贝莱德：为何说现在是获取阿尔法收益的绝佳时机

Group 1 - The core viewpoint is that U.S. tariffs may increase market and securities return dispersion, creating more opportunities for alpha generation. The company will maintain risk exposure and heavily invest in U.S. stocks [1] - The U.S. stock market experienced a slight decline after the extension of the tariff suspension, while European markets rose by 1%. The yield on the U.S. 10-year Treasury bond saw a slight increase [1][9] - There are early signs of tariff impacts on certain components of the U.S. Consumer Price Index, with expectations of further price increases as inventories deplete [1] Group 2 - The extension of the tariff suspension until August supports the argument that unchanged economic laws will prevent tariffs from rising to previous levels [2] - Uncertainty about who will bear the cost of tariffs—businesses, consumers, or exporters—will exacerbate the already high return dispersion [2] - Investors are advised to be cautious of unexpected static factor exposures and adopt proactive strategies to capture additional alpha [2] Group 3 - One way to achieve alpha is through conscious macro risk management and reducing the drag from static factor exposures, requiring an assessment of the current macro environment [6] - The current economic landscape still supports the performance of U.S. assets over others, despite recent market volatility not reflecting in corporate earnings stability [6] Group 4 - Another method for capturing alpha involves avoiding macro factor risks and instead taking on specific security risks, particularly in sectors benefiting from artificial intelligence [7] - The "Magnificent Seven" tech companies are expected to see a 14.8% growth in Q2, while other S&P 500 companies are projected to grow only 1.9% [7] Group 5 - The ongoing changes in the global economy due to significant forces necessitate rapid adjustments in investment portfolios at both tactical and strategic levels [8] - The company is optimistic about financial stocks, industrial stocks, and healthcare stocks in the U.S. and EU due to increased domestic production and defense spending, as well as an aging population [8]