{"id":54021,"date":"2026-09-15T06:30:30","date_gmt":"2026-09-15T06:30:30","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr-mena\/uncategorized\/cinde-sabit-sermaye-yatirimlari-agustos-itibariyla-yilbasindan-bu-yana-72-geriledi-sermaye-harcamalari-zayif-seyrini-koruyor\/"},"modified":"2026-09-15T06:30:30","modified_gmt":"2026-09-15T06:30:30","slug":"cinde-sabit-sermaye-yatirimlari-agustos-itibariyla-yilbasindan-bu-yana-72-geriledi-sermaye-harcamalari-zayif-seyrini-koruyor","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/cinde-sabit-sermaye-yatirimlari-agustos-itibariyla-yilbasindan-bu-yana-72-geriledi-sermaye-harcamalari-zayif-seyrini-koruyor\/","title":{"rendered":"\u00c7in\u2019de sabit sermaye yat\u0131r\u0131mlar\u0131, a\u011fustos itibar\u0131yla y\u0131lba\u015f\u0131ndan bu yana %7,2 geriledi; sermaye harcamalar\u0131 zay\u0131f seyrini koruyor"},"content":{"rendered":"

\u00c7in\u2019in y\u0131lba\u015f\u0131ndan bu yana sabit sermaye yat\u0131r\u0131mlar\u0131 (fixed asset investment), A\u011fustos itibar\u0131yla y\u0131ll\u0131k bazda %7,2 gerileyerek piyasa beklentileriyle uyumlu ger\u00e7ekle\u015fti. Veri, y\u0131l\u0131n ilk sekiz ay\u0131nda sermaye harcamalar\u0131 ve proje faaliyetlerinde s\u00fcregelen zay\u0131fl\u0131\u011fa i\u015faret ediyor.<\/p>\n

Y\u0131ll\u0131k tempo tahminlere k\u0131yasla de\u011fi\u015fmedi\u011fi i\u00e7in, A\u011fustos verisi yat\u0131r\u0131m ivmesinde h\u0131zlanmaya dair s\u0131n\u0131rl\u0131 kan\u0131t sundu. Y\u0131lba\u015f\u0131ndan bu yana bazda %7,2\u2019lik daralma, sabit sermaye yat\u0131r\u0131mlar\u0131n\u0131 belirgin bi\u00e7imde negatif b\u00f6lgede tutarak i\u00e7 talep ko\u015fullar\u0131ndaki zay\u0131f e\u011filimi peki\u015ftiriyor.<\/p>\n

T\u00fcrev Piyasa Etkileri<\/h3>\n

Son sabit sermaye yat\u0131r\u0131m\u0131 verisinin y\u0131lba\u015f\u0131ndan bu yana %-7,2 ile derin ancak beklenen bir daralmay\u0131 teyit etmesi, \u00c7in\u2019e duyarl\u0131 t\u00fcrev \u00fcr\u00fcnlerde artan oynakl\u0131\u011fa haz\u0131rl\u0131kl\u0131 olmay\u0131 gerektiriyor. Bu g\u00f6sterge, \u00c7in\u2019in sanayi ve gayrimenkul sekt\u00f6rlerindeki kal\u0131c\u0131 zay\u0131fl\u0131\u011f\u0131 \u00f6ne \u00e7\u0131kar\u0131rken, geni\u015f Asya piyasalar\u0131 \u00fczerinde bask\u0131 yaratmay\u0131 s\u00fcrd\u00fcr\u00fcyor. Verinin beklentilerle bire bir \u00f6rt\u00fc\u015fmesi nedeniyle k\u0131sa vadeli piyasa tepkilerinin s\u0131n\u0131rl\u0131 kalmas\u0131 olas\u0131; ancak emtia ve hisse senedi t\u00fcrevleri a\u00e7\u0131s\u0131ndan orta vadede a\u015fa\u011f\u0131 y\u00f6nl\u00fc g\u00f6r\u00fcn\u00fcm\u00fc g\u00fc\u00e7lendiriyor.<\/p>\n

T\u00fcrev yat\u0131r\u0131mc\u0131lar\u0131n\u0131n Hang Seng Endeksi (HSI) opsiyonlar\u0131n\u0131 ve iShares China Large-Cap ETF (FXI) gibi \u00c7in odakl\u0131 ETF\u2019lerdeki opsiyon piyasas\u0131n\u0131 yak\u0131ndan izlemesini \u00f6neriyoruz. Tarihsel olarak, \u00c7in\u2019de sermaye harcamalar\u0131nda s\u00fcregelen daralma d\u00f6nemleri a\u015fa\u011f\u0131 y\u00f6nl\u00fc korunma talebini art\u0131r\u0131r; bu da put opsiyonlar\u0131n\u0131 daha cazip h\u00e2le getirir. Yat\u0131r\u0131mc\u0131lar, b\u00f6lgedeki yap\u0131sal zay\u0131flaman\u0131n s\u00fcrmesine kar\u015f\u0131 korunmak amac\u0131yla bu enstr\u00fcmanlarda vadesiz (out-of-the-money) put al\u0131mlar\u0131n\u0131 de\u011ferlendirebilir.<\/p>\n

Emtia Fiyat G\u00f6r\u00fcn\u00fcm\u00fc<\/h3>\n

Buna ek olarak, emtia t\u00fcrevleri\u2014\u00f6zellikle bak\u0131r ve demir cevheri vadeli i\u015flemleri\u2014\u00c7in\u2019in altyap\u0131 harcamalar\u0131na y\u00fcksek duyarl\u0131l\u0131k g\u00f6steriyor. Sabit yat\u0131r\u0131mlar\u0131n y\u0131lba\u015f\u0131ndan bu yana %-7,2 h\u0131z\u0131nda daralmas\u0131yla, talep beklentilerinin a\u015fa\u011f\u0131 revize edilmesine paralel olarak \u00f6n\u00fcm\u00fczdeki haftalarda emtia fiyatlar\u0131 \u00fczerinde a\u015fa\u011f\u0131 y\u00f6nl\u00fc bask\u0131 g\u00f6r\u00fclmesini bekliyoruz. Bu makro zeminden faydalanmak i\u00e7in sanayi metalleri taraf\u0131nda k\u0131sa pozisyonlar veya bear put spread stratejileri uygulanmas\u0131 de\u011ferlendirilebilir.<\/p>\n\n\n\n

Hemen i\u015flem yapmaya ba\u015flay\u0131n \u2014 ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in buraya<\/a> t\u0131klay\u0131n.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"

\u00c7in\u2019de sabit sermaye yat\u0131r\u0131mlar\u0131 y\u0131lba\u015f\u0131ndan bu yana A\u011fustos\u2019ta %7,2 darald\u0131: Beklentiye paralel ama zay\u0131fl\u0131k s\u00fcr\u00fcyor. T\u00fcrevlerde oynakl\u0131k, HSI\/FXI put talebi ve bak\u0131r-demir cevherinde a\u015fa\u011f\u0131 bask\u0131 riski.<\/p>\n","protected":false},"author":87,"featured_media":49967,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-54021","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t