Core Viewpoint - The divergence in global central bank monetary policies is leading to significant capital flows towards emerging markets, which are seen as having favorable investment opportunities due to lower inflation pressures and resilient economic growth prospects [1][4]. Group 1: Central Bank Policies - The Federal Reserve is cautiously proceeding with interest rate cuts, while the European Central Bank has paused its actions, and the Bank of Japan is signaling potential rate hikes [2][3]. - Emerging market countries are accelerating their rate cuts, with Mexico and Poland recently lowering their rates to the lowest levels since 2022 [2][4]. - The divergence in monetary policies reflects a broader trend of easing to support economic growth amid weakening inflation expectations [3][5]. Group 2: Investment Opportunities in Emerging Markets - Emerging markets are benefiting from a larger space for rate cuts, which supports potential returns on local currency bonds and equities [4][5]. - The consumer price index in emerging markets has shown a rare reversal, with an average inflation rate dropping to 2.47% from July to September, compared to 3.32% in developed economies [4][6]. - The overall decline in inflation pressure in emerging markets allows for more supportive monetary policies, enhancing their attractiveness for investment [4][6]. Group 3: Capital Flows and Market Sentiment - The current interest rate differentials are influencing global capital flows, with emerging markets generally offering higher interest rates than developed economies [5][6]. - The weakening of the US dollar is expected to favor emerging market assets, as capital seeks regions with greater potential [6][7]. - Market sentiment is optimistic about the investment potential in emerging markets, particularly in bonds and equities, despite warnings of potential corrections in global stock markets [7][8].

◎记者 黄冰玉 当前，全球央行货币政策分化，主要发达经济体降息步调不一：美联储谨慎推进降息；欧洲央行暂停行 动；日本央行则释放加息信号。与此同时，多数新兴市场国家正加快降息步伐。 这一政策差异导致全球利差变化，促使资本持续流向新兴市场。得益于更大的降息空间、缓解的通胀压 力以及更具韧性的经济增长前景，新兴市场资产"良机已至"，其本币债券和股票市场因估值优势、较高 回报潜力和美元走弱预期而受到全球资金青睐，展现出显著的投资机遇。 全球央行货币政策分化 美联储"鹰派"降息、欧洲央行按兵不动、日本央行暗示加息……当前，全球央行似乎走上了货币政策 的"十字路口"。 业内人士普遍认为，美联储降息为其他全球主要央行提供了放宽政策的空间，其中新兴市场受益相对较 多——当前，多数新兴市场国家具有更大的降息空间，并支持新兴市场股票及本币债券的潜在回报。此 外，新兴市场凭借仍然有韧性的内需市场和科技进一步发展，凸显出更多的投资机遇。 眼下全球通胀趋势罕见逆转，彭博指数显示，新兴市场消费者价格指数连续两个季度增速低于发达国 家。这种逆转在过去35年中未曾出现。具体来看，新兴市场年均通胀率连续五个季度下降，7至9月降至 2.47%， ...