广发证券郭磊：多重主流叙事构成叙事星座，共同塑造全球资产定价新范式

Group 1 - The core viewpoint of the article emphasizes that the performance of global major asset classes is driven by multiple "mainstream narratives" [1][2] - These narratives include the long-term weakening of the US dollar credit cycle, the formation of a new monetary system with gold as a pricing anchor, the reshaping of global industrial and supply chains, AI computing power becoming a new phase of infrastructure, and non-ferrous metals emerging as the "new oil" of this phase [1][2] - The interconnectedness of these narratives forms a "narrative constellation" that is systematically reshaping global asset pricing logic, indicating that the narrative economy is far from reaching its conclusion [1][2]