深圳商报·读创客户端记者陈燕青 如何看待美联储降息？其影响如何？ 对此，华西证券首席策略分析师李立峰分析称，"从美国近期的就业、消费等数据来看，经济可能比预 期的更弱，美联储年内大概率仍将选择降息。展望全球权益类资产价格走势，短期内存在利好兑现的因 素；中长期而言，全球货币宽松延续，全球权益类资产仍处于慢牛的趋势中。" 在前海开源基金首席经济学家杨德龙看来，美联储降息可能会引发全球央行降息潮，中国央行也有较大 的货币政策宽松的空间。杨德龙认为，此次降息符合市场预期，对于资本市场的影响并不太大，当前A 股和港股已经开启一轮慢牛长牛行情，建议投资者保持信心和耐心，通过配置优质股票或基金，争取实 现财富增长。 美联储17日宣布，将联邦基金利率目标区间下调25个基点到4%至4.25%之间的水平。这是美联储时隔9 个月重启降息。 在美联储宣布降息后，美股三大指数涨跌不一。截至17日收盘，道琼斯指数上涨0.57%、纳斯达克指 数、标普500指数分别下跌0.32%和0.1%。黄金冲高回落，纽约期金收于每盎司3694.6美元，跌幅为 0.82%。 记者注意到，去年9月，美联储启动了四年多来的首次降息，分别在去年9月、11月、 ...

Core Viewpoint - The A-share market is experiencing a "slow bull" trend, with significant increases in market capitalization and stock indices, indicating a potential long-term bullish outlook [1][3][12]. Group 1: Market Performance - On August 20, the Shanghai Composite Index reached a nearly ten-year high, closing at 3766.21 points, up 1.04%, with the Shenzhen Component and ChiNext also showing gains [3]. - A-share trading volume has exceeded 20 trillion yuan for six consecutive trading days, reflecting heightened market activity [3]. Group 2: Capital Inflows - Various types of capital, including insurance funds, foreign investment, retail investors, and private equity, are entering the market, contributing to the bullish trend [3][4][5]. - Foreign investment has reversed a two-year trend of net selling, with a net increase of 10.1 billion USD in domestic stocks and funds in the first half of 2025 [3]. - Insurance funds have seen a significant increase in their equity investment ratio, with total assets under management reaching 36.23 trillion yuan, a year-on-year increase of 17.4% [5][7]. Group 3: Investor Sentiment - While some retail investors are entering the market, many remain cautious, as indicated by the relatively low number of new fund subscriptions and accounts compared to earlier in the year [9][10]. - The number of new A-share accounts opened in July was 1.46 million, showing a 19.29% increase from the previous month, but still below earlier peaks [9]. Group 4: Insurance Fund Strategies - Insurance funds are focusing on high-dividend stocks, particularly in the banking and telecommunications sectors, reflecting a strategy of stable returns [6][8]. - The regulatory environment has become more favorable for insurance investments, with increased limits on equity investment ratios, suggesting further potential for capital inflows [7][8]. Group 5: Market Outlook - Analysts predict that the current bull market will continue, with a focus on steady growth and sector rotation, particularly in previously undervalued stocks [12][13]. - The market's ability to maintain high trading volumes and a stable upward trend is seen as a positive indicator for future performance [12][13].