摘要2025年的中国市场，从多个维度看，都是超出预期的，称之为牛市毫不为过。这背后，既有实实在在的产业趋势（AI）和基本面改善（924后财政发力与私人信用修复共振，推动一二季度经济修复），也有内外部流动性“叙事”（外部去美元与内部存款搬家）的放大，甚至流动性和情绪的贡献更大，恒生科技30%的涨幅几乎全由风险溢价贡献。此外，2025年的市场也有一些“怪现象”：1）如黄金、分红、成长这三种底层逻辑迥异...
Source Link摘要2025年的中国市场，从多个维度看，都是超出预期的，称之为牛市毫不为过。这背后，既有实实在在的产业趋势（AI）和基本面改善（924后财政发力与私人信用修复共振，推动一二季度经济修复），也有内外部流动性“叙事”（外部去美元与内部存款搬家）的放大，甚至流动性和情绪的贡献更大，恒生科技30%的涨幅几乎全由风险溢价贡献。此外，2025年的市场也有一些“怪现象”：1）如黄金、分红、成长这三种底层逻辑迥异...
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