AI不再是“唯一宠儿”？华尔街大佬正关注股市这些领域

Group 1 - Major global investors are focusing on long-term government spending to address geopolitical, technological, and demographic pressures, with investments in infrastructure, energy transition, healthcare, and defense [1][2] - UBS Chief Investment Officer Mark Haefele highlights that many investors have underestimated the impact of fiscal stimulus on real and financial assets due to concerns over rising fiscal debt in some countries [1][2] - Asset management firms are diversifying their investments in sectors such as electricity, resources, healthcare, and defense, following government actions [1][2] Group 2 - The U.S. July tax cuts and spending bill extends previous tax policies and increases funding for border security and defense, contributing to a multi-trillion dollar increase in government debt [2] - European fiscal support, including Germany's €500 billion infrastructure fund and NATO members' commitment to raise defense spending to 3.5% of GDP, has garnered attention from Wall Street [2] - Generali Asset Management's Antonio Cavarero notes that the scale and durability of these fiscal commitments are unprecedented compared to previous market cycles, leading to structural adjustments over several years [2][3] Group 3 - Cavarero emphasizes that sectors like nuclear power, energy infrastructure, biotechnology innovation, and defense are critical and cannot be ignored by the market [3] - The S&P 500 index has risen nearly 14% this year, primarily driven by AI-related momentum, while the European Stoxx 600 index has seen a more modest increase of 9.5% [3] - The European aerospace and defense stock index has surged nearly 68%, indicating a rising importance of defense and industrial sectors amid a broader market dominated by AI [3] Group 4 - Nuveen's Chief Investment Officer Saira Malik anticipates that market gains will expand from tech stocks to cyclical stocks, small-cap stocks, and value stocks [3][4] - Malik advises investors to maintain a balanced portfolio with a slight preference for U.S. markets, while also identifying opportunities in infrastructure, utilities, and waste management as effective inflation hedges [4] - Both UBS and Nuveen emphasize the importance of active management over passive strategies in the current investment climate [4]