每(mei)經(jing)AI快訊，中(zhong)信(xin)證券研報表示，3月，市(shi)(shi)(shi)(shi)場(chang)(chang)呈現出(chu)“非典(dian)型”的(de)(de)股(gu)債雙牛行情(qing)，但隨著股(gu)市(shi)(shi)(shi)(shi)估值和市(shi)(shi)(shi)(shi)場(chang)(chang)低(di)風險偏好(hao)逐(zhu)步匹配、債券收益率向下逼(bi)近(jin)阻力位，股(gu)債雙牛的(de)(de)行情(qing)可(ke)能(neng)(neng)難(nan)以持續(xu)。宏(hong)微觀間的(de)(de)溫差(cha)尚未(wei)收斂，宏(hong)觀數據(ju)的(de)(de)小幅改(gai)善并未(wei)改(gai)變(bian)市(shi)(shi)(shi)(shi)場(chang)(chang)的(de)(de)偏弱(ruo)預期，股(gu)市(shi)(shi)(shi)(shi)可(ke)能(neng)(neng)延(yan)續(xu)結構(gou)性行情(qing)，啞鈴型配置策略可(ke)能(neng)(neng)依(yi)舊占優(you)；債市(shi)(shi)(shi)(shi)“上(shang)有頂、下有底”，可(ke)能(neng)(neng)將延(yan)續(xu)底部震蕩(dang)行情(qing)。真正的(de)(de)股(gu)債雙牛或許需等待(dai)至市(shi)(shi)(shi)(shi)場(chang)(chang)低(di)風險偏好(hao)反(fan)轉(zhuan)，而反(fan)轉(zhuan)可(ke)能(neng)(neng)會出(chu)現在海外貨幣政(zheng)策轉(zhuan)向之后。