Bank of America(US:BAC) 券商中国·2026-02-15 05:56Core Viewpoint - The narrative shift in the market is driven by Trump's "affordability" politics, which is reallocating funds from "Wall Street elites" to "ordinary people," leading to a rise in small-cap value stocks while tech giants face pressure [1][3]. Group 1: Economic Policies and Market Impact - Trump's administration plans to reduce certain tariffs, which have exacerbated the "affordability crisis" for American consumers and complicated cost calculations for businesses [2][3]. - The affordability crisis is causing a change in market narrative, with small-cap value stocks gaining traction and the narrative around artificial intelligence shifting from "awe" to "poverty," resulting in increased related debt [3]. Group 2: International Market Dynamics - According to a report by EPFR Global, international developed markets, including Europe and Japan, have attracted $104 billion this year, significantly surpassing the $25 billion inflow into U.S. funds, indicating a shift in investor focus [3]. - The U.S. trade policy is creating a "new world order," prompting investors to exchange U.S. assets for international ones, suggesting a transition from U.S. exceptionalism to global rebalancing [3]. Group 3: Stock Market Trends - Despite tax cuts, the S&P 500 index has lagged behind international peers, with the dollar index dropping over 10% since the end of 2024 [4]. - The current market environment is characterized by significant volatility due to the "AI disruption" affecting various sectors, including software services and logistics [4]. - The upcoming leaders in the market are expected to be emerging markets and small-cap stocks as U.S. exceptionalism gives way to global rebalancing [4]. Group 4: Investment Opportunities - After a period of intense selling, the valuation of internet companies is becoming increasingly attractive, suggesting potential investment opportunities as the market returns to a more rational pricing logic [5].