千亿私募景林资产海外子公司向SEC提交了13F，其最新美股持仓数据曝光。 景林对Nebius Group、奇富科技、新东方、台积电、晶科能源、海底捞和万物新生持仓不变；清仓了微 软、携程、大全新能源、百济神州、阿特斯太阳能、Formula One Group和禾赛科技。 景林美股最新前10大重仓标的为：Meta、网易、英伟达、拼多多、谷歌A、富途控股、满帮、阿里巴 巴、Nebius 、奇富科技，持仓总市值达36.37亿美元，约占其美股持仓总市值的82%。 从景林持仓看，近一半为中概股。 景林资产认为，海外资金潜在流入空间较大，未来A股与港股均有望承接国际增量资金；当前中国股市 的估值仍具备吸引力；历史经验表明，弱美元预期下，全球资金将从美国市场流向新兴市场寻求更高回 报，估值相对偏低的中国股市的配置价值将尤为凸显。 截至2025年三季度末，景林资产在美股持有30只证券，持仓总市值约为44.4亿美元（折合人民币约316 亿元），较二季度末的28.74亿美元，市值增加超15亿美元。 持仓动向上，三季度景林资产新进持仓标的有9只、加仓标的有8只、减持标的有6只，7只标的持仓不 变。 具体来看，景林三季度新进新思科技 ...

Market Overview - The successful outcome of the China-US-Switzerland talks on May 12 significantly boosted global risk appetite, leading to a general rise in global stock indices[5] - In May, the 20-year US Treasury auction was cold, with the final yield at 5.047%, raising concerns about US fiscal pressure[6] Global Fund Flows - In May, global equity funds saw a significant outflow from emerging markets, totaling $8.3 billion, while developed markets experienced an inflow of $30.5 billion[13] - Developed European equity funds received inflows of $24.7 billion, while Chinese equity funds faced a substantial outflow of $10.9 billion[25] China Market Dynamics - In May, China's fixed income market saw a notable inflow of $4.9 billion, while the equity market experienced a significant outflow[15] - The inflow ratio for Chinese fixed income funds was 5.6%, while the equity market saw a -1.1% outflow ratio[14] Sector Performance - In the US, there was a marked outflow from the technology sector, while industrials, telecommunications, and infrastructure saw inflows[41] - The inflow into US corporate bonds reached $39.4 billion in May, reversing the previous month's outflow of $23.2 billion[27] Risk Factors - Potential risks include unexpected economic downturns in the US, escalating geopolitical conflicts in the Middle East, and higher-than-expected tariffs from the Trump administration[36]

Core Viewpoint - The recent rebound of the US dollar following a de-escalation in trade tensions is perceived as temporary, with a long-term bear market for the dollar just beginning due to chaotic economic policies from the Trump administration that have disrupted global trade patterns [1]. Group 1 - Jens Nordvig, founder of Exante Data, maintains communication with major global investors, including hedge fund managers, corporate finance executives, pension funds, and sovereign wealth funds [1]. - The inconsistent and fragmented tariff policies have irreversibly undermined investor confidence in the US dollar [1].