Equity – Asia Research Morning Meeting Summary 从滞涨避险到 Taco 2.0/ 商业航天开篇十问; 森松国际/ 华润啤酒/ 乐舒适/ 吉利汽车/ China Literature / Yalla 25 Mar 2026 | [Table_index] | Last | 1D (%) | YTD (%) | | --- | --- | --- | --- | | MSCI China | 76.6 | 2.66 | -7.24 | | Hang Seng | 25,064 | 2.79 | -2.21 | | Shanghai | 3,881 | 1.78 | -2.21 | | Comp Topix | 3,560 | 2.10 | 4.42 | | Nikkei 225 | 52,252 | 1.43 | 3.80 | | Kospi | 5,554 | 2.74 | 31.79 | | BSE Sensex | 74,068 | 1.89 | -13.09 | | MSCI India | 894.0 | 2.01 | -15.25 | | Taiwan T ...

[Table_Title] 研究报告 Research Report 24 Mar 2026 国泰海通香江策论 Global Macro Strategy 从滞涨避险到 Taco 2.0：海外资产逻辑切换 From Stagflation Hedging to Taco 2.0: The Shift of Overseas Asset Logic 张忆东 Yidong Zhang 刘念芸 Nianyun Liu 周志超 Zhichao Zhou yd.zhang@htisec.com ny.liu@htisec.com zc.zhou@htisec.com [Table_yemei1] 观点聚焦 Investment Focus [Table_summary] (Please see APPENDIX 1 for English summary) 一、宏观经济点评 3 月 FOMC 会议 美联储 3 月 FOMC 会议上将联邦基金利率的目标区间维持在 3.5%~3.75%。会后声明指出，中东局势发展对美国经 济的影响尚不确定，通胀未稳不降息。在经济预测方面，美联储小幅上调了通胀与增长预期。从点阵图来看，未 来 ...