中金：2026年核心主题或并非“刺激经济过热” 而是缓解生活成本压力——对美投资的三点启示

Group 1 - The 2026 midterm elections in the U.S. are crucial for Trump, with public sentiment shifting towards affordability issues due to high prices, interest rates, and housing costs [1][2] - The focus on affordability indicates that economic growth or asset price increases are no longer the top priorities; addressing the public's financial pressures is now more critical [2][3] - The rising cost of living has significantly impacted low- and middle-income households, particularly in housing, where rising home prices and mortgage rates have decreased affordability since 2022 [2][3] Group 2 - As affordability becomes a central goal, policy approaches may shift towards more direct interventions affecting prices, interest rates, and corporate behavior [3] - Historical trends suggest that when affordability dominates the agenda, policies may become more aggressive, potentially disrupting markets [3] - The investment outlook for the U.S. market indicates limited expansion in index valuations, increased volatility, higher policy risks for monopolistic sectors, and a favorable position for cost-benefit industries [3]