重大转变！突然，爆买！

Core Viewpoint - Hedge funds have significantly increased their buying of global stocks at the fastest pace in nearly six months, indicating a greater willingness to take on specific risks [2][4][6]. Group 1: Hedge Fund Activity - Hedge funds bought global stocks at the fastest rate since November 2024, with a bullish stance across all regions, particularly in North America and Europe [4][5]. - The S&P 500 index saw a cumulative increase of over 6% in May, marking its largest monthly gain since November 2023 and the best May performance since 1990 [5]. - The technology sector has attracted significant investment, with hedge funds accumulating the highest net long positions in over five years, focusing on essential segments for the AI industry, such as semiconductor manufacturers and technology hardware producers [6][7]. Group 2: Market Outlook - Major Wall Street institutions have revised their outlook for the U.S. stock market, with Deutsche Bank raising its year-end target for the S&P 500 from 6150 to 6550 points, citing reduced profit drag from tariff policies [9][10]. - Other institutions, including Goldman Sachs and RBC Capital Markets, have also increased their S&P 500 targets, reflecting a renewed confidence in the market despite potential volatility [10]. Group 3: U.S. Treasury Market Signals - A recent survey by JPMorgan indicated a 2 percentage point increase in bullish sentiment towards U.S. Treasury bonds, reaching the highest level in two weeks [12]. - Concerns about U.S. federal debt sustainability are rising, with analysts predicting that the deficit could reach 5% to 7% of GDP, prompting a reevaluation of the risk premium associated with U.S. Treasuries [12]. - The OECD has downgraded its U.S. economic growth forecast for this year to 1.6%, reflecting a significant slowdown compared to previous estimates [13].