Group 1 - The Federal Reserve's decision to cut interest rates by 25 basis points has led to unexpected market reactions, with the dollar index rising and gold prices falling, indicating a shift from "trading expectations" to "verifying facts" in asset pricing [1][3][10] - The Federal Open Market Committee (FOMC) signaled a less dovish stance, suggesting only one additional rate cut next year instead of the previously expected two to three, which has influenced market dynamics [3][19] - The yield curve has steepened, reflecting market concerns about "stagflation" risks, as short-term rates have decreased while long-term rates remain stable [5][19] Group 2 - The U.S. stock market exhibited divergent trends post-rate cut, with the Dow Jones Industrial Average rising while the Nasdaq and S&P 500 indices fell, highlighting a significant shift in capital flows [7][8] - Technology stocks faced selling pressure, particularly Nvidia, which dropped over 2.6% due to concerns about demand for its chips, while Chinese tech firms like Alibaba and Baidu saw substantial gains driven by their self-developed chips [8][13] - The Chinese concept stocks outperformed, with the Nasdaq Golden Dragon China Index rising 2.85%, led by Alibaba and Baidu, as investors focused on the narrative of self-research capabilities amid challenges faced by U.S. chip giants [13][15] Group 3 - Global central banks are responding differently to the Fed's rate cut, with Canada following suit while the European Central Bank and others maintain their rates, indicating a divergence in monetary policy based on regional economic challenges [5][17] - The Fed's chairman's remarks about a "slower, longer" rate-cutting path reflect a complex economic outlook, balancing employment support against inflation risks, which is influencing capital flows [19][21] - The current market environment necessitates a shift from sentiment-driven to performance-driven investment strategies, emphasizing the importance of understanding the underlying logic of different markets [21][23]

Group 1 - The global market is experiencing a historic policy divergence among central banks, marking the end of synchronized actions and entering a fragmented phase where each country addresses its own challenges [2][44][45] - Japan's central bank has signaled a shift towards tightening by planning to sell approximately 3.3 trillion yen in ETFs and 5 billion yen in REITs annually, although the timing will depend on market conditions [6][7][16] - The U.S. Federal Reserve's recent interest rate cut is viewed as a reactive measure to economic slowdown rather than a proactive strategy, indicating a shift from being a market guide to a responder to economic data [28][30][32] Group 2 - The divergence in monetary policy reflects deep historical and theoretical differences, with the U.S. focusing on growth concerns, the UK and Eurozone grappling with inflation and stagnation, and Japan balancing currency value and debt sustainability [48][49] - This policy fragmentation is expected to lead to increased volatility in global capital flows and exchange rates, challenging traditional investment strategies based on synchronized central bank actions [51][53] - China's position in this environment is complex, as it faces structural challenges of weak demand and low prices, necessitating a careful approach to monetary policy to stimulate internal demand without exacerbating deflationary pressures [62][64] Group 3 - The current global monetary policy landscape presents both challenges and opportunities for China, as the divergence may reduce depreciation pressure on the yuan and attract international capital into Chinese bonds [60][65] - Japan's potential currency strength could benefit Chinese manufacturers by enhancing their competitive edge in global markets [65][66] - China's stable and independent monetary policy could become a valuable asset in the current fragmented global environment, enhancing investor confidence in its financial markets [66]