全球资产配置资金流向月报（2025年5月）：5月欧洲股债流入明显，中国股债出现“跷跷板”效应-20250606

Market Overview - The successful outcome of the China-US-Switzerland talks on May 12 significantly boosted global risk appetite, leading to a general rise in global stock indices[5] - In May, the 20-year US Treasury auction was cold, with the final yield at 5.047%, raising concerns about US fiscal pressure[6] Global Fund Flows - In May, global equity funds saw a significant outflow from emerging markets, totaling $8.3 billion, while developed markets experienced an inflow of $30.5 billion[13] - Developed European equity funds received inflows of $24.7 billion, while Chinese equity funds faced a substantial outflow of $10.9 billion[25] China Market Dynamics - In May, China's fixed income market saw a notable inflow of $4.9 billion, while the equity market experienced a significant outflow[15] - The inflow ratio for Chinese fixed income funds was 5.6%, while the equity market saw a -1.1% outflow ratio[14] Sector Performance - In the US, there was a marked outflow from the technology sector, while industrials, telecommunications, and infrastructure saw inflows[41] - The inflow into US corporate bonds reached $39.4 billion in May, reversing the previous month's outflow of $23.2 billion[27] Risk Factors - Potential risks include unexpected economic downturns in the US, escalating geopolitical conflicts in the Middle East, and higher-than-expected tariffs from the Trump administration[36]