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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚-行業數據

圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚
圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚
國際環境的變化也助推著資本涌向美國：“ 俄烏沖突”籠罩下的歐洲、對貨幣政策正?；t疑的日本也助推了資金向美元資產的集中（2024 年 7 月因日元套息交易平倉而引發的美國科技股大跌即是對此線索的逆向驗證）。
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第1頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第2頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第3頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第4頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第5頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第6頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第7頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第8頁
圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第9頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第10頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第11頁
圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第12頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第13頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第14頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第15頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第16頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第17頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第18頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第19頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第20頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第21頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第22頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第23頁
圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第24頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第25頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第26頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第27頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第28頁
圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第29頁
圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第30頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第31頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第32頁
圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第33頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第34頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第35頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第36頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第37頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第38頁
圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第39頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第40頁
圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第41頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第42頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第43頁
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圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第44頁
圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第45頁
圖5、在2022年后，美國“里根大循環”推高了其他市場對美國市場的風險溢價，中國尤甚_第46頁
所屬報告： 2025中國敘事：敢教日月換新天-250327（42頁）.pdf
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