贝莱德看涨美股优于欧股：AI驱动下“美国例外论”仍领跑

Group 1 - BlackRock's investment research indicates that despite market uncertainties, U.S. stocks remain the best allocation in the current "risk-on" environment, and investors should not prematurely dismiss the "American exceptionalism" narrative [1] - The S&P 500 index has returned over 5% this year but still lags behind the Stoxx Europe 600 index by nearly 7%, which has benefited from expectations of more fiscal stimulus in Europe [1] - BlackRock forecasts a 6% year-on-year growth in U.S. corporate earnings for Q2, compared to approximately 2% for Europe, with Q1 U.S. corporate earnings growth reaching 14% [2] Group 2 - BlackRock's global chief investment strategist Wei Li emphasizes that the underlying resilience, vitality, and innovative potential of the U.S. corporate sector remain unmatched [2] - Wei Li also notes that U.S. Treasury attractiveness is lower than U.S. stocks due to potential inflation increases from Trump's trade policies, suggesting that investor expectations for Fed rate cuts may be overly optimistic [2] - The ongoing debate in Congress regarding tax reform could exacerbate the already high U.S. debt burden, putting additional pressure on long-term U.S. Treasuries and diminishing their reliability as a portfolio hedge [2] Group 3 - Li recommends that U.S. investors consider hedging currency risks when allocating to European bonds, as this strategy can provide higher yields than domestic markets [3]