伯恩斯坦：2026年最好的时代，最坏的时代：如何在美国K型经济中投资报告（英文版）

It was the best of times, it was the worst of times" The famous opening line of CharlesDickens' ‘A Tale of Two Cities' captures a period of contradiction: the French aristocracyindulging in opulence and privilege, the peasantry experiencing poverty and oppression.While 2026 is thankfully not 18th century France, shifting class dynamics remain moretopical than ever, from the US K-shaped economy to the squeezed Chinese middle class. Inthis note, we examine the changes in how high-