2018年初始，是时候规划投资方案了。要理清投资逻辑，先来看看确定性较大的几个事件。美联储在2018年很可能会加息3次，这给我国央行带来了加息压力，即使央行不加息，也很可能会通过公开市场或政策工具抬升短期利率，因此利率易上难下。此外，金融行业去杠杆和强监管从2017年就开始实行，无风险利率（10年期国债到期约定年化利率）不断上行，去杠杆在2018年仍是主旋律，包括监管层近期对银行和券商的创新业务加强监管。由此可见，今年无风险约定年化利率提升是大概率事件，固定收益类产品都是以无风险约定年化利率为锚，这意味着P2P产品和理财产品的约定年化利率将提升，这对股市是利空。P2P产品具有门槛低、投资方便等...
The initial 2018, it's time for planning and investment plan. To clarify investment logic, let's look at a deterministic larger several events. The fed is likely to raise interest rates three times in 2018, which brought our country central bank raising interest rates pressure, even if the central bank is not raising interest rates, may well through the open market or policy tool to raise short-term interest rates, interest rates so easy to difficult. In addition, the financial industry to leverage and regulations were introduced in 2017, the risk-free rate (the 10-year contract annualised rate) on rising, deleveraging in 2018 is still the main melody, including regulatory recent innovation business to strengthen the supervision of Banks and brokers. Risk-free conventions this year, therefore, is an annual interest rate is a big probability event, fixed income products are risk-free contract annualized rate for anchor, which means that the P2P products and financial product contract annualized rate will increase, the stock market is bearish. Peer-to-peer (P2P) product has the threshold is low, the investment is convenient wait for a...
