<p>Investing.com -- 长期持有基金经理上周继续买入，所有行业都出现净流入，花旗在周三的一份报告中透露。</p>
<p>技术、房地产和金融领域的敞口增加最大，而材料、工业和能源领域的流入最小。</p>
<p>另一方面，对冲基金在同一时期是净卖家，尽管活动呈现出混合的情况。</p>
<p>医疗保健、消费品和技术是最受追捧的领域，而消费者耐用品和金融领域的资金流出集中在这些领域。</p>
<p>花旗在报告中强调：“本周，金融和房地产取代了消费者耐用品和工业，材料进入前三名之外，取代了通信领域。”</p>
<p>策略师们还指出，截至上周五的市场内部情况表明，定价反映了对软着陆的预期。</p>
<p>在八月中旬，该银行观察到 “滞涨” 和 “黄金时代” 相关性，科技领域往往占主导地位，似乎正在触底。这一趋势自那时以来已经显现，两种相关性都从八月初的低点上升，而 “过热” 相关性——公用事业和能源通常表现优异——已经下降。</p>
<p>最近，“晚期衰退” 和 “软着陆” 相关性显著增加。</p>
<p>今年早些时候，这些主题显示出正相关性，尽管黄金时代和滞涨相关性占主导地位，受到科技表现的推动。现在，软着陆情景与更广泛的市场表现趋于一致。</p>
<p>花旗团队写道：“我们认为，软着陆相关性可能不再受青睐，或者科技可能卷土重来，与软着陆相关性相遇。”</p>
<p>然而，鉴于本周观察到的价格走势疲弱，他们认为软着陆相关性可能正在失去动力，尽管即将到来的催化剂仍可能影响结果。</p>
<p>此内容最初发表在 Investing.com 上</p>

花旗

开市客

塔吉特

克罗格

<p>根据花旗的一份报告，长期持有基金增加了在所有行业的股票购买，尤其是在科技、房地产和金融领域。相反，对冲基金是净卖家，偏爱医疗保健、消费品和科技，同时在消费类可选品和金融领域进行抛售。市场指标表明预期出现软着陆，观察到在 “后期衰退” 和 “软着陆” 情景中相关性上升。尽管价格走势疲弱，花旗预计可能会出现影响这些相关性的潜在市场催化剂</p>

<p>Investing.com -- Long-only managers continued buying last week, with all sectors witnessing net inflows, Citi revealed in a Wednesday note.</p>
<div class="lb-trans"><p>Investing.com -- 长期持有基金经理上周继续买入，所有行业都出现净流入，花旗在周三的一份报告中透露。</p>
</div><p>The largest increases in exposure were seen in technology, real estate, and financials, while materials, industrials, and energy saw the smallest inflows.</p>
<div class="lb-trans"><p>技术、房地产和金融领域的敞口增加最大，而材料、工业和能源领域的流入最小。</p>
</div><p>Hedge funds, on the other hand, were net sellers during the same period, though the activity was mixed.</p>
<div class="lb-trans"><p>另一方面，对冲基金在同一时期是净卖家，尽管活动呈现出混合的情况。</p>
</div><p>Health care, consumer staples, and technology were the most bought, while outflows were concentrated in consumer discretionary and financials.</p>
<div class="lb-trans"><p>医疗保健、消费品和技术是最受追捧的领域，而消费者耐用品和金融领域的资金流出集中在这些领域。</p>
</div><p>“Financials and real estate replace consumer discretionary and industrials in the top bucket this week; Materials moves into the bottom 3 replacing communications,” Citi highlighted in the note.</p>
<div class="lb-trans"><p>花旗在报告中强调：“本周，金融和房地产取代了消费者耐用品和工业，材料进入前三名之外，取代了通信领域。”</p>
</div><p>Strategists also point out that market internals as of last Friday indicate that pricing reflects expectations of a soft landing.</p>
<div class="lb-trans"><p>策略师们还指出，截至上周五的市场内部情况表明，定价反映了对软着陆的预期。</p>
</div><p>In mid-August, the bank observed that the “stagflation” and “goldilocks” correlations, where tech tends to dominate, appeared to be bottoming out. This trend has since materialized, with both correlations rising from their early August lows, while the “overheat” correlation—where utilities and energy typically outperform—has declined.</p>
<div class="lb-trans"><p>在八月中旬，该银行观察到 “滞涨” 和 “黄金时代” 相关性，科技领域往往占主导地位，似乎正在触底。这一趋势自那时以来已经显现，两种相关性都从八月初的低点上升，而 “过热” 相关性——公用事业和能源通常表现优异——已经下降。</p>
</div><p>Recently, there has been a notable increase in “late recession” and “soft landing” correlations.</p>
<div class="lb-trans"><p>最近，“晚期衰退” 和 “软着陆” 相关性显著增加。</p>
</div><p>Earlier this year, these themes showed positive correlations, though the goldilocks and stagflation correlations were dominant, driven by tech outperformance. Now, the soft landing scenario is aligning with a broader market performance.</p>
<div class="lb-trans"><p>今年早些时候，这些主题显示出正相关性，尽管黄金时代和滞涨相关性占主导地位，受到科技表现的推动。现在，软着陆情景与更广泛的市场表现趋于一致。</p>
</div><p>“We think it is likely that either the soft landing correlation falls back out of favor or tech can make a comeback and meet the soft landing correlation,” Citi’s team wrote.</p>
<div class="lb-trans"><p>花旗团队写道：“我们认为，软着陆相关性可能不再受青睐，或者科技可能卷土重来，与软着陆相关性相遇。”</p>
</div><p>However, given the weaker price action observed this week, they suggest the soft landing correlation may be losing momentum, though upcoming catalysts could still influence the outcome.</p>
<div class="lb-trans"><p>然而，鉴于本周观察到的价格走势疲弱，他们认为软着陆相关性可能正在失去动力，尽管即将到来的催化剂仍可能影响结果。</p>
</div><p>This content was originally published on Investing.com</p>
<div class="lb-trans"><p>此内容最初发表在 Investing.com 上</p>
</div>

长期持有基金在买入股票，而对冲基金则在持续抛售