资金流向报告：幸运数字

LuckyNumbers Scores on the Doors: gold 30.5%, Europe stocks 24.5%, China stocks 21.9%, bitcoin19.5%, US stocks 10.3%, HY bonds 8.4%, IG bonds 8.2%, govt bonds 6.1%,commodities2.9%,cash 2.8%, US dollar -9.8%, oil -10.3% YTD. 28 August 2025 Investment StrategyGlobal The Biggest Picture: quietly China has been world’s best performing stock marketoverthepast 2 years, but China stocks remain near lows vs China bonds, in stark contrast totheUS, Europe & Japan, where stocks are at all-time highs vs government bonds. Weekly Flows: $19.7bn to bonds, $16.6bn to stocks, $6.8bn to cash, $3.1bn to crypto,$1.4bn to gold. Flows to Know: $19.7bn to bonds (smallest in 4 weeks), $3.9bn to China stocks(biggest since Apr’25), $1.2bn from Europe stocks (first 2-week outflow since Feb'25),$2.9bn to financials (biggest since Jan’22), $0.3bn to tech (inflows past 2 weeks). Michael HartnettInvestment StrategistBofAS+1 646 855 1508michael.hartnett@bofa.com BofA Private Clients:$4.1tn AUM: 64.2% stocks, 18.2% bonds, 10.6% cash; recordweekly inflow to T-notes (2-10-year Treasuries); since‘23, private client exposure to T-bills down $28bn vs exposure to T-notes up $14bn (Chart 9); in ETFs past 4 weeks,private clients buying industrials, IG bonds,munis, andselling healthcare, energy, staples. Elyas Galou>>Investment StrategistBofASE (France)+33 1 8770 0087elyas.galou@bofa.com BofA Bull & Bear Indicator: stays at 6.0…slowing HY/EM bond inflows + falling globalstock index breadth offset by strongerinflow to equities, low FMS cash levels, lessbearish hedge fund positioning (trimming Japanese yen longs). Anya ShelekhinInvestment StrategistBofAS+1 646 855 3753anya.shelekhin@bofa.com Myung-Jee JungInvestment StrategistBofAS+1 646 855 0389myung-jee.jung@bofa.com More on page 2… Source:BofA Global Investment Strategy The indicatoridentified above as the BofA Bull & Bear Indicator isintended to be an indicative metric only and may not beused for reference purposes or as a measure ofperformance for any financial instrument or contract, orotherwise relied upon by third parties for any otherpurpose, without the prior written consent of BofAGlobal Research. This indicator was not created to act asa benchmark.BofA GLOBAL RESEARCH Trading ideas and investment strategies discussed herein may give rise to significant risk and arenot suitable for all investors. Investors should have experiencein relevant markets and the financialresources to absorb any losses arising from applying these ideas or strategies.>> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst under the FINRA rules.Refer to "Other Important Disclosures" for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.BofA Securities does and seeks to do business with issuers covered in its research reports. As aresult, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.Refer to important disclosures on page 9 to 11.12871182 Timestamp: 28 August 2025 07:32PM EDT Lucky Numbers…on populism, inequality, policy, productivity, valuation, hubris,humiliation, AI, protectionism, global rebalancing, dollar debasement, crypto. •32: voters ousted“incumbents”in 26 of 32 elections in 2024, and voters haveousted“incumbents”in 6 of 11 elections thus far in 2025.•49%: share of vote won by German mainstream parties in Feb’25 election, lowestsince 1945 (UK mainstream vote is lowest since 1918, France lowest since 1945).•65 million: Gen Z & Millennial voters surpassed 50 million Baby Boomers to becomemajority voting bloc in 2024 US election.•196: number of Trump Presidential executive orders in 2025, rate surpassed solelyby FDR in 1933-37 in history of US republic.•6.1x: financial asset prices (Wall St) relative to US GDP (Main St), just belowinequality peak of 6.3x in 2Q'21.•1641: central bank rate cuts since 2008 Global Financial Crisis, and 91 rate cuts thusfar in’25, fastest easing cycle since 2020.•2259 years: number of years it would take if you spent $100 every second of everyday to match the $7.1tn spent by US government spent in the past year.•$37tn: US government debt (record high) more than combined GDP of China, Japan,Germany & India.•1905: the last year in which the Italian government ran a budget surplus (1974 forFrance, 2001 for UK, 2001 for US).•3¼%: yield on 5-year Treasury below which US government interest payments($1.2tn) stabilize.•52%: growth of US economy past 5 years in nominal GDP terms (inflation = 28ppt,growth = 24ppt), fastest expansion since stagflation in 1970s.•1.3%: US labor productivity growth past 4 quarters, compares with 1.8% in 2020s,1.2% in 2010s, 2.7% in 2000s, and 2.2% in the 1990s.•-1.3%: 10-year rolling return from US Treasuries as of Jan'25, record loss…similar“buy humiliat