“抛售美国 2.0”？美银分析师：全球再平衡升温，非美资产走俏

Group 1 - Michael Hartnett, a strategist at Bank of America, indicates that U.S. trade policies are creating a "new world order," leading investors to shift from U.S. dollars and stocks to non-U.S. assets [1] - Hartnett notes that the Trump administration's policies have resulted in a new trading environment focused on "everything except the dollar," suggesting a global rebalancing [1] - Emerging market commodity-producing countries are expected to benefit from the growth in artificial intelligence demand, while investor allocations to China and India remain insufficient [1] Group 2 - Since the announcement of significant tariffs by President Trump in April 2024, U.S. assets have experienced volatility, raising concerns about the end of U.S. dominance in the global economy [4] - Despite the withdrawal of several tariff measures, the S&P 500 has underperformed compared to international indices, with the dollar index declining by approximately 10% since late 2024 [4] - Hartnett's preference for non-U.S. stocks has proven prescient, as the S&P 500 has risen by 15% but lagged behind the MSCI global index (excluding the U.S.) which has increased by 39% [4] Group 3 - The trend of capital flow towards international markets has continued into 2026, with European, Japanese, Korean, and emerging market indices collectively outperforming U.S. stocks [4] - The decline of the dollar has enhanced the attractiveness of overseas markets, increasing the relative value of foreign corporate earnings and boosting returns on international stocks [4] - In January, investors saw a net inflow of $51.6 billion into international equity ETFs, indicating a significant rise in monthly capital inflows since late 2024 [4] Group 4 - Some investors label the current trend of overseas allocation as "Sell America 2.0," but fund managers clarify that this buying spree in international stocks does not equate to a complete abandonment of U.S. equities [5] - Many still believe that U.S. stocks will continue to lead global markets, although the extent of that leadership may diminish compared to recent years [5] - Investors are increasingly questioning the rationale behind a singular focus on U.S. stocks, suggesting a potential shift towards international diversification in their portfolios [5]