爱股票不爱现金！全球基金经理现金持有率创26年来新低

Group 1 - The average cash holding of global fund managers decreased from 3.7% in November to 3.3% in December, marking the lowest level since the survey began in 1999 [1] - 42% of surveyed fund managers reported increasing their global stock holdings, the highest level since 2022, indicating a shift towards equities and commodities [1] - Global investor sentiment is at its highest level since mid-2021, surpassing the optimism seen during the "Trump trade" period at the end of 2024 [3] Group 2 - Fund managers' expectations for global corporate profits are at their highest since 2021, with a strong earnings growth forecast encouraging bullish sentiment in the stock market [3] - UBS forecasts a robust earnings growth of 7% to 14% for major markets next year, supporting further stock market gains despite high historical valuations [4] - The current economic environment is seen as favorable for global equities, with expectations of accelerated global growth by 2026 [4] Group 3 - Analysts warn that the overly optimistic market sentiment could lead to severe reactions to negative news, making the market vulnerable to sharp corrections [5] - The "AI bubble" is still considered the biggest market risk by global investors, although the percentage of fund managers identifying it as the primary risk has decreased from 45% to 38% [5] - There is a growing expectation among investors that long-term bond yields will rise, with three-quarters of surveyed fund managers anticipating a steeper yield curve in the coming year [5]