“美国例外论”崩塌声中，全球股市踏向新纪元：欧洲携南美齐飞，中国异军突起

Group 1: Market Performance - The U.S. stock market is showing signs of weakness, with the S&P 500 and Nasdaq 100 indices down approximately 3% and 6% respectively this year, while many foreign markets, including Germany, Poland, Spain, and Brazil, have seen increases of up to 20% [1][2] - ETFs tracking foreign markets have outperformed U.S. indices, with many showing gains exceeding 20% [1] - The MSCI Emerging Markets Index has lagged behind the S&P 500 by an average of 3.8 percentage points every 100 days since 2015, but this year, the trend is reversing as foreign markets rise [4][5] Group 2: Investment Strategies - Investors are increasingly recognizing the value of geographic diversification, moving away from the "American exceptionalism" narrative that dominated for over a decade [2][3] - The shift in focus towards overseas markets is driven by lower valuations and more aggressive stimulus measures in countries like Germany compared to the U.S. [2][3] - Financial giants like BlackRock are advising investors to look beyond U.S. tech giants and consider European value stocks and Asian AI innovators [3] Group 3: Economic Factors - The uncertainty surrounding U.S. trade policies, particularly under the Trump administration, is contributing to a decline in investor confidence in the U.S. economy, leading to a weakening dollar and a shift towards foreign assets [5][7] - The European Central Bank has been more aggressive in its monetary policy compared to the Federal Reserve, providing a more favorable economic outlook for Europe [9][10] - Increased military spending in Europe is also seen as a significant driver for the region's stock market performance, with defense stocks gaining substantial investment [10][11] Group 4: Emerging Markets - China’s stock market is outperforming the U.S. market, with the Hang Seng Index up 13.5% and the Hang Seng Tech Index up 16% this year [20][22] - The rise of Chinese tech companies, particularly in AI, is attracting global investor interest, with DeepSeek leading a new paradigm in low-cost AI training and inference [22][23] - The influx of capital from the U.S. to China is expected to continue as investors seek better valuations and growth potential in the Chinese market [24]