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风险定价内滞外胀，如何做行业配置？

Wind全A的风险溢价基本与前期持平，相对估值水平【中性偏便宜】（见图2）。9月第4周，债券市场的乐观情绪继续降温，利率债的短期拥挤度回落至44%分位，信用债的短期拥挤度下降至36%分位，相比之下，转债的拥挤度仍处在高位（82%分位）。 ....

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