美、欧、日三大经济体的实践表明,低利率环境会导致债券收益率持续下行。当前,世界主要发达经济体都已进入低利率时代,部分经济体还推出了负利率。就中国而言,由于投资需求减少和持续宽松的货币政策,也在步入低利率通道。在这种环境下,各大类资产会受到何种影响?投资者可以从历史经验中得到一定启示。固定资产投资需求方面,中国的房地产、基建和制造业投资是三大主力,但目前正受到四方面因素的制约。第一,人口结构变化拉低了制造业和 The practice of the three major economies in the United States, Europe and Japan shows that the low interest rate environment will cause the bond yield to continue to decline. At present, the world’s major developed economies have entered the era of low interest rates, and some economies have also introduced negative interest rates. In the case of China, we are also moving into the low-interest rate channel due to the reduction in investment demand and the continued easing of monetary policies. Under such circumstances, what kinds of assets will be affected? Investors can get some inspiration from historical experience. As for the investment demand for fixed assets, China’s real estate, infrastructure and manufacturing investment are the three main forces, but are currently being constrained by four factors. First, the demographic change has dragged down the manufacturing sector