美银调查：市场情绪仍然极度看多 第一季度资产价格上行难度较大

Core Viewpoint - Investor sentiment remains "extremely bullish," but further price increases in assets during the first quarter will be more challenging as nearly everyone has already positioned for the rise [1] Group 1: Investor Positioning - The allocation to commodities has reached its highest level since May 2022, with a net allocation of 28% [1] - The allocation to equities has risen to its highest level since December 2024, with a net allocation of 48% [1] - The underweight position in bonds is at its highest since September 2022, with a net underweight of 40% [1] - Cash levels have slightly increased from a record low of 3.2% last month to 3.4% [1]