全球资产波动加大，原因竟是美元流动性危机？抄底机会来了！

Core Viewpoint - The article discusses the current liquidity crisis in the U.S. dollar market and its impact on global asset prices, suggesting that this presents a potential opportunity for investors to increase their positions in various asset classes [6][10][12]. Group 1: Global Asset Volatility - The core issue of global asset volatility is identified as a U.S. dollar liquidity crisis, which is influenced not only by the central bank but also by government spending and income [6]. - The Treasury General Account (TGA) acts as a "transfer station" for U.S. fiscal revenues and expenditures, with recent government shutdowns causing an imbalance that has led to a significant increase in cash reserves from a typical $300 billion to $1 trillion, effectively withdrawing $700 billion in liquidity from the market [8][9]. - The liquidity crisis is expected to be temporary, with predictions that the U.S. government will reopen in the second week of November, which would allow the $700 billion to return to circulation, acting similarly to a quantitative easing measure [12]. Group 2: Impact on Asset Prices - The liquidity crisis is causing fluctuations in asset prices denominated in U.S. dollars, including U.S. stocks, bonds, and commodities, while Chinese assets, particularly Hong Kong stocks, are more affected than A-shares [10][11]. - The People's Bank of China has intervened by injecting liquidity into the market, which has helped A-shares recover from initial declines, indicating a commitment to support the market [11]. Group 3: Investment Strategy - The current market conditions are viewed as a good opportunity for investors to increase their positions, particularly in light of the liquidity crisis, which often leads to undervalued assets [13][19]. - The article emphasizes the importance of a diversified investment strategy, suggesting that the current environment, characterized by a liquidity crisis, is a typical scenario for bottom-fishing opportunities [16][19]. - The unpredictability of the market underscores the value of asset allocation, which can alleviate investment anxiety by ensuring that some assets will appreciate regardless of market conditions [20][22].