3月以来，全球“股债金”三杀，“这是最糟的局面，投资者无处可躲”

智通财经网03-28

伊朗战争引发的能源冲击正将全球金融市场推入一场罕见的多资产同步溃败。股票、债券与黄金在3月同步下跌，传统投资组合的防御工具几乎全线失灵，投资者面临近年来最严峻的避险困境。据《金融时报》报道，追踪全球发达市场与新兴市场股票的MSCI全球指数3月已下跌约9%，美股方面，标普500指数本周连续第五周收跌，创2022年以来最长连跌纪录，纳斯达克100指数单周跌入调整区间。与此同时，全球政府债券与企业债券的...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2622852383?lang=zh_CN&edition=full","thumbnail":"https://img.zhitongcaijing.com/image/20260328/20260328164505_86941.png?x-oss-process=image/format,jpg/quality,Q_80/resize,w_250","is_english":false,"pubTime":"2026-03-28 16:42","share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","id":"2622852383","market":"fut","top_or_hot":-1,"title":"3月以来，全球“股债金”三杀，“这是最糟的局面，投资者无处可躲”","media":"智通财经网","content":"<div>\n<p>伊朗战争引发的能源冲击正将全球金融市场推入一场罕见的多资产同步溃败。股票、债券与黄金在3月同步下跌，传统投资组合的防御工具几乎全线失灵，投资者面临近年来最严峻的避险困境。据《金融时报》报道，追踪全球发达市场与新兴市场股票的MSCI全球指数3月已下跌约9%，美股方面，标普500指数本周连续第五周收跌，创2022年以来最长连跌纪录，纳斯达克100指数单周跌入调整区间。与此同时，全球政府债券与企业债券的...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1421289.html\">网页链接</a>\n\n</div>\n","source":"highlight_zhitongcaijin","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3月以来，全球“股债金”三杀，“这是最糟的局面，投资者无处可躲”</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3月以来，全球“股债金”三杀，“这是最糟的局面，投资者无处可躲”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-28 16:42 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1421289.html><strong>智通财经网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>伊朗战争引发的能源冲击正将全球金融市场推入一场罕见的多资产同步溃败。股票、债券与黄金在3月同步下跌，传统投资组合的防御工具几乎全线失灵，投资者面临近年来最严峻的避险困境。据《金融时报》报道，追踪全球发达市场与新兴市场股票的MSCI全球指数3月已下跌约9%，美股方面，标普500指数本周连续第五周收跌，创2022年以来最长连跌纪录，纳斯达克100指数单周跌入调整区间。与此同时，全球政府债券与企业债券的...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1421289.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"JDST","symbol_name":"金矿指数二倍做空ETF","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1421289.html","article_id":"2622852383","we_media_id":null,"thumbnails":["https://img.zhitongcaijing.com/image/20260328/20260328164505_86941.png?x-oss-process=image/format,jpg/quality,Q_80/resize,w_250"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2622852383","pubTimestamp":1774687339,"columns":[],"sourceInfo":{"source_id":"highlight_zhitongcaijin","name":"智通财经网"},"weMediaInfo":null,"summary":"能源价格攀升带来滞胀预期，迫使原本规划降息路径的各国央行重新考量加息可能，进而同时重创股债金三大主流资产类别。MSCI全球指数单月重挫9%，黄金暴跌15%，\"60-40\"组合遭遇三年最惨单月。传统避险逻辑近乎全线失效，投资者加速涌入现金。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"159934":"黄金ETF","518880":"黄金ETF华安","JDST":"金矿指数二倍做空ETF","SH":"做空标普500-Proshares","XME":"金属与采矿指数ETF-SPDR","DUST":"二倍做空黄金矿业指数ETF-Direxion","DZZ":"德银黄金两倍做空ETN","GLL":"2倍做空黄金ETF-ProShares","UPRO":"三倍做多标普500ETF-ProShares","OEX":"标普100","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","GDX":"黄金矿业ETF-VanEck","OEF":"标普100指数ETF-iShares","IVV":"标普500ETF-iShares","SPY":"标普500ETF","SGOL":"Abrdn Gold ETF Trust","SDS":"两倍做空标普500 ETF-ProShares","GLDM":"SPDR Gold MiniShares Trust","GDXD":"MicroSectors Gold Miners -3x Inverse Leveraged ETN","BK4207":"综合性银行","GDXJ":"小型黄金矿业ETF(Market Vectors)","DGP":"二倍做多黄金ETN(PowerShares)","JNUG":"金矿指数二倍做多ETF","BK4535":"淡马锡持仓","SPYI":"NEOS S&P 500 High Income ETF","BK4504":"桥水持仓","SPXU":"三倍做空标普500ETF-ProShares","IAUI":"NEOS Gold High Income ETF","IAUM":"ISHARES GOLD TRUST MICRO","GLTR":"abrdn Physical Precious Metals Basket Shares ETF","BK4550":"红杉资本持仓","SPYQ":"2倍做多SPY Quarterly ETF-Tradr","BK4588":"碎股","NUGT":"二倍做多黄金矿业指数ETF-Direxion","AAAU":"Goldman Sachs Physical Gold ETF","SSO":"2倍做多标普500ETF-ProShares","PALL":"abrdn Physical Palladium Shares ETF"},"translate_title":"Since March, the global \"stock bond gold\" has been killed three times. \"This is the worst situation, and investors have nowhere to hide\"","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"159934":0.6,"518880":0.6,"JDST":0.78,"SH":0.6,"PALL":0.78,"SPY":0.69,"DUST":0.78,"NUGT":0.6,"SPXU":0.6,"SSO":0.6,"MGCmain":0.84,"OEX":0.6,"AAAU":0.78,"SGCmain":0.6,"GDX":0.78,"GLL":0.78,"SGUmain":0.6,"MESmain":0.6,"IAUM":0.78,"GDXJ":0.78,"GCmain":0.9,"XME":0.78,"GLDM":0.78,"GLTR":0.78,"SGOL":0.78,"ESmain":0.6,"DGP":0.78,"UPRO":0.6,"OEF":0.6,"QOmain":0.78,"IAUI":0.78,"SPYQ":0.6,"DZZ":0.78,"IVV":0.6,"JNUG":0.78,"SDS":0.6,"GDXD":0.78,"SPYI":0.6,"1OZmain":0.78},"content_text":"伊朗战争引发的能源冲击正将全球金融市场推入一场罕见的多资产同步溃败。股票、债券与黄金在3月同步下跌，传统投资组合的防御工具几乎全线失灵，投资者面临近年来最严峻的避险困境。据《金融时报》报道，追踪全球发达市场与新兴市场股票的MSCI全球指数3月已下跌约9%，美股方面，标普500指数本周连续第五周收跌，创2022年以来最长连跌纪录，纳斯达克100指数单周跌入调整区间。与此同时，全球政府债券与企业债券的综合指标下跌逾3%，传统\"60-40\"股债组合正迎来2022年9月以来最糟糕的单月表现。黄金本月亦重挫15%，投资者在流动性压力下被迫平仓此前涨幅丰厚的多头头寸。市场的核心恐惧在于滞胀风险。中东战争爆发后，能源价格的急剧攀升令市场担忧全球经济陷入增长放缓与通胀上升并存的滞胀局面，迫使原本规划降息路径的各国央行重新考量加息可能，进而同时重创股债金三大主流资产类别。\"没有什么是有效的\"：三大资产同步承压此轮抛售的罕见之处，在于股票、债券与黄金三类资产同步下跌，令多资产分散化策略几近失效。股票市场方面，全球发达市场与新兴市场股票的MSCI全球指数3月已下跌约9%，美股方面，标普500指数本周连续第五周收跌，创2022年以来最长连跌纪录，纳斯达克100指数单周跌入调整区间。债券市场方面，10年期美国国债收益率一度攀升至4.48%，为7月以来最高水平，30年期收益率也逼近5%；欧洲债券收益率同样触及冲突爆发以来的高位。债券的抛售并非单纯反映通胀预期上升，更折射出市场对全球主要央行政策路径的重新定价。黄金的崩塌则更令市场意外。黄金过去两年走出强劲涨势，今年1月触及峰值，但本月已重挫15%。法国巴黎银行资产管理多资产组合经理Sophie  Huynh指出，由于\"无处可躲\"，投资者正在\"变现黄金等高收益资产\"以满足流动性需求。Tikehau Capital资本市场策略主管Raphaël  Thuin直言：\"什么对投资者有效？什么都没有。这真的是你能想到的最糟糕的局面之一。过去几周管理投资组合极为艰难。\"特朗普表态未能止血，市场信任出现裂痕特朗普延长了对伊朗能源基础设施发动袭击的最后期限，但这一表态未能安抚投资者情绪，标普500指数周五单日再跌1.7%，延续前一交易日（冲突爆发以来最糟糕的单日）的跌势，两日合计跌幅为去年关税风波以来最大。Mizuho固定收益策略主管Jordan  Rochester表示，特朗普的期限延长\"并未解决霍尔木兹海峡封锁日积月累的问题\"，\"市场可能开始减少对白宫口头施压的关注，而更多聚焦于实地能源短缺的现实\"。美国国务卿Marco Rubio预测战争将在\"数周而非数月\"内结束，但市场对此几乎没有反应。Instinet股票交易主管Larry  Weiss表示：\"几周前这样的消息会推动市场大涨，但今天毫无反应。没有人知道下一步会怎样，市场对美国政府和伊朗双方的声明都存在内在的不信任。\"Federated Hermes股票副首席投资官Steve  Chiavarone也指出：\"特朗普此前通过言辞稳住了油市和债市，市场曾在等待冲突结束，但今天市场已不再对此做出回应。\"防御工具失灵，分散化逻辑遭遇挑战这场危机不仅是一次市场回调，更是对过去数十年多资产分散化投资框架的一次深刻拷问。Tallbacken Capital Advisors创始人Michael  Purves在给客户的报告中加以说明：一位在2月27日（冲突爆发前一天）拥有完美预判的投资者，若提前买入债券、黄金、VIX看涨期权及标普500保护性期权，如今在几乎所有仓位上都处于亏损状态。彭博智库ETF分析师Athanasios  Psarofagis的研究显示，今年在股票下跌的交易日中，债券和黄金同步上涨的概率仅约43%，比特币的概率更只有约25%，均大幅低于十年前逾60%的水平。高盛资产配置策略主管Christian  Mueller-Glissmann指出，在通胀冲击的早期阶段，\"唯一能够发挥作用的\"工具是押注通胀上升或大宗商品价格上涨的衍生品。其团队在冲突爆发一周后转为超配现金。美国银行最新基金经理调查显示，3月份投资者涌入现金的速度为新冠疫情以来最快。旧剧本失效，市场等待拐点尽管当前局面严峻，部分市场人士认为这一态势的持续性取决于冲突走向。道富投资管理首席投资策略师Michael  Arone表示，固定收益分散化功能的失效可能是暂时的。他的团队近期降低了股票敞口，增持了债券，并预计一旦美伊紧张局势开始缓和，通胀风险消退将推动债市重归降息逻辑。然而，施罗德的Mina  Krishnan则警告，市场环境已发生更深层次的结构性转变：\"世界已经从需求侧冲击转向供给侧冲击，旧的投资剧本需要修订。\"其团队在中东冲突爆发前已通过信用违约掉期购入保护，并持续持有。Tikehau Capital的Raphaël  Thuin则直指核心矛盾：\"避险资产的传统概念正日益受到挑战。全球经济与金融市场不断演变的动态，已使这一叙事变得复杂。\"本文来源“华尔街见闻”，作者杨宸，智通财经编辑：陈秋达","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.40.0","shortVersion":"4.40.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2622852383","isCrawlerRequest":true}