摩根大通：预计2025年“堕落天使”（即投资级债券演变为垃圾债）的规模将达到650亿美元。

Core Viewpoint - JPMorgan forecasts that the size of "fallen angels" (investment-grade bonds that have been downgraded to junk status) will reach $65 billion by 2025 [1] Group 1 - The term "fallen angels" refers to investment-grade bonds that transition to junk status [1] - The projected scale of $65 billion indicates a significant potential shift in the bond market landscape by 2025 [1]