“抛售美国”？外资冷对美债，却难舍美股

Group 1 - Foreign investors have cumulatively bought approximately $350 billion in U.S. stocks and $200 billion in U.S. bonds since 2020, indicating a clear divergence in attitudes towards U.S. capital markets [1][3] - In 2025, foreign investment in U.S. stocks reached an annualized inflow of $138 billion, marking the second-largest annual inflow on record, driven by the strong performance of the U.S. consumer market and the leading position of tech giants in AI [1][3] - In contrast, foreign interest in U.S. bonds has significantly decreased, with inflows dropping from around $100 billion annually to nearly zero growth, primarily due to concerns over persistent inflation and high interest rates [1][7] Group 2 - The sustained appeal of U.S. stocks for foreign investors is expected to continue as long as the U.S. economy maintains relative strength and does not enter a deep recession [7] - A recovery in demand for U.S. bonds may require clear signals from the Federal Reserve regarding interest rate cuts and effective control of inflation [7] - The choice between stocks and bonds for foreign investors will remain a key indicator of the attractiveness of the U.S. market [7]