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为什么市场“融涨”行情仍在继续

2026年伊始，乐观主义者正试图淡化泡沫焦虑

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    • 纵观各大投资银行和大型资产管理公司的前景展望，我们很难找到一个唱反调的人。
    • 纵观各大投资银行和大型资产管理公司的前景展望，我们很难找到一个唱反调的人。 图片来源：路透社

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    Katie Martin

    Published Tue, Jan 6, 2026 · 07:00 AM

    本文由AI辅助翻译

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    去年对于金融预测而言是糟糕的一年，但我很乐意为2026年再做一个预测：股票和其他风险资产将强劲上涨。负面消息似乎仍无法撼动坚挺的市场，悲观主义者看似正在放弃抵抗，而市场“融涨”（melt-up）行情正当时。

    纵观各大投资银行和大型资产管理公司的前景展望，我们很难找到一个唱反调的人。美国的贸易政策及其对央行的干预，对所有投资组合而言，仍然是一个清晰且现实的危险，但2025年市场惊人的韧性，让那些袖手旁观的抱怨者很难再站得住脚。

    四月份那段黑暗的日子——当时美国总统 Donald Trump 异想天开的全球贸易政策导致市场暴跌——如今已成为越来越遥远的记忆。

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