美国市场股债汇“三杀”，对金融市场有何影响？机构首席解读

Group 1 - The core viewpoint is that the asset attributes of US Treasuries are being challenged, leading to a renewed credit crisis in the US [2][3][4] - Recent market conditions have resulted in a rare simultaneous decline in stocks, bonds, and the dollar, indicating a trust crisis in dollar assets among global investors [2][3] - The increase in US Treasury supply and a significant change in the holder structure, with a decrease in long-term investors, has raised concerns about liquidity [3] Group 2 - The surge in US Treasury yields and the decline in the dollar index have prompted investors to seek alternative safe-haven assets, resulting in a rise in gold prices and appreciation of currencies like the euro, yen, and yuan [4] - The ongoing trade war initiated by the Trump administration is seen as ineffective in revitalizing US manufacturing, which may exacerbate the credit crisis [4][5] - The collapse of the US Treasury market could impact the government's financing ability and create shocks in global financial markets, forcing the US to make concessions [5] Group 3 - Despite global market volatility, China's stock market remains relatively stable, indicating a reallocation of funds towards Chinese assets as a new choice for investors [6] - The Chinese economy is positioned favorably, with multiple policies aimed at boosting consumption and stabilizing growth, which may enhance confidence in Chinese assets [6][7] - There is an expectation that more global funds will reduce their allocation to dollar assets and increase their weighting in Chinese assets, leading to a systematic increase in the valuation of Chinese assets [7]