“去美元化”进展如何？“欧洲老钱”这么调仓

Core Viewpoint - The article discusses the global trend of "de-dollarization" driven by concerns over U.S. policy uncertainty and fiscal sustainability, leading institutions to diversify their dollar holdings into assets like gold and European stocks [3]. Group 1: U.S. Dollar Asset Concentration - Despite a significant rebound in U.S. stocks since April, concerns over the concentration of dollar assets remain high, prompting a focus on diversification [8]. - Foreign investors hold 32% ($19 trillion) of U.S. stocks and 35% ($13 trillion) of U.S. Treasury bonds, indicating their critical role in the U.S. financial system [8]. - The weight of the S&P 500 in the MSCI International Index has increased from 50% in 2010 to 72% today, reflecting the long-term strong performance of U.S. stocks [8]. Group 2: European Market Opportunities - The European stock market has outperformed globally this year, with the DAX index rising nearly 20% and the Euro Stoxx 50 index increasing approximately 12.73% year-to-date [12][13]. - Germany is relaxing its fiscal discipline, which may lead to synchronized adjustments in the European fiscal framework, benefiting sectors like defense, industrials, and renewable energy [14]. - European fixed-income assets are becoming more attractive, with better returns compared to U.S. bonds after accounting for currency hedging [15]. Group 3: Emerging Markets and China - Emerging markets, particularly the Hong Kong stock market, are also seeing increased investment as funds diversify away from the U.S. [16]. - The Swiss bank maintains an overweight position in the Chinese stock market, citing a GDP growth advantage of about 2% over developed economies [16]. - Concerns about profit margins in Chinese companies persist, but recent strategies aimed at eliminating weaker firms may positively impact overall profitability [18].