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东方汇理 · Amundi · 2026/08/19

资产类别回报预测(H2 2026)

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资产类别回报预测(H2 2026)

一个断裂的时代进一步得到证实。在我们2026年度的资本市场假设(CMA)中,我们已将未来几年视作一个地缘政治、技术和能源相关结构性断裂相互重叠的时期。在此环境下,通胀更具粘性,财政赤字更为庞大,宏观经济不确定性也更高。2026年上半年进一步印证了这一观点。伊朗战争和霍尔木兹海峡的关闭引发了持续的能源冲击和更为持久的通胀,而人工智能的加速发展仍是增长的主要驱动力,并且其影响已从最初的赢家扩展到各个行业和地区。

政府债券和部分股票市场的预期回报有所改善。31年2025,月(我们2026年度CMA的数据参考点)与30年2026,月(本次更新的参考日期)之间估值的变化,是预期回报变动的主要驱动因素,其中政府债券的预期回报改善尤为显著。受更高的期限溢价和欧洲财政扩张推动,发达市场的政府债券收益率已大幅上升。这增强了固定收益的持有回报特征,并改善了其估值背景。信贷前景基本保持不变。与此同时,信用利差表现出显著的韧性。短暂的走阔很快被逆转,利差维持在接近历史低位的水平,进一步压缩的空间有限。股票方面,区域表现则更为分化。2026年初的地缘政治冲击引发了显著的估值下调,但此后已大部分回补,因为盈利预期基本保持稳定。这表明,重新定价更多是受到不确定性而非基本面因素的驱动。日本和新兴市场中与人工智能相关的市场表现尤为出色,而其他市场(如中国和印度)则相对落后,这创造了更具吸引力的入场点,并支持未来更高的预期回报潜力。

获取全景视图:

探索当前正在发挥作用的长期主题,有助于更全面地理解塑造未来路径的关键动态。

完整英文原文

A regime of ruptures is further confirmed. In our 2026 CMA, we identified the coming years as a period of overlapping structural ruptures — geopolitical, technological and energy-related. In this environment, inflation is stickier, fiscal deficits are wider and macroeconomic uncertainty is higher. The first half of 2026 has reinforced this view. The Iran war and the closure of the Strait of Hormuz have triggered a persistent energy shock and more persistent inflation, while AI acceleration remains the main driver of growth, broadening beyond the initial winners across sectors and regions.

Improved expected returns in government bonds and in selected equity markets. Changes in valuations between 31 December 2025, the data reference for our 2026 CMA, and 30 June 2026, the reference date for this update, are the main driver of the shifts in expected returns, which have improved particularly in government bonds. Government yields have risen materially across developed markets, driven by higher term premia and fiscal expansion in Europe. This has enhanced the carry profile and improved the valuation backdrop for fixed income. The outlook for credit remains broadly unchanged. Credit spreads, meanwhile, have shown remarkable resilience. The brief widening episode was quickly reversed, leaving spreads near historically tight levels and with limited scope for further compression. In equities, the regional picture is more mixed. The geopolitical shock of early 2026 triggered a notable de-rating, but this has since been largely retraced, as earnings estimates have remained broadly stable. This suggests that the repricing was driven more by uncertainty than by fundamentals. Japan and AI-related markets in EM delivered exceptional performance, while other markets, such as China and India, lagged, creating a more attractive entry point and supporting higher expected return potential going forward.

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Exploring long-term themes currently at play provides an even more comprehensive understanding of the key dynamics shaping the path ahead.

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关键论点
  • 2025 年后的时期以地缘政治、技术和能源重叠断裂为特点,通胀更粘性、财政赤字更宽、宏观经济不确定性更高。
  • 发达市场政府债券收益率上升增强了利差表现,并改善了固定收益的估值背景。
  • 信用利差仍接近历史紧张水平,进一步压缩空间有限。
  • 2026 年初股市重估更多由不确定性而非基本面驱动,因为盈利预期保持稳定。
  • 日本和 AI 相关新兴市场表现优异,而中国和印度滞后,提供了更具吸引力的入场点。
风险
  • 地缘政治冲击,如伊朗战争和霍尔木兹海峡关闭,可能持续或升级,维持能源冲击和通胀。
  • 欧洲财政扩张可能进一步增加期限溢价,可能导致收益率上升和波动性增加。
  • 信用利差可能从历史紧张水平扩大,限制固定收益回报。