Lyra

True elegance is not about pleasing everyone, but about always being true to yourself.🎀

[Lyra @Lyrafly216]

A visit to East Coast Park is a must when in Singapore 🇸🇬

[Lyra @Lyrafly216]

@qianlan0o I've eaten at Chinese restaurants.

[Lyra @Lyrafly216]

I want to eat more, so I need to move around more. I've been craving pigs lately. I get hungry every night.

[Phyrex @PhyrexNi]

中国十年国债收益率跌到 1.68%，境内和海外资金正在做出相似的选择

昨天我刚写过，美国上市的主要中国 ETF 在 5 月到 7 月合计净流出了大约 34 亿美元，过去 12 个月累计资金流也从大约 24 亿美元净流入，重新变成了 10 亿美元净流出。

简单来说就是海外资金正在降低中国股票在投资组合里的权重。

而现在中国自己的债券市场又出现了另外一个需要注意的数据。中国 10 年期国债收益率已经跌到 1.68%，创 2025 年 7 月以来最低。国债收益率下降，本质上就是买债的人越来越多，把国债价格买高以后，收益率自然越来越低。

那么为什么还有这么多资金愿意锁定十年，而只换取 1.68% 的年收益呢？（目前美国十年期美债的收益率是将近 4.7%）

如果资金对于未来经济增长、通胀和风险资产的回报非常乐观，那么 1.68% 的十年期收益其实并没有那么大的吸引力。未来经济增长越强，通胀越高，利率越容易重新上升，现在买入的长期国债反而会面临价格下跌。

海外资金降低中国股票的配置，境内资金降低对于风险资产的要求。现在中国市场的问题很可能是大量资金不愿意承担更高的风险。所更多的资金越来越集中到国债、存款以及其他低风险资产里面。

当银行、保险以及各种机构拥有大量需要配置的资金，但居民和企业的融资需求又不够强，能够同时满足安全性、流动性和收益率要求的资产越来越少，最后就只能不断去抢国债，把收益率越压越低。

目前中国虽然资金很多，但愿意借出资金的人不多，愿意承担风险的钱也越来越少。资金正在用不同的方式降低对于中国风险资产的敞口。

@Gate Crypto、美股、港股、韩股、黄金、CFD、预测市场一站交易

[Lyra @Lyrafly216]

I really love the delicate star pendant and the lustrous pearl embellishments.

[Lyra @Lyrafly216]

Almost every city seems to have a similar kind of creative street — cities are different, yet somehow alike.

[Lyra @Lyrafly216]

Even in hot and humid weather, you can relax indoors, which I think is pretty good.

[Lyra @Lyrafly216]

Léon: The Professional
"Hope is a good thing, maybe the best of things, and no good thing ever dies."

[Lyra @Lyrafly216]

Every time I come to the mall, I stop and watch the flowing water at the Wealth Eye shopping mall; it clears away my worries.

[L'Carpetron @carpetron_d]

@Tesla Precisely a 420 mile drive to Starbase, as foretold in the prophecy @elonmusk

[Lyra @Lyrafly216]

The beauty of this city from this angle can only be truly appreciated by those who have experienced hardship.

[Lyra @Lyrafly216]

I've heard that the Kenya Masai Mara hot air balloon is the most expensive. I think I'll probably be able to reach it next year.

[World City @WorldCitye9xb]

Castlefield, Manchester 🇬🇧

[World City @WorldCitye9xb]

Chicago, Illinois 🇺🇸

[World City @WorldCitye9xb]

Central Park , New York 🌳✨🌆

[World City @WorldCitye9xb]

Krakow, Poland 🇵🇱

[World City @WorldCitye9xb]

Temple of Olympian Zeus, Athens Greece 🇬🇷

[World City @WorldCitye9xb]

Bath, England 🏴󠁧󠁢󠁥󠁮󠁧󠁿

[World City @WorldCitye9xb]

Chicago, Illinois 🇺🇸

[World City @WorldCitye9xb]

Sweden 🇸🇪