全球流动性跟踪第1期：大变局：硬核供应链资产的吸金能力

Group 1: Global Investment Trends - Since 2026, there has been a systemic revaluation of "hardcore" supply chain assets, with capital flowing towards resource, technology, and manufacturing sectors, indicating a global rebalancing trend[1] - Investment enthusiasm for U.S. stocks remains strong, but the marginal inflow has weakened since 2026, with a notable shift from technology to commodities and energy sectors[1][21] - Foreign investment in U.S. stocks has not shown significant reduction, maintaining a consistent inflow trend despite geopolitical tensions[33] Group 2: U.S. Treasury Bonds and Dollar Dependency - Foreign official entities have not significantly reduced their holdings of U.S. Treasury bonds, but there is a trend of decreasing custodial amounts at the Federal Reserve, indicating a decline in trust[24][30] - As of December 2025, the pace of bond accumulation by European and Japanese entities has slowed, while China and India are in a trend of reducing their U.S. Treasury holdings[28] - The attractiveness of U.S. Treasury bonds to overseas private investors has declined in 2026, with significant reductions in inflows from European investors[29] Group 3: Gold Investment Dynamics - Since 2025, private sector demand for gold has significantly increased, becoming a more critical pricing factor compared to central bank purchases[38] - The asset size of commodity alternative funds, particularly those focused on gold, has been on a continuous rise since 2025, reflecting growing investor interest[39] - The ongoing restructuring of the global monetary system and geopolitical conflicts are expected to sustain a long-term bullish trend for gold prices[39]