[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio0302bcca":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":77},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio0302bcca","美国银行研报：美股宏观市场研究2026-03-27","\u002Fdoc\u002Fdcio0302bcca","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\u003Cspan style=\"font-size: large;\">1.\u003Cspan style=\"font-family: DengXian;\">市场在跌，但还没跌透。标普\u003C\u002Fspan>500\u003Cspan style=\"font-family: DengXian;\">目前还没进入技术性“回调”区间，跌破\u003C\u002Fspan>6300\u003Cspan style=\"font-family: DengXian;\">点才算。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">2.\u003Cspan style=\"font-family: DengXian;\">资金在往哪里逃\u003C\u002Fspan>?\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">避险与大调仓\u003C\u002Fspan>=\u003Cspan style=\"font-family: DengXian;\">现金流出创\u003C\u002Fspan>10\u003Cspan style=\"font-family: DengXian;\">周之最\u003C\u002Fspan>(350\u003Cspan style=\"font-family: DengXian;\">亿美元\u003C\u002Fspan>)+\u003Cspan style=\"font-family: DengXian;\">美股流出创\u003C\u002Fspan>13\u003Cspan style=\"font-family: DengXian;\">周之最\u003C\u002Fspan>(236\u003Cspan style=\"font-family: DengXian;\">亿美元\u003C\u002Fspan>)\u003Cspan style=\"font-family: DengXian;\">。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">资金疯狂涌入安全资产\u003C\u002Fspan>=\u003Cspan style=\"font-family: DengXian;\">短期债券流入\u003C\u002Fspan>133\u003Cspan style=\"font-family: DengXian;\">亿美元\u003C\u002Fspan>(\u003Cspan style=\"font-family: DengXian;\">史上第三大\u003C\u002Fspan>)+\u003Cspan style=\"font-family: DengXian;\">美国国债持续流入。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">这意味着\u003C\u002Fspan>:Q1\u003Cspan style=\"font-family: DengXian;\">市场的“共识交易”正在经历剧痛\u003C\u002Fspan>(Pain trade)>\u003Cspan style=\"font-family: DengXian;\">现实是能源跑赢了科技\u003C\u002Fspan>+\u003Cspan style=\"font-family: DengXian;\">现金跑赢了\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">债券\u003C\u002Fspan>+\u003Cspan style=\"font-family: DengXian;\">新兴市场跑赢了美股。过去几个月基于“流动性见顶\u003C\u002Fspan>+AI\u003Cspan style=\"font-family: DengXian;\">资本开支繁荣”的乐观定价正在被修正。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">3.\u003Cspan style=\"font-family: DengXian;\">为什么看空美元、看多黄金\u003C\u002Fspan>?\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">历史规律\u003C\u002Fspan>:\u003Cspan style=\"font-family: DengXian;\">当美国政府信誉受损\u003C\u002Fspan>(\u003Cspan style=\"font-family: DengXian;\">受地缘政治冲突与内部政策不确定性拖累\u003C\u002Fspan>)=\u003Cspan style=\"font-family: DengXian;\">美元进入熊市。美元熊市仍在继续\u003C\u002Fspan>>\u003Cspan style=\"font-family: DengXian;\">黄金\u003C\u002Fspan>+\u003Cspan style=\"font-family: DengXian;\">国际市场\u003C\u002Fspan>(\u003Cspan style=\"font-family: DengXian;\">非美资产\u003C\u002Fspan>)\u003Cspan style=\"font-family: DengXian;\">多头即将回归。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">其他催化剂\u003C\u002Fspan>=\u003Cspan style=\"font-family: DengXian;\">欧洲等非美地区财政支出激增\u003C\u002Fspan>(\u003Cspan style=\"font-family: DengXian;\">被迫加大国防与传统能源投入\u003C\u002Fspan>)=\u003Cspan style=\"font-family: DengXian;\">进一步削弱美元的相对优势。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">4.\u003Cspan style=\"font-family: DengXian;\">当下最值得关注的反向交易是什么\u003C\u002Fspan>?\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">核心首选\u003C\u002Fspan>=\u003Cspan style=\"font-family: DengXian;\">做多可选消费\u003C\u002Fspan>(Consumer Discretionary)\u003Cspan style=\"font-family: DengXian;\">，尤其是低收入群体相关的股票为什么这个这么重要\u003C\u002Fspan>?>\u003Cspan style=\"font-family: DengXian;\">目前可选消费相对标普\u003C\u002Fspan>500\u003Cspan style=\"font-family: DengXian;\">的权重，已经砸到了\u003C\u002Fspan>2008\u003Cspan style=\"font-family: DengXian;\">年金融危机和\u003C\u002Fspan>2020\u003Cspan style=\"font-family: DengXian;\">年疫情时期的历史绝对低位。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">美股投资网获悉，政策预期转变\u003C\u002Fspan>=\u003Cspan style=\"font-family: DengXian;\">大选后美国政府必须出台政策解决民众“买不起”的通胀痛点\u003C\u002Fspan>+\u003Cspan style=\"font-family: DengXian;\">应对\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">普及可能带来的政策转向\u003C\u002Fspan>(\u003Cspan style=\"font-family: DengXian;\">如全民基本收入\u003C\u002Fspan>UBI\u002F\u003Cspan style=\"font-family: DengXian;\">收益率曲线控制\u003C\u002Fspan>YCC)\u003Cspan style=\"font-family: DengXian;\">，以保护底层工人。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">5.\u003Cspan style=\"font-family: DengXian;\">接下来的宏观剧本怎么走\u003C\u002Fspan>?\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">熊市剧本\u003C\u002Fspan>=\u003Cspan style=\"font-family: DengXian;\">信用利差扩大\u003C\u002Fspan>+\u003Cspan style=\"font-family: DengXian;\">股市继续下跌\u003C\u002Fspan>>\u003Cspan style=\"font-family: DengXian;\">直到衰退预期打满，打破目前全球高达\u003C\u002Fspan>19%\u003Cspan style=\"font-family: DengXian;\">的盈利增长共识。前期支撑市场的“\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">生产力红利”暂时被疲软的\u003C\u002Fspan>Q4\u003Cspan style=\"font-family: DengXian;\">经济数据证伪。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">更多美股投行研报，查阅\u003C\u002Fspan> \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>\r\n\u003Cp> \u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FS\u002FSPY\u002FSPY.jpg","2026-03-27T14:32:04","2026.03.27","2026\u002F03\u002F27",36051,[22],"SPY","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure class=\"image\">\u003Ca 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href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\">案例介绍：英伟达深度研究报告\u003C\u002Fa>\u003C\u002Fh2>\u003C\u002Fdiv>",[33,37],{"productId":34,"serviceName":35,"priceText":36},"prod_PPxdDdK87QaiLv","月付","$12.95美元",{"productId":38,"serviceName":39,"priceText":40},"prod_PPxeMs3bix1da5","年付","$149.00美元",[],{"links":43,"images":68,"summaryHtml":73,"aboutTitle":74,"aboutHtml":75,"copyrightHtml":76},[44,47,50,53,56,59,62,65],{"label":45,"url":46},"深度报告","\u002Fcol\u002FdepthReport",{"label":48,"url":49},"VIP会员","\u002Fplan",{"label":51,"url":52},"期权推荐","\u002FOption",{"label":54,"url":55},"低价暴涨股","\u002FPenny",{"label":57,"url":58},"常见问题","https:\u002F\u002Fstockwe.com\u002FFAQ",{"label":60,"url":61},"美股课程","\u002Fcol\u002Fvideos",{"label":63,"url":64},"免责声明","\u002Fdisclaimer",{"label":66,"url":67},"联系我们","\u002FContactUs",[69,70,71,72],"https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploaderzic2tuwsol2_2025_09_11_18_21_07.gif","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploadercakzdvydksw_2025_09_03_09_00_56.png","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploadergtjyagwvoyk_2025_09_14_08_32_05.png","https:\u002F\u002Fstockwebsiteblob.blob.core.windows.net\u002Fweb-202509-stk\u002FUploader3u0tt4jhlqh_2025_09_23_22_30_48.png","邮箱: buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 StockWe.com 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理千万级股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，精准买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":78,"search":79,"searchPlaceholder":79,"hotContent":80,"draft":81,"noData":82,"searchNoData":83,"edit":84,"editVideo":85,"courseContent":86,"more":87,"buyNow":88,"subscribeNow":89,"encoding":90,"paidContent":91},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","编辑","编辑视频","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]