025-04-24⪫Ⳬ㕈ꓭ┞㳌䍳䭦♎ꓤ侒〘◲⟥⺵ 2025-04-08╚㎼曬䌐⬮㕈ꓭ埭疿⮃┿䳀䮵䉗㐙⟥䖦 2025-04-08寤ꓭ⪝䉗㑏㴼澚㝃 2025-04-06艧 2025 䌑◝㳌䍳䫌鰑㺥労♈⛓⡽⟶㜩⯒漥⯈⩽楓 2025-04-03㸉瞏⪸瓭⬐⮄䉗㐙ꏕ翞뀔劻 2025-04-032025 䌑◝㳌䍳 A 艧䫌鰑㺥労낊呬⮘䰄㐭銝ꏕ翞 2025-03-23艧䉗㐙 2025 䌑♨匡鉿䝠䬏闌 2025-03-23╅ⶬ锟訒呦䖦⢏駦劔〘◲ 2025-03-20耘臅⥈ 3 劓駖䛉⚷駖掾駬耘臅⥈䭶┬罥銩⭀ꅌꨴ3 劓⬑駖㠁✇ꓨ㗛鰑分㴼⚃ꆒꀀ 2025-03-17վ䳀䮵巆鰆┺뀉鉿Ⲙ做呿տ闌騣巆鰆愗ⲇꓤ侒䭰䑜䫌鰑做⻔ 专题专题报告报告 騟ⲏ䖪꭛騣婞倁劅⻑溸╚德ꧼ岉駩⯟艧⚌劔ꮺ⪫⺶⩹鯰㛽僻ն 1 潨䓡 Catalog ┞յ ⛽⯈椚僓♣姚⩧ⶔ鰑☋ꏕ翞⼅獏 .........................................................................................................  ┞ ⛽⯈椚┱⛽ꄽ芤楒㘷 .......................................................................................................................  ◝ 侓瞬杅掾 .......................................................................................................................................  ┩ 缋嵴銩⻓ .......................................................................................................................................  ㎃ 鰑分銩⻓ .......................................................................................................................................  ◝յ ⛽⯈椚僓♣蝠㎼鰑☋ꏕ翞⼅獏 .................................................................