Group 1 - The core viewpoint of the article indicates a rebound in risk appetite among institutional investors, with cash positions dropping to a 13-year low of 3.7% [1] - Historically, cash positions below 3.7% have occurred only 20 times since 2002, typically leading to stock market declines and stronger performance in government bonds within 1 to 3 months, signaling a "sell" [1] - There is a notable increase in stock allocations, with global equity overweight rising to a net 34%, the highest since February 2025 [1] Group 2 - Commodity overweight has also increased to a net 17%, marking the highest level since September 2022, indicating it as a core asset favored by institutions [1] - A significant shift in global institutional investor sentiment is observed, with 53% of fund managers believing in a smooth "soft landing" for the global economy, the highest proportion since January 2025 [1] - The global economic growth forecast has turned positive for the first time since December 2024, aligning overall expectations with stock market performance [1]

美银调查显示，目前英国股市正首当其冲承受投资者谨慎情绪的影响，对英国股市的配置出现自2022年10月以来最大三个月降幅。市场对英国经济前景存在 担忧，且工党政府可能在11月26日预算中宣布增税和紧缩措施。此外，英国利率水平仍高于欧元区水平。 美银的调查显示，投资者对股市的敞口仍处于2月以来最高水平。Michael Hartnett表示，若美联储12月不降息，市场将面临"进一步调整"。这位策略师表 示，当前头寸对风险资产而言"是逆风而非顺风"。美银调查还显示，潜在AI泡沫被列为最大尾部风险，同时投资者二十年来首次认为企业存在过度投资现 象。 此外，约42%受访者预计国际股票将成为明年表现最佳的资产类别，仅22%认为美股将领先。这一预期与高盛策略师Peter Oppenheimer的预测相呼应。此前 准确预测今年美股跑输其他地区股市的Peter Oppenheimer预计，未来十年美股将继续落后于全球其他主要市场。这位策略师预计，标普500指数在未来十年 的年化收益率将达到6.5%，在所有地区中表现最弱;新兴市场预计将成为最强者，年化收益率为10.9%。 智通财经APP获悉，美国银行的一项月度调查显示，投资者现金 ...