数据支撑： 截至2025年9月，MSCI全球所有国家指数（ACWI）年内涨幅约17.2%，其中非美市场贡献度显著 提升。 近期，MSCI全球指数（除美国）表现超越MSCI美国指数，并创下自2009年以来的最大差距。这一现 象不仅是短期市场波动的结果，更可能反映出全球资本流向与区域估值格局的深层次变化。 ...

Group 1 - The core sentiment in the market is one of caution as investors await the Federal Reserve's interest rate decision, leading to a pause in the rally of major indices like the S&P 500 and Nasdaq [2][3] - There is a prevailing expectation of a 25 basis point rate cut, which would be the first since late 2024, aimed at addressing a cooling labor market [3] - Despite the overall market hesitation, Chinese concept stocks are showing resilience and strength, driven by China's economic recovery and supportive policies [4][5] Group 2 - The anticipated rate cuts by the Federal Reserve are expected to benefit the stock market, particularly cyclical sectors like finance and industrials, but there is a fear that such cuts may signal a weak economic outlook [3][6] - The performance of Chinese stocks is bolstered by a favorable macroeconomic environment, with predictions of increased fiscal and monetary support in 2025 [4][5] - Global capital is being reallocated, with foreign institutions increasingly optimistic about Chinese assets, suggesting a potential outperformance compared to other regions [4][5] Group 3 - The market is experiencing a dichotomy, with some Chinese stocks thriving while others face significant challenges, reflecting increased competition and selective investor behavior [6][7] - The potential for stricter auditing requirements from U.S. regulators poses a compliance challenge for Chinese companies, which could increase costs and complicate their market presence [5][6] - The sustainability of the current strength in Chinese stocks will depend on their ability to innovate and deliver solid performance amidst regulatory and competitive pressures [6][7]