核心观点 今年以来全球资金整体上流出美元资产,回流本土市场,美元流动性外溢导致非美市场普遍跑赢美国资产。 不过随着地缘局势的缓和、美国例外论的回温,全球资金流向出现新的变化。中东局势降温后,资金暂时回流风险资产。基本面软着陆前景+AI叙事回潮或继续支撑美股表现。港币触及弱方保证,若香港金管局回收港币流动性,对港股或有阶段性压力。 总体而言,近日的市场表现再次印证了我们宏观大年、事件驱动、情绪博弈、...
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