美元资产前景如何？ 戴旻对第一财经分析称，从宏观经济基本面来看，美国整体经济目前仍处于比较偏稳健的阶段。一方 面，美股上市公司的盈利预期从4月"对等关税"宣布后，起初有所下调，但从4月至今，企业盈利增长预 期一直在往上调，三季度盈利预测约在7%~10%之间。此后，如果利率中枢进一步下行，会对盈利产生 更多支撑。另一方面，虽然美国劳动力市场各项数据在走弱，但总体仍处在一个基本平衡的状态。 结合两方面来看，美国整体仍处在向上的经济周期中，只是增长速度会放缓。此外，这种趋势也受到全 球人工智能（AI）发展周期的推动，AI上游的半导体、芯片目前处于上行周期。AI从2022年底到2023 年初开始发展，去年7月到今年4月，半导体行业处在一个短暂下行周期，但从今年5月开始基本从底部 恢复了。AI周期与宏观周期叠加，使得美国市场面对的基本面处于虽然放缓、但仍稳健的状态。 美联储近期终于重启降息，且后续降息路径基本符合市场此前预期。从股票、信贷再到贵金属，许多资 产价格都被推至历史新高或多年最高水平，市场遍布乐观情绪。虽然美联储降息周期对全球市场和风险 情绪是一大利好，但本轮降息又伴随着对美联储独立性受干预的担忧。此外，特朗 ...

Group 1 - The core concept of "mainly investing in bonds while also investing in stocks" is to enhance returns through a combination of fixed income and equity investments [1] - The investment objective of such funds is not merely to seek returns but to achieve a balance between risk and return, focusing on stable long-term growth [7][10] - The strategy aims to meet the needs of investors who seek to achieve steady progress in their investments while managing risks effectively [2][3] Group 2 - The inclusion of bonds in the investment portfolio provides stable interest income and capital gains, which can help smooth out the overall volatility of the fund [2][6] - The correlation between stocks and bonds is typically low, allowing for effective risk diversification through multi-asset investment strategies [3][6] - Historical performance data shows that these funds can outperform pure bond funds during bullish stock market conditions while providing better downside protection during market downturns [7][8]