去年美国以外的投资者购买美国金融资产的步伐加快，但12月美债持仓减少

Core Viewpoint - The U.S. Treasury Department reported a significant increase in foreign investment in U.S. financial assets in 2025, countering the "Sell America" narrative, with net purchases reaching $1.55 trillion, up from $1.18 trillion the previous year [1] Group 1: Foreign Investment Trends - In 2025, foreign investors net purchased $1.55 trillion in U.S. long-term financial assets, with $658.5 billion in stocks and $442.7 billion in U.S. Treasury securities [1] - The net purchase of corporate bonds reached $327.8 billion, while net purchases of agency debt amounted to $112.9 billion [2] - European investors contributed $872.8 billion to long-term financial asset net inflows, with the Cayman Islands at $277.2 billion and Japan at $56 billion [4] Group 2: U.S. Treasury Securities Holdings - As of December, foreign holdings of U.S. Treasury securities decreased by $88.4 billion to $9.27 trillion, marking the lowest level since October [3] - Japan remains the largest foreign holder of U.S. Treasury securities, with holdings of $1.19 trillion, followed by the United Kingdom at $866 billion and mainland China at $683.5 billion [3] - China reduced its holdings of U.S. long-term financial assets by $208.6 billion, reaching the lowest level since 2008 [4] Group 3: Market Reactions and Economic Policies - U.S. Treasury Secretary has refuted the "Sell America" narrative, asserting that U.S. economic policies enhance its status as a preferred destination for global capital [2] - Despite geopolitical uncertainties, analysts believe that the fundamental demand for U.S. Treasury securities will remain strong due to their significant share in global sovereign debt [2] - The depreciation of the dollar may encourage some foreign asset managers to increase their holdings in U.S. securities [2]