A股大反弹点燃17.8%“大逆转行情” 摩根大通化身“新兴市场牛市”旗手

智通财经2025-07-29

智通财经APP获悉，华尔街金融巨头摩根大通在新兴市场今年迄今强劲表现、有利的宏观顺风驱动力以及中国A股市场涨势如虹的大背景下，重申了对新兴市场(EM)股票的坚定看涨立场。今年以来，随着特朗普面向全球的关税政策以及移民限制举措、出台大举推动预算赤字激增的”大而美“法案，导致“美国例外论”逐渐崩塌，令一些国际投资者乃至华尔街部分资管机构自今年以来持续抛售美国资产，进而转向欧洲以及新兴市场。比如在...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2555055236?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-07-29 19:51","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2555055236","market":"us","top_or_hot":-1,"title":"A股大反弹点燃17.8%“大逆转行情” 摩根大通化身“新兴市场牛市”旗手","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，华尔街金融巨头摩根大通在新兴市场今年迄今强劲表现、有利的宏观顺风驱动力以及中国A股市场涨势如虹的大背景下，重申了对新兴市场(EM)股票的坚定看涨立场。今年以来，随着特朗普面向全球的关税政策以及移民限制举措、出台大举推动预算赤字激增的”大而美“法案，导致“美国例外论”逐渐崩塌，令一些国际投资者乃至华尔街部分资管机构自今年以来持续抛售美国资产，进而转向欧洲以及新兴市场。比如在...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1323263.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>A股大反弹点燃17.8%“大逆转行情” 摩根大通化身“新兴市场牛市”旗手</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nA股大反弹点燃17.8%“大逆转行情” 摩根大通化身“新兴市场牛市”旗手\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-07-29 19:51 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1323263.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，华尔街金融巨头摩根大通在新兴市场今年迄今强劲表现、有利的宏观顺风驱动力以及中国A股市场涨势如虹的大背景下，重申了对新兴市场(EM)股票的坚定看涨立场。今年以来，随着特朗普面向全球的关税政策以及移民限制举措、出台大举推动预算赤字激增的”大而美“法案，导致“美国例外论”逐渐崩塌，令一些国际投资者乃至华尔街部分资管机构自今年以来持续抛售美国资产，进而转向欧洲以及新兴市场。比如在...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1323263.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0640476718.USD","symbol_name":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1323263.html","article_id":"2555055236","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2555055236","pubTimestamp":1753789895,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，华尔街金融巨头摩根大通在新兴市场今年迄今强劲表现、有利的宏观顺风驱动力以及中国A股市场涨势如虹的大背景下，重申了对新兴市场股票的坚定看涨立场。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"159982":"中证500","399300":"沪深300","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","LU0882574139.USD":"富达环球消费行业基金A ACC","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","BK4550":"红杉资本持仓","BK4588":"碎股","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","LU1261432733.SGD":"Fidelity World A-ACC-SGD","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","JPM":"摩根大通","IE0034235295.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"A\" (USD) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU1894683264.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) ACC","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. VL \"A\" (USD) ACC","LU1670628061.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) INC","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","LU1917777945.USD":"安联专题基金Cl AT Acc","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","LU0976567544.SGD":"FTIF - Templeton Global Income A Mdis SGD-H1","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","LU0971096721.USD":"富达环球金融服务 A","LU1670627923.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) ACC","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD)  INC","LU0149725797.USD":"汇丰美国股市经济规模基金","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU2242649171.HKD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (HKD) ACC","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC"},"translate_title":"A-share rebound ignites a 17.8% \"big reversal market\" JPMorgan Chase becomes the standard bearer of the \"emerging market bull market\"","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"159982":1,"399300":1,"JPM":1},"content_text":"智通财经APP获悉，华尔街金融巨头摩根大通在新兴市场今年迄今强劲表现、有利的宏观顺风驱动力以及中国A股市场涨势如虹的大背景下，重申了对新兴市场(EM)股票的坚定看涨立场。今年以来，随着特朗普面向全球的关税政策以及移民限制举措、出台大举推动预算赤字激增的”大而美“法案，导致“美国例外论”逐渐崩塌，令一些国际投资者乃至华尔街部分资管机构自今年以来持续抛售美国资产，进而转向欧洲以及新兴市场。比如在摩根大通唱多新兴市场股票之前，来自欧洲的资管巨头Amundi SA从长期以来的“聚焦美国资产配置”全面转向押注欧洲以及新兴市场增值趋势，并准备应对美国白宫税收政策以及面向全球的贸易政策可能引发的美国股债汇市场新一轮剧烈波动。有着“新债王”称号的全球资管巨头DoubleLine Capital 首席执行官杰弗里·冈拉克(Jeffrey Gundlach)近日表示，随着特朗普一系列激进政策导致“美国例外论”逐渐崩塌，美元踏入长期贬值曲线几乎成定局，预计以新兴市场为代表的国际股票将继续跑赢美国股市。截至目前，新兴市场股票以美元计价的MSCI新兴市场股指已累计上涨17.8%，跑赢发达市场(DM)660个基点，实现大幅反转——自2010年以来，新兴市场持续落后于美国股票所主导的发达市场。“截至去年为止，投资者们对于新兴市场持仓仍然非常轻，且大多数人曾经将新兴市场权重最大的中国股市视为明显的结构性减配。虽然这种状况仍未发生重大改变，但是多数投资者对于中国股市的立场出现转变，尤其是聚焦A股与港股的被动型ETF重拾规模增长路径。尤其值得注意的是，美国在对华贸易谈判中已从对抗边缘后退，这是一重大利好。”来自摩根大通的股票市场策略师米斯拉夫·马泰伊卡(Mislav Matejka)表示。马泰伊卡认为，美元将长期疲软的预期以及美联储今年可能降息2次的预期都将有助于提升新兴市场股票价格的增长表现。摩根大通指出，尽管新兴市场仍面临产能过剩、房价疲弱以及通缩压力等结构性挑战，但亦出现了一些积极增长信号。“负面因素已被充分认识且定价，而政策重点及行动轨迹正在改变——新兴市场不再是不断加码监管，而是转向支持私营经济。因此，上个季度我们在上调新兴市场股票评级时就认为，中国市场未来一段时间的表现将大幅改善。”策略师马泰伊卡表示。来自摩根大通的马泰伊卡表示，在具体的新兴市场方面，中国股票市场仍将是配置焦点，而在其他新兴市场中，摩根大通看好印度、韩国和巴西。该机构还重申对新兴市场矿业板块的“双重上调”。过去一个月新兴市场的矿业股表现最佳，而且中国国内经济活动持续改善可能成为该板块的下一个重大催化剂。华尔街近期对中国股票市场的立场可谓普遍转向乐观看涨，高盛集团的策略师团队表示，重申该机构对中国股票市场的“超配”立场，并将涵盖贵州茅台、腾讯以及阿里巴巴等中国核心资产的MSCI中国股票指数的12个月目标位从85点进一步上调至90点，预示着超过10%的潜在投资回报。高盛策略师Kinger Lau等人在周一发布的一份报告中表示，参考近几个月与美国达成贸易协议的其他国家的交易模式，“一项潜在的中美贸易协议，可能会成为清除中国股市障碍的市场催化事件”。策略师还指出，其他利好因素包括：人民币汇率趋强以及市场流动性状况的改善等等。有着“对冲基金霸主”称号的全球最大规模对冲基金桥水基金(Bridgewater Associates)对中国股票市场的前景预期已经变得更加乐观。桥水在岸中国子公司在第二季度致投资者的一份信中表示，截至6月30日，其对中国股票市场的观点相较于“全天候策略”(All Weather)战略配置为“适度增加”，核心理由是政策支持、AI投资热潮席卷中国市场以及中国股市估值仍然相对较低。根据美国资管巨头景顺(Invesco Ltd.)最新发布的《全球主权资产管理研究》，全球主权资产管理机构对于中国资产的配置兴趣大举回升，绝大多数基金预计将加大投入，借助中国科技驱动的资产涨势来抓住历史级的技术变革机遇，并且倾向以削减美国长期国债持有规模来提供资金支持。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.0","shortVersion":"4.44.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2555055236","isCrawlerRequest":true}