汇丰（HSBC）：2026年投资展望报告：格局逆转（英文版）

As we step into 2026, global markets areadapting to the initial stages of a morebalanced and less US centric expansion.

The postGlobal Financial Crisis world, long dominated byUS exceptionalism, monetary policy "on steroids", and apredictable investment playbook, is givng wey to newintricecies. The investmant landscape is now shapad bypersistent inflation, modest rate cuts, and policy uncertainty-factors that challenge historical norms and require freshthinking about risk, ret