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市场对2026年的展望已充满“买入，但是……”的谨慎基调

对经济前景的信心似乎比以往更弱

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    • 市场倾向于将人工智能（AI）引领的资本支出作为对2026年保持乐观的理由，但这一趋势正在放缓。
    • 市场倾向于将人工智能（AI）引领的资本支出作为对2026年保持乐观的理由，但这一趋势正在放缓。 插图：REUTERS

    Mike Dolan

    Published Tue, Dec 2, 2025 · 06:46 PM

    本文由AI辅助翻译

    查看原文

    随着市场对明年投资展望的共识逐渐形成，我们很难找到彻头彻尾的股市空头。然而，当前逾半个世纪未见的经济组合，意味着很少有预测是不带重要附加条件的。

    2025年最大的谜题，似乎并非市场如何摆脱美国总统 Donald Trump 关税战的影响，而是人工智能（AI）投资热潮如何在没有创造大量就业岗位的情况下实现加速增长。

    正如 JPMorgan 的经济学家所言，人工智能（AI）引领的资本支出爆炸性增长与停滞的劳动力市场并存的局面，在过去60年的任何一次美国经济扩张中都未曾出现过。

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