无视泡沫！全球资管巨头继续押注：美股明年将迎“超级牛市”

Group 1 - The core viewpoint is that global asset management companies are not exiting the market despite a strong three-year stock market performance, as they anticipate continued robust growth supported by loose monetary and fiscal policies [2] - Over three-quarters of asset allocators are positioning their portfolios for a risk-on environment leading up to 2026, betting on resilient global growth, advancements in artificial intelligence, and fiscal stimulus to drive excess returns in global equity markets [2][3] - The MSCI global index is expected to achieve remarkable returns for the fourth consecutive year, adding $42 trillion in market value since the end of 2022, marking the largest value creation for stock investors in history [3] Group 2 - A significant majority of managers (85%) believe that the valuations of major AI-related stocks are not excessively inflated, indicating strong fundamentals supporting the current market cycle [4] - Investors are optimistic about the potential for profit growth across various regions, with expectations of a notable recovery in earnings in Europe and emerging markets by 2026 [5] - India is highlighted as a potential standout opportunity for 2026, with expectations of a value re-rating similar to that of South Korea [5] Group 3 - Investors are seeking "concept stocks" related to AI, particularly clean energy providers that can meet the technology's substantial power demands, with small-cap stocks also gaining favor [6] - Healthcare stocks are viewed as attractive opportunities in the current bull market cycle due to their appealing valuations and potential for upward surprises [6] - Concerns remain regarding the potential for U.S. inflation to reignite, which could negatively impact both stocks and bonds if the Federal Reserve is forced to halt its easing cycle [7] Group 4 - The concentration of risk appetite among investors raises concerns about market tolerance for negative surprises, as a highly bullish sentiment could signal potential downturns [8]