从美国看美国- 对 AI 前景的预期修正、"类滞胀"阻碍降 息 20251123 AI 领域目前面临哪些具体问题？ 摘要 VIX 指数飙升至 28，为四月以来最高，反映市场恐慌情绪，比特币自 10 月高点下跌近 30%，进入技术性熊市，加剧市场负反馈，对散户造 成冲击。 美国市场调整主因包括 AI 前景预期修正和美联储降息预期变化。Meta 财报后股价大跌、甲骨文 CDS 上涨及 Michael Berry 看空英伟达等事 件预示 AI 风险累积。 AI 领域面临投资回报率难题，高昂的数据中心和设备成本难以覆盖。商 业化路径不确定性导致市场观望，需新催化剂证明其盈利能力。 AI 投资放缓将导致设备投资周期放缓，影响美国及全球设备投资和出口 增长。AI 对美国 GDP 的拉动作用可能减弱，相关产业链公司需关注风 险。 2025 年上半年 AI 对美国 GDP 增长贡献 0.7 个百分点，但 2026 年投 资预计放缓，股票市场调整和加密货币下跌可能削弱财富效应，影响经 济拉动作用。 Q&A 近期美国市场的波动情况如何？ 过去一周，美国市场波动显著。标普 500 指数自 11 月以来持续下跌，上周跌 破 50 日 ...

Core Viewpoint - The U.S. economy in 2025 is experiencing significant divergence, with traditional industries like manufacturing and real estate under pressure from tariffs and immigration policies, while the technology sector is buoyed by a surge in capital expenditure driven by artificial intelligence (AI) [3][5][6]. Supply Side: Tariff and Population Pressures - Tariffs have increased significantly, with the effective tariff rate rising from 2.4% last year to 11.5% this year, leading to a supply contraction effect [7][9]. - Immigration policies have tightened, resulting in a projected decline in population growth from an average of 1.5% during the Biden administration to 0.6% under Trump, which will further suppress labor supply and demand in housing and consumption [8][9]. - The combination of tariffs and reduced immigration is expected to create ongoing supply-side pressures, impacting economic growth potential if productivity does not improve [10]. Demand Side: AI Investment Cycle Fluctuations - AI is contributing approximately 0.7 percentage points to the U.S. GDP growth in the first half of 2025, but the marginal returns on capital investment are expected to decline as investment scales up [13][19]. - Other demand sectors are also facing cooling trends, with the real estate market undergoing active de-inventory and consumer spending showing a "K-shaped" recovery, where high-income groups maintain spending while low-income groups struggle [30][31]. - The AI investment cycle is characterized by heavy capital expenditure, which may not replicate the rapid growth seen during the internet bubble due to higher costs and a more cautious investment environment [19][20]. Inflation: Sticky Dynamics - Inflation is expected to exhibit stickiness, with core goods inflation influenced by tariffs and rental inflation continuing to slow down [4][37]. - Non-rent core service prices are supported by structural demand and labor costs, indicating resilience despite economic pressures [4][38]. - Consumer inflation expectations are rising, complicating the Federal Reserve's ability to achieve its inflation targets, with potential shifts in expectations from 2% to 3% [39][46]. Policy Outlook: Fiscal and Monetary Dynamics - Fiscal and monetary policies are anticipated to marginally loosen, but the overall stimulative effect may be limited due to offsetting tariff revenues [5][45]. - The Federal Reserve is expected to lower interest rates by 50 basis points in 2026, bringing the federal funds rate to a range of 3%-3.25% [5][45]. - The economic outlook for 2026 predicts a real GDP growth rate of 1.7%, with risks of "stagflation" emerging from supply-side constraints and demand-side weaknesses [5][54].

Core Viewpoint - The U.S. economy in 2025 is experiencing significant divergence, with traditional industries like manufacturing and real estate under pressure from tariffs and immigration policies, while the technology sector is seeing a surge in capital expenditure driven by the AI wave [2][3] Supply Side: Tariff and Population Pressure - The supply contraction in the U.S. economy is expected to persist due to increased tariffs and a slowdown in population growth, with the effective tariff rate rising from 2.4% last year to 9.8% this year [5][6] - Immigration policies have tightened, leading to a significant decrease in new immigrants, with labor force growth projected to drop from an average of 1.5% during the Biden administration to 0.6% during Trump's second term [6][8] - The potential for productivity improvement through AI is acknowledged, but it is expected to take time to materialize, with estimates suggesting AI could contribute approximately 0.2 percentage points to annual productivity growth by the early 2030s [7][8] Demand Side: Capital Expenditure Cycle Fluctuations - The AI investment cycle is anticipated to face volatility, with AI contributing about 0.7 percentage points to U.S. real GDP growth in the first half of 2025, but the marginal returns on capital are expected to decline as investment scales up [10][11] - The current phase of AI investment is heavily focused on data centers and hardware, resembling a "new infrastructure" cycle, with 2025 likely being the peak for investment growth [10][11] - The cost of AI infrastructure is projected to be significantly higher than during the internet bubble era, influenced by high inflation and tariffs, which may lead to increased sensitivity among investors regarding returns [11][12] Fiscal, Monetary, and "Stagflation" Risks - Fiscal and monetary policies are expected to see marginal easing, but the overall stimulus effect is likely to be limited, with the Trump administration's "Great Beautiful Act" potentially increasing the fiscal deficit by about 0.8 percentage points in 2026 [19][20] - The Federal Reserve is likely to lower interest rates cumulatively by 50 basis points in 2026, with the federal funds rate expected to end the year in the range of 3%-3.25% [19][20] - The U.S. economy is currently exhibiting "stagflation" characteristics, with rising material costs and declining consumer confidence, necessitating vigilance against further "stagflation" risks in the first half of 2026 [20][21]

Group 1: Federal Reserve Policy Adjustments - The Federal Reserve's monetary policy adjustments are becoming a focal point for global financial markets, with increasing expectations for interest rate cuts due to a growing disconnect between economic data and actual economic sentiment [1] - In September 2025, the Federal Reserve initiated its first interest rate cut of the year, signaling a shift in focus from controlling inflation to stabilizing employment amid a cooling labor market [4][5] - The Federal Reserve's dual mandate is under pressure, with Chairman Powell indicating that the risks of inflation have diminished while the risks to employment have increased, suggesting a need for policy adjustments [4][5] Group 2: Economic Indicators and Predictions - The U.S. economy exhibited characteristics of stagflation, with GDP contracting by 0.6% in Q1 2025, marking the first negative growth in three years, followed by a strong rebound in Q2 with a revised GDP growth rate of 3.8% [2][3] - The International Monetary Fund (IMF) forecasts a slowdown in U.S. economic growth from 2.8% in 2024 to 2.0% in 2025, with inflation expected to rise in the latter half of the year due to tariff impacts [3] - Employment data from ADP indicated a decline of 32,000 jobs in September, reinforcing concerns about the labor market and increasing market expectations for further rate cuts by the Federal Reserve [6][7] Group 3: Global Economic Impact - The Federal Reserve's interest rate cuts are expected to reshape global capital flows and create a more favorable policy environment for non-U.S. economies, as a weaker dollar may lead to a rebalancing of investments [9][10] - Emerging markets are likely to benefit from a declining dollar, historically outperforming developed markets during such periods, which could enhance relative returns [9] - The Federal Reserve's actions may provide a "policy window" for China, allowing for more flexible monetary policy while maintaining a focus on domestic economic conditions [10] Group 4: Strategies for China - In response to the spillover effects of the Federal Reserve's rate cuts, China should prioritize domestic economic stability while being prepared for external volatility, utilizing a comprehensive policy framework to manage capital flows and currency stability [11] - The IMF suggests that emerging markets, including China, should prepare for potential economic scenarios and develop preemptive policy responses to enhance readiness and credibility [11] - Chinese investors should remain cautious of market volatility stemming from U.S. economic uncertainties and the potential for abrupt shifts in Federal Reserve policy [12][13]

Group 1: Federal Reserve Monetary Policy - The Federal Reserve is expected to lower interest rates by 25 basis points in the upcoming meeting on October 30, with a probability of 94.1% due to a slowing job market and mild inflation impact from tariffs [1] - Federal Reserve officials maintain a cautious stance, emphasizing data-driven decisions rather than a predetermined path, indicating a divergence between market expectations and the Fed's approach [1] Group 2: U.S. Economic Data - The U.S. economy showed signs of complexity, with a GDP contraction of 0.6% in Q1, marking the first negative growth in three years, followed by a strong Q2 growth revision to 3.8% [2] - Economic pressures from tariff policies and weak consumer and investment confidence have led to signs of economic fatigue in the latter half of the year [2] - The labor market reflects a "low hiring, low firing" state, indicating ongoing concerns about the economic outlook [2] Group 3: Inflation and Employment Risks - Fed Chair Powell's remarks at the global central bank meeting highlighted reduced inflation risks but increased employment risks, suggesting a cautious approach to monetary policy [3] - The uncertainty surrounding the Fed's interest rate path is heightened by the upcoming leadership changes within the Fed, with potential impacts from political interventions [3] Group 4: Global Economic Implications - The potential resumption of rate cuts by the Fed could create a more accommodative external environment for non-U.S. economies [4] - Increased market flexibility in the RMB exchange rate has provided China with more autonomy in its monetary policy [4] - Chinese investors need to be vigilant about market volatility risks stemming from the Fed's rate cut cycle and the associated economic and policy fluctuations in the U.S. [4]

Group 1: US Market Overview - The US market is experiencing a "data vacuum" period with policy expectations trading, as Powell hinted at a potential halt in balance sheet reduction in the coming months[5] - The VIX index surged significantly, indicating heightened market volatility, while the financial sector was the worst performer due to regional bank failures[11] - Gold prices reached historic highs, breaking the $4200 per ounce mark, driven by multiple factors including interest rate cuts and geopolitical tensions[12] Group 2: Global Economic Trends - China's government is enhancing counter-cyclical adjustments and expanding domestic demand to navigate complex external environments, leading to a structural market characterized by risk aversion[5] - Japan's political instability has suppressed interest rate hike expectations, causing significant fluctuations in stock, bond, and currency markets[13] - In Europe, political uncertainties are dampening growth expectations, with the ECB emphasizing its readiness to address potential market turmoil[15] Group 3: Investment Strategies - A multi-asset FOF portfolio is recommended, with allocations of 60% in equities, 30% in fixed income, and 10% in commodities, achieving an annualized return of 28%[37] - Investors are advised to maintain a balanced approach, focusing on US Treasuries for medium to long-term opportunities and allocating a portion to gold due to expected price support from various factors[44] - For stable returns in a volatile market, mixed equity and bond funds are suggested to balance capital appreciation potential[44]

Economic Outlook - The Federal Open Market Committee (FOMC) is increasingly focused on economic downside risks, acknowledging a slowdown in economic growth during the first half of the year and indicating a tilt towards employment goals in monetary policy [1][20] - The current U.S. economy is characterized by a "stagflation-like" environment, with short-term labor market pressures outweighing inflationary pressures [1][20] - Inflation remains on a slow upward trajectory, primarily driven by service prices, while consumer spending shows resilience but indicates a trend of utilizing savings [1][9] Inflation Dynamics - High tariffs have not yet significantly impacted consumer prices, but there is a growing demand for price increases as companies seek to protect profit margins [2][3] - The ISM manufacturing import index fell to its lowest level since 2016, reflecting reduced procurement due to rising tariffs [2] - The Producer Price Index (PPI) showed a significant increase, with a year-on-year rise from 2.3% to 3.3%, indicating cost pressures accumulating at the production level [7] Labor Market Trends - The labor market continues to exhibit a "low layoff, slow hiring" trend, with initial jobless claims remaining stable, suggesting companies are trying to retain employees despite economic slowdown [10] - Consumer sentiment regarding job security has declined, with expectations of unemployment rising, which may suppress future consumer spending [11] - The ISM manufacturing index indicates ongoing contraction in the manufacturing sector, with employment indices remaining below expectations [12][13] Consumer Behavior - Retail sales data for July showed a 0.5% month-on-month increase, driven by strong automobile sales and online retail, but consumer confidence has sharply declined due to inflation concerns [8][9] - A significant portion of consumers plans to cut spending in response to inflation, particularly in discretionary areas such as dining and home goods [8][9] Investment Climate - Durable goods orders fell by 2.8% in July, marking the third decline in four months, primarily driven by a drop in transportation equipment orders [15] - The housing market shows mixed signals, with new home construction rising but building permits declining, indicating potential future slowdowns in construction activity [14] Federal Reserve Actions - The FOMC has lowered the federal funds rate target range by 25 basis points, reflecting a consensus on the need to address economic risks and support employment [16][20] - Economic forecasts for GDP growth have been adjusted upward for 2025, while unemployment and inflation rates are expected to remain stable [17][18]

Group 1 - The cryptocurrency market experienced a significant downturn on September 22, with Ethereum dropping below $4,100, a critical psychological level, and other cryptocurrencies like Solana and Dogecoin also suffering losses [1] - The futures market saw massive liquidations, with over $1 billion liquidated in just one hour, and a total of $1.7 billion liquidated within 24 hours, affecting over 400,000 traders, predominantly those who were long [1][3] - The macroeconomic environment, including the Federal Reserve's stance on interest rates and political uncertainties regarding a government shutdown, has led to increased risk aversion among investors [2] Group 2 - Analysts suggest that the current economic climate is unfavorable, advising caution in investment strategies, particularly in high-risk assets like cryptocurrencies [2] - The upcoming U.S. PCE price index data on September 26 is anticipated to be crucial for future monetary policy decisions, with concerns that inflation may not be easily managed [3] - The high leverage used in futures trading has resulted in significant losses for traders, emphasizing the need for prudent investment practices [4]

Core Viewpoint - The recent report from China International Capital Corporation (CICC) suggests that the Federal Reserve may lower interest rates by 25 basis points in October due to weak U.S. employment data, but further rate cuts will be constrained by rising inflation pressures [1] Economic Analysis - The core issue facing the U.S. economy is not insufficient demand, but rather the continuous rise in supply-side costs [1] - Over-reliance on monetary easing may not effectively boost employment and could exacerbate inflationary pressures, potentially leading to a "stagflation-like" scenario where economic growth slows while inflation remains high [1] Market Indicators - The U.S. dollar index is currently around 97.60, with short-term moving averages (10-day and 20-day) showing a slight downward trend, indicating short-term pressure [1] - The RSI indicator has retreated from a neutral high to around 50, suggesting a balance between bullish and bearish forces, but with increasing downward momentum [1]

Group 1 - The Federal Reserve lowered the federal funds rate by 25 basis points to a target range of 4%-4.25%, with an expectation of an additional 50 basis points reduction by the end of the year, indicating a more dovish stance compared to previous projections [1][7] - Fed Chairman Powell characterized the rate cut as a "risk management" decision, highlighting concerns about a weakening labor market and rising risks to employment [1][7] - The market had largely priced in the 25 basis point cut prior to the announcement, leading to a mixed reaction in the dollar index and U.S. stock markets post-announcement [1][7] Group 2 - U.S. retail sales for August increased by 0.6%, up from a previous value of 0.5%, indicating a slight improvement in consumer spending [2][8] - Initial jobless claims decreased to 231,000 from 264,000, while continuing claims fell to 1.92 million from 1.93 million, suggesting resilience in the labor market [2][8] - The economic backdrop is characterized by a "stagflation-like" environment, with inflation concerns persisting despite the Fed's actions [1][7] Group 3 - Major global asset classes showed mixed performance, with the Nasdaq Composite Index rising by 2.21%, while the Shanghai Composite Index fell by 1.30% [2][28] - In the commodities market, CBOT corn saw the largest increase at 6.46%, while LME three-month lead experienced the largest decline at 0.72% [2][47] - The 10-year U.S. Treasury yield rose by 8 basis points to 4.14%, reflecting a divergence in global long-term interest rates [2][48]