每日：波动加剧之际强化组合防御

关键论点

• 较高利率环境下的AI盈利能力、融资与执行风险是波动的重要来源。
• 市场领导地位集中，强化了分散收益来源和加强组合防御的理由。
• 结构性策略可按回调、复苏或收益目标定制股票敞口，但存在发行人、流动性和资本损失风险。
• 大宗商品相关性低并可对冲供给驱动型通胀，铜受电力需求和供给受限支撑。

对应原文证据

1. We still expect a robust reporting season, with AI-related growth helping drive overall S&P 500 earnings growth of 28%.
2. The longer-term outlook for broad commodities is also supported by rising power demand, AI infrastructure investment, electrification, and constrained supply across several markets, particularly copper.