高盛：受全球经济增长提振，市场风险偏好升至2021年以来最高水平

Core Insights - Despite geopolitical uncertainties, market optimism regarding economic prospects is dominant, with investor risk appetite reaching a five-year high [1][3] - The risk appetite indicator compiled by Goldman Sachs rose to 1.09 last week, marking the highest level since 2021 and placing it in the 98th percentile since 1991 [1][3] - Such a high risk appetite level is rare, having exceeded 1.0 only six times historically; however, this does not necessarily indicate an impending bear market, as supportive macroeconomic conditions are expected to sustain stock market momentum [1][3] Market Trends - Most sub-indicators of the Goldman Sachs risk appetite index show positive signals, indicating a broadening trend in stock market gains since last year [1][3] - Key factors driving bullish sentiment include a preference for small-cap stocks over large-cap stocks and emerging market equities over developed market stocks [1][3] Gold Market Insights - The continuous rise in gold prices is one of the few indicators reflecting market caution; excluding gold from the index could further elevate its value [4] - Over the past two years, international gold prices have more than doubled due to investor demand for alternatives to currency and bonds amid political risk aversion [4] Investment Strategy - Based on the current favorable macroeconomic environment, Goldman Sachs maintains an overweight rating on equity assets [2][5]