<p><em>投资者暂停投资组合调整</em></p>
<p>纽约 --（商业资讯）-- 摩根士丹利财富管理今天公布了其季度零售投资者脉搏调查的结果：</p>
<p><img src="https://imageproxy.pbkrs.com/https://mms.businesswire.com/media/20260128183457/en/2705273/4/MS_graph.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://mms.businesswire.com/media/20260128183457/en/2705273/4/MS_graph.jpg"/></p>
<ul>
<li><strong>乐观情绪保持稳定。</strong> 在 2026 年开局混合的情况下，超过一半的投资者（56%）在本季度持乐观态度，与第四季度（56%）一致。</li>
<li><strong>通胀担忧依然突出。</strong> 通胀仍然是投资者最关心的问题（47%），远超其他担忧。与关税相关的不安排名第二（27%），但下降了 6 个百分点。</li>
<li><strong>市场波动预期减弱。</strong> 57% 的投资者认为本季度市场波动将增加，较第四季度下降了 8 个百分点。</li>
<li><strong>投资者保持现状。</strong> 52% 的投资者计划在接下来的六个月内不对其投资组合进行任何更改，较上季度的 41% 上升了 11 个百分点，尽管地缘政治背景、关税和 “顽固” 通胀加剧。</li>
</ul>
<p>“随着新的一年在波动的市场和持续的不确定地缘政治中开启，看到投资者坚持他们的投资策略并进行长期投资是令人鼓舞的，” 摩根士丹利 E*TRADE 交易与投资主管 Chris Larkin 表示。“投资者需要记住，市场并不总是上涨，波动是正常的。在应对潜在的挑战时，保持纪律的投资方法将帮助他们专注于长期目标。”</p>
<p>调查探讨了投资者对 2026 年第一季度行业机会的看法：</p>
<ul>
<li><strong>信息技术—</strong> 与人工智能相关的动能继续推动科技行业的积极情绪，尽管最近出现了抛售。60% 的投资者认为信息技术是潜力最大的行业。</li>
<li><strong>能源—</strong> 投资者对能源的兴趣略有上升（上升 7 个百分点至 49%），与数据中心的电力需求有关。</li>
<li><strong>医疗保健—</strong> 对医疗保健行业的情绪持续高涨（33%），这是一个历史上防御性较强的行业。</li>
</ul>
<p><strong>关于调查</strong></p>
<p>本次调查于 2026 年 1 月 6 日至 1 月 26 日之间在美国在线样本中进行，共有 978 名自我导向投资者、完全委托投资账户管理给金融专业人士的投资者以及同时使用两者的投资者参与。调查的误差范围为±3.20%，置信水平为 95%。调查由 Dynata 进行和管理。样本分为三类可投资资产：少于 50 万美元、50 万美元至 100 万美元之间，以及超过 100 万美元。样本中男性占 60%，女性占 40%，自我选择为具有中等以上投资经验，且在地理区域和年龄段上分布均匀。</p>
<p><strong>关于摩根士丹利财富管理</strong></p>
<p>摩根士丹利财富管理是全球领先的财富管理公司，向个人、企业和机构提供广泛的产品和服务，包括经纪和投资顾问服务、财务和财富规划、现金管理和贷款产品及服务、年金和保险、退休和信托服务。</p>
<p><strong>关于摩根士丹利</strong></p>
<p>摩根士丹利（NYSE: MS）是一家领先的全球金融服务公司，提供广泛的投资银行、证券、财富管理和投资管理服务。公司在 42 个国家设有办事处，员工为全球客户提供服务，包括企业、政府、机构和个人。如需了解更多关于摩根士丹利的信息，请访问 www.morganstanley.com。</p>
<p>本材料仅为信息目的而准备，并不构成购买或出售任何证券或其他金融工具的要约，或参与任何交易策略的邀请。本材料未根据接收者的个人财务状况和目标进行个性化投资建议的准备。摩根士丹利建议投资者独立评估特定投资和策略，并鼓励投资者寻求财务顾问的建议。</p>
<p>摩根士丹利投资组合解决方案是我们 Select UMA 平台下的投资组合，分为公司自主投资组合或管理顾问投资组合解决方案。请参见 www.morganstanley.com/ADV 上的 Select UMA ADV。</p>
<p>过去的表现并不能保证或指示未来的表现。所示的历史数据代表过去的表现，并不保证未来的结果可比。</p>
<p>本材料包含前瞻性陈述，无法保证其会实现。</p>
<p>多样化和资产配置并不能保证在下行金融市场中获利或保护免受损失。</p>
<p>本材料不应被视为关于资产配置或任何特定投资的投资建议或推荐。</p>
<p>摩根士丹利财富管理是摩根士丹利史密斯巴尼有限责任公司的商号，该公司在美国注册为经纪交易商。</p>
<p>摩根士丹利史密斯巴尼有限责任公司与 Dynata 并无关联。</p>
<p>© 2026 摩根士丹利史密斯巴尼有限责任公司。成员 SIPC。</p>
<p><strong>引用数据</strong></p>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong><em>在当前市场中，您是什么态度？</em></strong></td>
<td></td>
<td></td>
</tr>
<tr>
<td></td>
<td><strong>2025 年第四季度</strong></td>
<td><strong>2026 年第一季度</strong></td>
</tr>
<tr>
<td>乐观</td>
<td>56%</td>
<td>56%</td>
</tr>
<tr>
<td>悲观</td>
<td>44%</td>
<td>44%</td>
</tr>
</tbody>
</table>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong><em>在您的财务方面，您最担心以下哪些问题？（前两项）</em></strong></td>
<td></td>
<td></td>
</tr>
<tr>
<td></td>
<td><strong>2025 年第四季度</strong></td>
<td><strong>2026 年第一季度</strong></td>
</tr>
<tr>
<td>通胀</td>
<td>45%</td>
<td>47%</td>
</tr>
<tr>
<td>关税</td>
<td>33%</td>
<td>27%</td>
</tr>
<tr>
<td>市场波动</td>
<td>21%</td>
<td>20%</td>
</tr>
<tr>
<td>当前政府</td>
<td>18%</td>
<td>21%</td>
</tr>
<tr>
<td>经济衰退</td>
<td>13%</td>
<td>18%</td>
</tr>
<tr>
<td>地缘政治冲突</td>
<td>10%</td>
<td>12%</td>
</tr>
<tr>
<td>能源成本</td>
<td>10%</td>
<td>12%</td>
</tr>
<tr>
<td>就业市场</td>
<td>8%</td>
<td>8%</td>
</tr>
<tr>
<td>盈利</td>
<td>11%</td>
<td>8%</td>
</tr>
<tr>
<td>美联储货币政策</td>
<td>11%</td>
<td>8%</td>
</tr>
<tr>
<td>无</td>
<td>3%</td>
<td>4%</td>
</tr>
</tbody>
</table>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong><em>在接下来的一个季度，您认为波动性会...</em></strong></td>
<td></td>
<td></td>
</tr>
<tr>
<td></td>
<td><strong>2025 年第四季度</strong></td>
<td><strong>2026 年第一季度</strong></td>
</tr>
<tr>
<td><strong>前两项选择</strong></td>
<td><strong>65%</strong></td>
<td><strong>57%</strong></td>
</tr>
<tr>
<td>大幅增加</td>
<td>16%</td>
<td>12%</td>
</tr>
<tr>
<td>稍微增加</td>
<td>49%</td>
<td>45%</td>
</tr>
<tr>
<td>保持不变</td>
<td>26%</td>
<td>35%</td>
</tr>
<tr>
<td>稍微减少</td>
<td>8%</td>
<td>8%</td>
</tr>
<tr>
<td>大幅减少</td>
<td>1%</td>
<td>0%</td>
</tr>
</tbody>
</table>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong><em>在接下来的六个月中，您是否考虑以下任何策略来管理您的投资组合？</em></strong></td>
<td></td>
<td></td>
</tr>
<tr>
<td></td>
<td><strong>2025 年第四季度</strong></td>
<td><strong>2026 年第一季度</strong></td>
</tr>
<tr>
<td>不对我的投资组合进行任何更改</td>
<td>41%</td>
<td>52%</td>
</tr>
<tr>
<td>更改我的投资组合中的配置</td>
<td>26%</td>
<td>23%</td>
</tr>
<tr>
<td>从现金转向新头寸</td>
<td>18%</td>
<td>16%</td>
</tr>
<tr>
<td>从当前头寸转向现金</td>
<td>14%</td>
<td>9%</td>
</tr>
<tr>
<td>其他</td>
<td>1%</td>
<td>0%</td>
</tr>
</tbody>
</table>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong><em>您认为本季度哪些行业最具潜力？</em></strong></td>
<td></td>
<td></td>
</tr>
<tr>
<td></td>
<td><strong>2025 年第四季度</strong></td>
<td><strong>2026 年第一季度</strong></td>
</tr>
<tr>
<td>信息技术</td>
<td>56%</td>
<td>60%</td>
</tr>
<tr>
<td>能源</td>
<td>42%</td>
<td>49%</td>
</tr>
<tr>
<td>医疗保健</td>
<td>34%</td>
<td>33%</td>
</tr>
<tr>
<td>房地产</td>
<td>31%</td>
<td>26%</td>
</tr>
<tr>
<td>金融</td>
<td>28%</td>
<td>28%</td>
</tr>
<tr>
<td>公用事业</td>
<td>26%</td>
<td>28%</td>
</tr>
<tr>
<td>工业</td>
<td>20%</td>
<td>20%</td>
</tr>
<tr>
<td>通信服务</td>
<td>20%</td>
<td>19%</td>
</tr>
<tr>
<td>消费品</td>
<td>17%</td>
<td>17%</td>
</tr>
<tr>
<td>材料</td>
<td>17%</td>
<td>14%</td>
</tr>
<tr>
<td>非必需消费品</td>
<td>10%</td>
<td>9%</td>
</tr>
</tbody>
</table>
<p><img src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNjAxMjgxODM0NTdyMQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNjAxMjgxODM0NTdyMQ"/></p>
<p>在 businesswire.com 查看源版本: https://www.businesswire.com/news/home/20260128183457/en/</p>
<p>媒体关系: Lynn Cocchiola lynn.cocchiola@morganstanley.com</p>
<p>来源: 摩根士丹利财富管理</p>

金融业 ETF - SPDR

金融指数 MSCI ETF - Fidelity

美国经纪商&证券交易所 ETF - iShares

金融业 ETF - Vanguard

摩根士丹利

<p>摩根士丹利财富管理的季度调查显示，尽管市场波动，仍有 56% 的投资者保持乐观。47% 的受访者将通货膨胀视为首要关注点，而 57% 的人预计市场波动性将增加。值得注意的是，52% 的人计划在接下来的六个月内不对其投资组合进行任何更改。60% 的投资者对科技行业持积极看法，尤其是受到人工智能势头的推动，同时对能源和医疗行业的兴趣也依然强劲。该调查于 2026 年 1 月 6 日至 1 月 26 日对 978 名自我导向的投资者进行</p>

<p><em>Investors press pause on portfolio moves</em></p>
<div class="lb-trans"><p><em>投资者暂停投资组合调整</em></p>
</div><p>NEW YORK--(BUSINESS WIRE)--Morgan Stanley Wealth Management today announced the results of its quarterly retail investor pulse survey:</p>
<div class="lb-trans"><p>纽约 --（商业资讯）-- 摩根士丹利财富管理今天公布了其季度零售投资者脉搏调查的结果：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://mms.businesswire.com/media/20260128183457/en/2705273/4/MS_graph.jpg" alt="" original-src="https://mms.businesswire.com/media/20260128183457/en/2705273/4/MS_graph.jpg"/></p>
<ul>
<li><strong>Bullish sentiment holds steady.</strong> Following a mixed start to 2026, more than half of investors (56%) are bullish this quarter—consistent with Q4 (56%).</li>
<li><strong>Inflation concerns loom large.</strong> Inflation continues to be the top concern for investors (47%), far outpacing other fears. Unease tied to tariffs ranks second (27%) but is down 6 percentage points.</li>
<li><strong>Market volatility expectations dampened.</strong> Fifty-seven percent of investors think market volatility will increase this quarter, dropping 8 percentage points from Q4.</li>
<li><strong>Investors stay the course.</strong> Fifty-two percent of investors do not plan to make any changes to their portfolio over the next six months—up 11 percentage points from 41% last quarter, amid the heightened geopolitical backdrop, tariffs and “sticky” inflation.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>乐观情绪保持稳定。</strong> 在 2026 年开局混合的情况下，超过一半的投资者（56%）在本季度持乐观态度，与第四季度（56%）一致。</li>
<li><strong>通胀担忧依然突出。</strong> 通胀仍然是投资者最关心的问题（47%），远超其他担忧。与关税相关的不安排名第二（27%），但下降了 6 个百分点。</li>
<li><strong>市场波动预期减弱。</strong> 57% 的投资者认为本季度市场波动将增加，较第四季度下降了 8 个百分点。</li>
<li><strong>投资者保持现状。</strong> 52% 的投资者计划在接下来的六个月内不对其投资组合进行任何更改，较上季度的 41% 上升了 11 个百分点，尽管地缘政治背景、关税和 “顽固” 通胀加剧。</li>
</ul>
</div><p>“As the year kicks off with a choppy market and continuing uncertain geopolitics, it’s encouraging to see investors stick to their investment strategies and play the long game,” said Chris Larkin, Managing Director, Head of Trading and Investing, E*TRADE from Morgan Stanley. “It’s important for investors to remember that the market doesn’t always go up and swings are normal. While they navigate potential bumps ahead, a disciplined investing approach will help them stay focused on their long-term goals.”</p>
<div class="lb-trans"><p>“随着新的一年在波动的市场和持续的不确定地缘政治中开启，看到投资者坚持他们的投资策略并进行长期投资是令人鼓舞的，” 摩根士丹利 E*TRADE 交易与投资主管 Chris Larkin 表示。“投资者需要记住，市场并不总是上涨，波动是正常的。在应对潜在的挑战时，保持纪律的投资方法将帮助他们专注于长期目标。”</p>
</div><p>The survey explored investor views on sector opportunities for the first quarter of 2026:</p>
<div class="lb-trans"><p>调查探讨了投资者对 2026 年第一季度行业机会的看法：</p>
</div><ul>
<li><strong>IT—</strong> Momentumaround AI continues to help drive positive sentiment on the tech sector, despite the recent sell-off. Sixty percent of investors view information technology as the sector with the most potential.</li>
<li><strong>Energy–</strong> Investor interest in energy increased slightly (up 7 percentage points to 49%), amid data center power demand.</li>
<li><strong>Health care–</strong> Sentiment on the health care sector continues to be elevated (33%), in this historically defensive sector.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>信息技术—</strong> 与人工智能相关的动能继续推动科技行业的积极情绪，尽管最近出现了抛售。60% 的投资者认为信息技术是潜力最大的行业。</li>
<li><strong>能源—</strong> 投资者对能源的兴趣略有上升（上升 7 个百分点至 49%），与数据中心的电力需求有关。</li>
<li><strong>医疗保健—</strong> 对医疗保健行业的情绪持续高涨（33%），这是一个历史上防御性较强的行业。</li>
</ul>
</div><p><strong>About the Survey</strong></p>
<div class="lb-trans"><p><strong>关于调查</strong></p>
</div><p>This wave of the survey was conducted from January 6 to January 26 of 2026 among an online US sample of 978 self-directed investors, investors who fully delegate investment account management to financial professionals, and investors who utilize both. The survey has a margin of error of ±3.20 percent at the 95 percent confidence level. It was fielded and administered by Dynata. The panel is broken into three investable assets: less than $500k, between $500k to $1 million, and over $1 million. The panel is 60% male and 40% female and self-select as having moderate+ investing experience, with an even distribution across geographic regions, and age bands.</p>
<div class="lb-trans"><p>本次调查于 2026 年 1 月 6 日至 1 月 26 日之间在美国在线样本中进行，共有 978 名自我导向投资者、完全委托投资账户管理给金融专业人士的投资者以及同时使用两者的投资者参与。调查的误差范围为±3.20%，置信水平为 95%。调查由 Dynata 进行和管理。样本分为三类可投资资产：少于 50 万美元、50 万美元至 100 万美元之间，以及超过 100 万美元。样本中男性占 60%，女性占 40%，自我选择为具有中等以上投资经验，且在地理区域和年龄段上分布均匀。</p>
</div><p><strong>About Morgan Stanley Wealth Management</strong></p>
<div class="lb-trans"><p><strong>关于摩根士丹利财富管理</strong></p>
</div><p>Morgan Stanley Wealth Management, a global leader, provides access to a wide range of products and services to individuals, businesses and institutions, including brokerage and investment advisory services, financial and wealth planning, cash management and lending products and services, annuities and insurance, retirement and trust services.</p>
<div class="lb-trans"><p>摩根士丹利财富管理是全球领先的财富管理公司，向个人、企业和机构提供广泛的产品和服务，包括经纪和投资顾问服务、财务和财富规划、现金管理和贷款产品及服务、年金和保险、退休和信托服务。</p>
</div><p><strong>About Morgan Stanley</strong></p>
<div class="lb-trans"><p><strong>关于摩根士丹利</strong></p>
</div><p>Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.</p>
<div class="lb-trans"><p>摩根士丹利（NYSE: MS）是一家领先的全球金融服务公司，提供广泛的投资银行、证券、财富管理和投资管理服务。公司在 42 个国家设有办事处，员工为全球客户提供服务，包括企业、政府、机构和个人。如需了解更多关于摩根士丹利的信息，请访问 www.morganstanley.com。</p>
</div><p>This has been prepared for informational purposes only and is not a solicitation of any offer to buy or sell any security or other financial instrument, or to participate in any trading strategy. This material does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Morgan Stanley recommends that investors independently evaluate particular investments and strategies and encourages investors to seek the advice of a Financial Advisor.</p>
<div class="lb-trans"><p>本材料仅为信息目的而准备，并不构成购买或出售任何证券或其他金融工具的要约，或参与任何交易策略的邀请。本材料未根据接收者的个人财务状况和目标进行个性化投资建议的准备。摩根士丹利建议投资者独立评估特定投资和策略，并鼓励投资者寻求财务顾问的建议。</p>
</div><p>Morgan Stanley Portfolio Solutions are portfolios available in our Select UMA platform under either Firm Discretionary UMA or Managed Advisory Portfolio Solutions. Please see the Select UMA ADV at www.morganstanley.com/ADV</p>
<div class="lb-trans"><p>摩根士丹利投资组合解决方案是我们 Select UMA 平台下的投资组合，分为公司自主投资组合或管理顾问投资组合解决方案。请参见 www.morganstanley.com/ADV 上的 Select UMA ADV。</p>
</div><p>Past performance is not a guarantee or indicative of future performance. Historical data shown represents past performance and does not guarantee comparable future results.</p>
<div class="lb-trans"><p>过去的表现并不能保证或指示未来的表现。所示的历史数据代表过去的表现，并不保证未来的结果可比。</p>
</div><p>This material contains forward-looking statements and there can be no guarantee that they will come to pass.</p>
<div class="lb-trans"><p>本材料包含前瞻性陈述，无法保证其会实现。</p>
</div><p>Diversification and asset allocation do not guarantee a profit or protect against loss in a declining financial market.</p>
<div class="lb-trans"><p>多样化和资产配置并不能保证在下行金融市场中获利或保护免受损失。</p>
</div><p>This material should not be viewed as investment advice or recommendations with respect to asset allocation or any particular investment.</p>
<div class="lb-trans"><p>本材料不应被视为关于资产配置或任何特定投资的投资建议或推荐。</p>
</div><p>Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States.</p>
<div class="lb-trans"><p>摩根士丹利财富管理是摩根士丹利史密斯巴尼有限责任公司的商号，该公司在美国注册为经纪交易商。</p>
</div><p>Morgan Stanley Smith Barney LLC and Dynata are not affiliates.</p>
<div class="lb-trans"><p>摩根士丹利史密斯巴尼有限责任公司与 Dynata 并无关联。</p>
</div><p>© 2026 Morgan Stanley Smith Barney LLC. Member SIPC.</p>
<div class="lb-trans"><p>© 2026 摩根士丹利史密斯巴尼有限责任公司。成员 SIPC。</p>
</div><p><strong>Referenced Data</strong></p>
<div class="lb-trans"><p><strong>引用数据</strong></p>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
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<td><strong><em>And when it comes to the current market are you?</em></strong></td>
<td></td>
<td></td>
</tr>
<tr>
<td></td>
<td><strong>Q4’25</strong></td>
<td><strong>Q1’26</strong></td>
</tr>
<tr>
<td>Bullish</td>
<td>56%</td>
<td>56%</td>
</tr>
<tr>
<td>Bearish</td>
<td>44%</td>
<td>44%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong><em>在当前市场中，您是什么态度？</em></strong></td>
<td></td>
<td></td>
</tr>
<tr>
<td></td>
<td><strong>2025 年第四季度</strong></td>
<td><strong>2026 年第一季度</strong></td>
</tr>
<tr>
<td>乐观</td>
<td>56%</td>
<td>56%</td>
</tr>
<tr>
<td>悲观</td>
<td>44%</td>
<td>44%</td>
</tr>
</tbody>
</table>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong><em>Which of the following are you most concerned about when it comes to your finances? (Top 2)</em></strong></td>
<td></td>
<td></td>
</tr>
<tr>
<td></td>
<td><strong>Q4’25</strong></td>
<td><strong>Q1’26</strong></td>
</tr>
<tr>
<td>Inflation</td>
<td>45%</td>
<td>47%</td>
</tr>
<tr>
<td>Tariffs</td>
<td>33%</td>
<td>27%</td>
</tr>
<tr>
<td>Market volatility</td>
<td>21%</td>
<td>20%</td>
</tr>
<tr>
<td>Current administration</td>
<td>18%</td>
<td>21%</td>
</tr>
<tr>
<td>A recession</td>
<td>13%</td>
<td>18%</td>
</tr>
<tr>
<td>Geopolitical conflict</td>
<td>10%</td>
<td>12%</td>
</tr>
<tr>
<td>Energy costs</td>
<td>10%</td>
<td>12%</td>
</tr>
<tr>
<td>Jobs market</td>
<td>8%</td>
<td>8%</td>
</tr>
<tr>
<td>Earnings</td>
<td>11%</td>
<td>8%</td>
</tr>
<tr>
<td>Fed monetary policy</td>
<td>11%</td>
<td>8%</td>
</tr>
<tr>
<td>None</td>
<td>3%</td>
<td>4%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong><em>在您的财务方面，您最担心以下哪些问题？（前两项）</em></strong></td>
<td></td>
<td></td>
</tr>
<tr>
<td></td>
<td><strong>2025 年第四季度</strong></td>
<td><strong>2026 年第一季度</strong></td>
</tr>
<tr>
<td>通胀</td>
<td>45%</td>
<td>47%</td>
</tr>
<tr>
<td>关税</td>
<td>33%</td>
<td>27%</td>
</tr>
<tr>
<td>市场波动</td>
<td>21%</td>
<td>20%</td>
</tr>
<tr>
<td>当前政府</td>
<td>18%</td>
<td>21%</td>
</tr>
<tr>
<td>经济衰退</td>
<td>13%</td>
<td>18%</td>
</tr>
<tr>
<td>地缘政治冲突</td>
<td>10%</td>
<td>12%</td>
</tr>
<tr>
<td>能源成本</td>
<td>10%</td>
<td>12%</td>
</tr>
<tr>
<td>就业市场</td>
<td>8%</td>
<td>8%</td>
</tr>
<tr>
<td>盈利</td>
<td>11%</td>
<td>8%</td>
</tr>
<tr>
<td>美联储货币政策</td>
<td>11%</td>
<td>8%</td>
</tr>
<tr>
<td>无</td>
<td>3%</td>
<td>4%</td>
</tr>
</tbody>
</table>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong><em>Over the next quarter, do you think volatility will...</em></strong></td>
<td></td>
<td></td>
</tr>
<tr>
<td></td>
<td><strong>Q4’25</strong></td>
<td><strong>Q1’26</strong></td>
</tr>
<tr>
<td><strong>Top 2 Box</strong></td>
<td><strong>65%</strong></td>
<td><strong>57%</strong></td>
</tr>
<tr>
<td>Greatly increase</td>
<td>16%</td>
<td>12%</td>
</tr>
<tr>
<td>Somewhat increase</td>
<td>49%</td>
<td>45%</td>
</tr>
<tr>
<td>Stay the same</td>
<td>26%</td>
<td>35%</td>
</tr>
<tr>
<td>Somewhat decrease</td>
<td>8%</td>
<td>8%</td>
</tr>
<tr>
<td>Greatly decrease</td>
<td>1%</td>
<td>0%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong><em>在接下来的一个季度，您认为波动性会...</em></strong></td>
<td></td>
<td></td>
</tr>
<tr>
<td></td>
<td><strong>2025 年第四季度</strong></td>
<td><strong>2026 年第一季度</strong></td>
</tr>
<tr>
<td><strong>前两项选择</strong></td>
<td><strong>65%</strong></td>
<td><strong>57%</strong></td>
</tr>
<tr>
<td>大幅增加</td>
<td>16%</td>
<td>12%</td>
</tr>
<tr>
<td>稍微增加</td>
<td>49%</td>
<td>45%</td>
</tr>
<tr>
<td>保持不变</td>
<td>26%</td>
<td>35%</td>
</tr>
<tr>
<td>稍微减少</td>
<td>8%</td>
<td>8%</td>
</tr>
<tr>
<td>大幅减少</td>
<td>1%</td>
<td>0%</td>
</tr>
</tbody>
</table>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong><em>When it comes to your portfolio for the next six months are you considering any of the following strategies?</em></strong></td>
<td></td>
<td></td>
</tr>
<tr>
<td></td>
<td><strong>Q4’25</strong></td>
<td><strong>Q1’26</strong></td>
</tr>
<tr>
<td>Make no changes to my portfolio</td>
<td>41%</td>
<td>52%</td>
</tr>
<tr>
<td>Change the allocations in my portfolio</td>
<td>26%</td>
<td>23%</td>
</tr>
<tr>
<td>Move out of cash and into new positions</td>
<td>18%</td>
<td>16%</td>
</tr>
<tr>
<td>Move out of current positions and into cash</td>
<td>14%</td>
<td>9%</td>
</tr>
<tr>
<td>Other</td>
<td>1%</td>
<td>0%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong><em>在接下来的六个月中，您是否考虑以下任何策略来管理您的投资组合？</em></strong></td>
<td></td>
<td></td>
</tr>
<tr>
<td></td>
<td><strong>2025 年第四季度</strong></td>
<td><strong>2026 年第一季度</strong></td>
</tr>
<tr>
<td>不对我的投资组合进行任何更改</td>
<td>41%</td>
<td>52%</td>
</tr>
<tr>
<td>更改我的投资组合中的配置</td>
<td>26%</td>
<td>23%</td>
</tr>
<tr>
<td>从现金转向新头寸</td>
<td>18%</td>
<td>16%</td>
</tr>
<tr>
<td>从当前头寸转向现金</td>
<td>14%</td>
<td>9%</td>
</tr>
<tr>
<td>其他</td>
<td>1%</td>
<td>0%</td>
</tr>
</tbody>
</table>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong><em>What industries do you think offer the most potential this quarter?</em></strong></td>
<td></td>
<td></td>
</tr>
<tr>
<td></td>
<td><strong>Q4’25</strong></td>
<td><strong>Q1’ 26</strong></td>
</tr>
<tr>
<td>Information technology</td>
<td>56%</td>
<td>60%</td>
</tr>
<tr>
<td>Energy</td>
<td>42%</td>
<td>49%</td>
</tr>
<tr>
<td>Health care</td>
<td>34%</td>
<td>33%</td>
</tr>
<tr>
<td>Real estate</td>
<td>31%</td>
<td>26%</td>
</tr>
<tr>
<td>Financials</td>
<td>28%</td>
<td>28%</td>
</tr>
<tr>
<td>Utilities</td>
<td>26%</td>
<td>28%</td>
</tr>
<tr>
<td>Industrials</td>
<td>20%</td>
<td>20%</td>
</tr>
<tr>
<td>Communication services</td>
<td>20%</td>
<td>19%</td>
</tr>
<tr>
<td>Consumer staples</td>
<td>17%</td>
<td>17%</td>
</tr>
<tr>
<td>Materials</td>
<td>17%</td>
<td>14%</td>
</tr>
<tr>
<td>Consumer discretionary</td>
<td>10%</td>
<td>9%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong><em>您认为本季度哪些行业最具潜力？</em></strong></td>
<td></td>
<td></td>
</tr>
<tr>
<td></td>
<td><strong>2025 年第四季度</strong></td>
<td><strong>2026 年第一季度</strong></td>
</tr>
<tr>
<td>信息技术</td>
<td>56%</td>
<td>60%</td>
</tr>
<tr>
<td>能源</td>
<td>42%</td>
<td>49%</td>
</tr>
<tr>
<td>医疗保健</td>
<td>34%</td>
<td>33%</td>
</tr>
<tr>
<td>房地产</td>
<td>31%</td>
<td>26%</td>
</tr>
<tr>
<td>金融</td>
<td>28%</td>
<td>28%</td>
</tr>
<tr>
<td>公用事业</td>
<td>26%</td>
<td>28%</td>
</tr>
<tr>
<td>工业</td>
<td>20%</td>
<td>20%</td>
</tr>
<tr>
<td>通信服务</td>
<td>20%</td>
<td>19%</td>
</tr>
<tr>
<td>消费品</td>
<td>17%</td>
<td>17%</td>
</tr>
<tr>
<td>材料</td>
<td>17%</td>
<td>14%</td>
</tr>
<tr>
<td>非必需消费品</td>
<td>10%</td>
<td>9%</td>
</tr>
</tbody>
</table>
</div><p><img src="https://imageproxy.pbkrs.com/https://cts.businesswire.com/ct/CT/query-ZGlzdHJvPW54JmlkPWJ3bmV3cyZsYW5nPWVuJnNpZD1hY3FyOCZzdHk9MjAyNjAxMjgxODM0NTdyMQ" alt="" original-src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260128183457r1&amp;sid=acqr8&amp;distro=nx&amp;lang=en"/></p>
<p>View source version on businesswire.com: https://www.businesswire.com/news/home/20260128183457/en/</p>
<div class="lb-trans"><p>在 businesswire.com 查看源版本: https://www.businesswire.com/news/home/20260128183457/en/</p>
</div><p>Media Relations: Lynn Cocchiola lynn.cocchiola@morganstanley.com</p>
<div class="lb-trans"><p>媒体关系: Lynn Cocchiola lynn.cocchiola@morganstanley.com</p>
</div><p>Source: Morgan Stanley Wealth Management</p>
<div class="lb-trans"><p>来源: 摩根士丹利财富管理</p>
</div>

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