摩根资产管理的Bob Michele表示，市场抛售是对特朗普政府发出的一则信息，要求其采取行动恢复平 静——正如去年"解放日"关税引发投资者恐慌后官员们所做的那样。 标普500指数周二抹去了2026年的涨幅，国债和美元也双双走低，此前特朗普威胁对多个反对他施压夺 取格陵兰岛的欧洲国家征收关税。此番市场动荡之前，日本40年期国债收益率触及纪录新高，因担忧首 相高市早苗宣布的提前选举可能会为更宽松的政府支出铺平道路，从而加剧该国的财政困境。 在日本财务大臣片山皋月疾呼市场参与者冷静之后，40年期国债周三反弹。特朗普预计将于周三抵达达 沃斯。 Michele表示，鉴于美国债市（包括政府债和企业债）的深度和流动性，全球固定收益投资者别无选 择。他补充说，在宣布提前选举引发财政盈余担忧后，日本国债市场已经变得"失去锚定"作用。 "我们原以为特朗普去达沃斯是为了讨论住房和信用卡的负担能力问题。现在突然变成了讨论格陵兰岛 的负担能力问题，"Michele说道。 责任编辑：于健 SF069 摩根资产管理的Bob Michele表示，市场抛售是对特朗普政府发出的一则信息，要求其采取行动恢复平 静——正如去年"解放日"关税引发投 ...

Core Viewpoint - The recent market trends show a divergence where technology stocks are reaching new highs while bank stocks are struggling to gain traction, primarily due to unexpected weakness in the bond market affecting banks' non-interest income [1][3]. Group 1: Bank Sector Performance - The banking sector experienced a weak performance in Q3, with stock prices generally declining by nearly 15% on average [3]. - Concerns over asset quality have intensified, particularly for small and medium-sized banks that rely on government bond investments for stable income, as seen with Changshu Bank receiving regulatory penalties for non-compliance with investment strategies [1][3]. Group 2: Economic Context - The fluctuations in government bond investments are part of the interest rate cycle, and banks primarily hold these bonds for stable coupon income, meaning short-term price volatility does not affect maturity payouts [3][6]. - The long-term value of banks is fundamentally tied to the stability of China's GDP growth and the continuous increase in household income, with an expected average growth rate of 4% to 5% over the next decade [5][6]. Group 3: Investment Opportunities - Well-managed banks with strong risk control and leading retail business layouts have the potential to achieve profit growth rates that outpace GDP growth by two times [6]. - The current stock price pullback has lowered valuations, enhancing future expected returns, and historical trends suggest that market pessimism often creates investment opportunities [8].