<p>Investing.com -- 長期持有基金經理上週繼續買入，所有行業都出現淨流入，花旗在週三的一份報告中透露。</p>
<p>技術、房地產和金融領域的敞口增加最大，而材料、工業和能源領域的流入最小。</p>
<p>另一方面，對沖基金在同一時期是淨賣家，儘管活動呈現出混合的情況。</p>
<p>醫療保健、消費品和技術是最受追捧的領域，而消費者耐用品和金融領域的資金流出集中在這些領域。</p>
<p>花旗在報告中強調：“本週，金融和房地產取代了消費者耐用品和工業，材料進入前三名之外，取代了通信領域。”</p>
<p>策略師們還指出，截至上週五的市場內部情況表明，定價反映了對軟着陸的預期。</p>
<p>在八月中旬，該銀行觀察到 “滯漲” 和 “黃金時代” 相關性，科技領域往往占主導地位，似乎正在觸底。這一趨勢自那時以來已經顯現，兩種相關性都從八月初的低點上升，而 “過熱” 相關性——公用事業和能源通常表現優異——已經下降。</p>
<p>最近，“晚期衰退” 和 “軟着陸” 相關性顯著增加。</p>
<p>今年早些時候，這些主題顯示出正相關性，儘管黃金時代和滯漲相關性占主導地位，受到科技表現的推動。現在，軟着陸情景與更廣泛的市場表現趨於一致。</p>
<p>花旗團隊寫道：“我們認為，軟着陸相關性可能不再受青睞，或者科技可能捲土重來，與軟着陸相關性相遇。”</p>
<p>然而，鑑於本週觀察到的價格走勢疲弱，他們認為軟着陸相關性可能正在失去動力，儘管即將到來的催化劑仍可能影響結果。</p>
<p>此內容最初發表在 Investing.com 上</p>

花旗

開市客

塔吉特

克羅格

<p>根據花旗的一份報告，長期持有基金增加了在所有行業的股票購買，尤其是在科技、房地產和金融領域。相反，對沖基金是淨賣家，偏愛醫療保健、消費品和科技，同時在消費類可選品和金融領域進行拋售。市場指標表明預期出現軟着陸，觀察到在 “後期衰退” 和 “軟着陸” 情景中相關性上升。儘管價格走勢疲弱，花旗預計可能會出現影響這些相關性的潛在市場催化劑</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 -- 長期持有基金經理上週繼續買入，所有行業都出現淨流入，花旗在週三的一份報告中透露。</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>技術、房地產和金融領域的敞口增加最大，而材料、工業和能源領域的流入最小。</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，對沖基金在同一時期是淨賣家，儘管活動呈現出混合的情況。</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>醫療保健、消費品和技術是最受追捧的領域，而消費者耐用品和金融領域的資金流出集中在這些領域。</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>花旗在報告中強調：“本週，金融和房地產取代了消費者耐用品和工業，材料進入前三名之外，取代了通信領域。”</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>策略師們還指出，截至上週五的市場內部情況表明，定價反映了對軟着陸的預期。</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，該銀行觀察到 “滯漲” 和 “黃金時代” 相關性，科技領域往往占主導地位，似乎正在觸底。這一趨勢自那時以來已經顯現，兩種相關性都從八月初的低點上升，而 “過熱” 相關性——公用事業和能源通常表現優異——已經下降。</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 “軟着陸” 相關性顯著增加。</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>今年早些時候，這些主題顯示出正相關性，儘管黃金時代和滯漲相關性占主導地位，受到科技表現的推動。現在，軟着陸情景與更廣泛的市場表現趨於一致。</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>花旗團隊寫道：“我們認為，軟着陸相關性可能不再受青睞，或者科技可能捲土重來，與軟着陸相關性相遇。”</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，鑑於本週觀察到的價格走勢疲弱，他們認為軟着陸相關性可能正在失去動力，儘管即將到來的催化劑仍可能影響結果。</p>
</div><p>This content was originally published on Investing.com</p>
<div class="lb-trans"><p>此內容最初發表在 Investing.com 上</p>
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長期持有基金在買入股票，而對沖基金則在持續拋售