军工、AI开支飙升，全球债务膨胀至348万亿美元

Group 1 - The global debt reached a record high of $348 trillion at the end of last year, increasing by nearly $29 trillion, marking the fastest growth since the onset of the COVID-19 pandemic in 2020 [2] - Government debt in countries like the US and Eurozone exceeded $10 trillion, driven by investments related to national security and technology such as artificial intelligence [2] - A more accommodative financial environment is expected to facilitate funding for government priorities, including defense spending and large-scale investments in data centers, energy security, and climate-resilient infrastructure [2] Group 2 - The IMF projects that publicly held federal debt as a percentage of US GDP will rise to 100.7% by 2026 and 109.8% by 2031, posing increasing risks to both the US and global economies [3] - Corporate borrowing remains active, with a surge in investment-grade bond issuance in January, supported by relaxed financing conditions and strong risk appetite [3] - Emerging market debt as a percentage of GDP reached a historical high of over 235%, indicating significant financial pressure on these economies [3][4]