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中信证券(26.430, 0.45, 1.73%)发布研报称,加密货币具有较好的隐私性和抗通胀性,自诞生以来成长迅速,并且正在逐步正规资产化。随着加密货币的刚需扩大,
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形成类似黄金的刚需托底,投机定价的格局。但短期来看由于货币化不足和边际定价者风险偏好高,加密货币反而投机性更强。中长期内,预计加密货币和黄金都将受益于+ l- ^# F6 y l# n4 q4 \
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逆全球化、去美元化带来的货币化。“未来黄金”不必然包含比特币,但大概率有加密货币。短期内加密货币有望受益于特朗普任期内可能的监管放松,但需等待贸易、外交政
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$ L$ a$ ]' s$ i6 N) C策的确定性。
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3 K5 m% x& F" A+ a; w 中信证券主要观点如下:
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3 s# i" E! i7 z) w O 加密货币是一种基于区块链技术的数字货币,具有较好的隐私性、抗通胀性。& N, T0 _/ F7 U% Q" K
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自其诞生以来,市场成长迅速,例如比特币呈指数型增长。) p1 a6 i- y7 s1 B0 B
9 w0 N7 T; ?3 A# I/ c# r6 l 近期加密货币表现不佳,并未体现出避险属性。
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( P# x0 F K6 n% F, v5 w* q 2024年比特币主要有一季度和四季度两波集中上涨,分别是因为ETF发行、比特币减半、亚洲投资者热情高;以及特朗普交易影响。但2025年以来比特币及其他加密货币表现) n. v" P4 B* e
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不佳,与黄金走势背离,并未体现出避险属性。. u1 @9 ]! |& G( ?! \ b* ~2 ?
1 H: z6 }) @; d9 ?+ B0 j 加密货币市场与黄金愈发相似。. |: {" R% g& J$ }- A) y
0 e; \" J* x; b' x 从规模来看,加密货币市场仍明显小于黄金市场,增长空间巨大。从持有结构来看,两者都是集中度较高,且加密货币市场持有结构更加不透明,均有利于价格的长期上行。
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加密货币开始出现刚性需求,形成与黄金类似的刚需托底,投机定价的格局。; K' ]# r4 T+ y8 [. b
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由于加密货币在跨境支付、抗通胀信用方面具有优势,形成了快速增长的刚性需求。加密货币正在快速的“正规化”、“黄金化”,与黄金一样形成了刚需,以确保其难以出现泡沫$ ^. K5 }4 D! N. S: E9 P
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破灭、大量投机交易完成定价的格局。( B9 {% w# o, n1 n: J( Z
$ W. @0 }( X8 h( L 短期内,加密货币的货币及避险属性仍不及黄金,因此表现背离。' o/ k, }. M6 c1 G, q& T! ^
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我们认为根本的原因是1)社会认知、税收制度中加密货币的货币化程度不及黄金。2)由于加密货币高成长性,边际定价者的风险偏好高。短期内,加密货币避险属性和投机属性
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共存,后者更占上风。长期来看这些因素望将淡化。
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长期来看,加密货币料仍然有极大的增长空间,最根本的逻辑是逆全球化及去美元化,驱动黄金、加密货币的货币化。( [- T1 | W9 {& w' w
( {( U" l* Y/ e3 z% v 2008年以来逆全球化和去美元化进程持续,预计加密货币坚实的市场需求仍将持续扩大。我们判断在长时间维度上,黄金和加密货币的货币属性,都会是“未来黄金”。由于技术劣
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# i' u) s3 {7 y5 ]) x! f势,比特币不必然是未来的黄金,但“未来黄金”大概率包含加密货币。尽管如此,我们认为技术优势战胜信念优势需要很长时间,比特币在加密货币中的独有地位仍将维持很久。
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展望未来四年,比特币及其他加密货币在特朗普的支持下仍然可能表现亮眼,但短期转好需要特朗普给出确定性信号。
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d, U6 [& \3 {! m9 F- r5 w* v 本届特朗普ZF与硅谷的紧密联系让加密货币有望受益于潜在的监管放松。但短期内贸易政策不确定性等因素压制了风险偏好与流动性宽松。转涨或需等待特朗普给出外交和贸易政
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策确定性。未来若特朗普ZF对俄政策转向也可能带来风险。
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5 u, K4 [# K; Q x5 U% b9 e$ j 风险因素:. A; z. ^# M+ e" W& z
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特朗普ZF政策超预期;美国联邦债务问题超预期;美联储货币政策宽松不及预期;地缘ZZ风险。
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