目前(qian)(qian)資金(jin)面(mian)仍然是(shi)影響轉(zhuan)債(zhai)走(zou)向的(de)最重要因(yin)素,近期資金(jin)面(mian)在央行投(tou)放MLF后有所緩(huan)解,但我們預(yu)計在年(nian)底(di)(di)前(qian)(qian)流動性會維持緊平衡(heng)的(de)狀(zhuang)態。而正股(gu)方面(mian)目前(qian)(qian)處(chu)于上漲后的(de)盤整(zheng)狀(zhuang)態,因(yin)此轉(zhuan)債(zhai)短(duan)期可(ke)能(neng)會小幅反彈(dan),但是(shi)年(nian)底(di)(di)之前(qian)(qian)估值(zhi)可(ke)能(neng)還面(mian)臨(lin)一定的(de)壓力。看好股(gu)市未來(lai)的(de)走(zou)勢,目前(qian)(qian)轉(zhuan)債(zhai)的(de)最佳策略是(shi)在年(nian)底(di)(di)資金(jin)最緊張時配置,當然目前(qian)(qian)不少基金(jin)面(mian)臨(lin)贖回騰不出(chu)手,可(ke)等年(nian)底(di)(di)流動性緊張緩(huan)解之后再(zai)著(zhu)手配置。