【克拉克观点分享】克拉克资产管理发布《2022年长期资本市场假设》

低的一年，令普通股许诺率有所提高。先导这些因素，我们对十年期英美两国普通股许诺率的预报上调80个1]至2.40%，美元额度许诺率的预报则调高20个1]至1.30%。然而，基于我们对英美两国通货膨胀率的预估为2.30%，故此在我们的预报按时，额度的平皆实际上许诺率一直是倒数第数，而英美两国普通股的许诺则为零。在英美两国之外的市场必需求，时局无论如何黯淡，十年期欧元区当局普通股和十年期爱尔兰当局普通股的名义许诺率分别仅为1.30%和1.70%，隐喻将显现出来倒数第实际上许诺。值得一提的一个例外情况是近现代当局普通股，我们预报其不断更新的许诺率为3.4%，所以近现代当局普通股之前享有亚洲地区普通股中都鲜明的确实会许诺吸引出力。

；也入股：与衍生品必需求相比，金融市场；也入股的许诺率很大提升，市值加全权入股控股全权的许诺率较当年飙升30个1]至8.10%，而入股债全权则为6.90%。入股债全权的考虑到许诺率较2021年增加10个1]，升至远胜衍生品必需求企业债的许诺率。虽然金融市场；也入股并不一定受普通股许诺倒数第面影响，但凭藉入股经理的慎重为了让，年末获得额外许诺，对入股一组有重大鼓励。珍贵文物倒数第债之前新人，一方面未曾完全受到霍乱后确实会社会舆论的倒数第面影响，同时年末在愿景相异工商业生态下下保持良好抗逆出力，所以净值吸引。短期而言，当普通股营业额重压时，入股人将靠拢房地产、水电和运输倒数第债带给的可观总收入引。

除主要结论外，本年的《长期以来弃资者市场必需求论据》研究亦熟悉探讨四个关键性主题，还包括：

有为与得利：ESG入股的全折衷为重

近现代倒数第债：视若无睹是入股人面对着的主要确实会

；也入股：关键性借贷手册

全折衷税率损失对长期以来储蓄目标的倒数第面影响

《长期以来弃资者市场必需求论据》是格兰特倒数第债监管全方位生产的熟悉、十分相似的研究处理过程的一其余部分，之中都运用了定性和基本原理数据库，及格兰特倒数第债监管30多名专家的见解。在那时候26年的历史记录中都，这些经历整整难题的预报有助创设更体格的入股一组、新时代策略倒数第债配置，并对超过200个主要倒数第债及策略一般而言创设了10至15年年期的合理确实会及许诺考虑到。这些论据推动着格兰特大通多倒数第债入股的决策，同时为全年买家提供者信息。

节录：《长期以来弃资者市场必需求论据》仅供管理机构融资和管理学融资概述。本通告仅为简述，仅供概述。

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本份文件关于银行业必需求趋势的见解、估测、预报和声明皆基于理论上市场必需求生态作出，可随时转变，恕不另行通知。格兰特倒数第债监管相信，本份文件载列的资料皆属可信，但不代表其为确切或完备。本份文件详细描述的见解和策略确实不适当所有融资。

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