流动秀：银行停摆、韩国流行与ACWI崛起

Bank stops, K-pops & ACWI rocks Scores on the Doors: gold 19.8%, oil 13.7%, international stocks 11.2%, govt bonds1.6%, IG 1.6%, HY 1.2%, US stocks 0.9%, cash 0.5%, US$ -0.5%, bitcoin -22.9% YTD. 26 February 2026 Investment StrategyGlobal Tale of the Tape:when bank loan funds break bad…“bad events”(CNY deval, COVID,UK pension crisis…(Chart 3); if SRLN Senior Loan ETF $40, XLF Financials $52 holdwe're good but key levels break…“event”coming, proper flush in risk assets, all getspriced in via big March pop in US dollar (DXY to 100), big bid for duration (note ZROZ up5.6% YTD), until Fed eases and/or AI capex cut eases credit tension. The Price is Right:SK Hynix (AI memory darling) up 5x past 10 months (18% more andsurge matches Cisco's 6x bubble gain Oct'98 to Mar'00), KOSPI as overbought as goldJan'26, Bitcoin Mar'24, Mag7 Jul'23 (Chart 4) prior to pullbacks, all-time Nikkei highs, 3-year China FX high…Asia assets frontrunning global economic boom + affordabilityTrump need to reduce 31% China tariffs; short view…sell the greed, Asia risk assets fall Michael HartnettInvestment StrategistBofAS+1 646 855 1508michael.hartnett@bofa.com ahead of US-Japan (19th) & Xi-Trump (31st) March summits. Elyas Galou>>Investment StrategistBofASE (France)+33 1 8770 0087 The Biggest Picture: long view…new world order = new world bull; we sayinternational stocks outperform US H2'2020s (see report:The Longest Pictures); RoW38% share of $97tn global stock market cap (vs US 62%–Chart 2) to rise further onfiscal excess, populism, end of deflation…plus AI disruption more labor market (seeBlock) and/or corporate revenue negative to services-heavy US GDP & SPX index than elyas.galou@bofa.com Anya ShelekhinInvestment StrategistBofAS+1 646 855 3753anya.shelekhin@bofa.com Myung-Jee JungInvestment StrategistBofAS+1 646 855 0389myung-jee.jung@bofa.com 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, or More on page 2… Trading ideas andinvestment strategies discussed herein may give rise to significant risk and arenot suitable for all investors. Investors should have experience in 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 analystunder the FINRA rules. Refer to "Other Important Disclosures" for information on certain BofA Securities entities that takeresponsibility for the information herein in particular jurisdictions. BofA Securities does and seeks to do business with issuers covered in its researchreports. As a result, 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. Weekly flows: $38.1bn to stocks, $38.0bn to cash, $16.8bn to bonds, $6.2bn to gold,$0.3bn to crypto. Flows to Know: Stocks: $38.1bn inflow, annualizing $1.1tn YTD…record (Chart 7);Gold: $6.2bn inflow, annualizing record $148bn YTD (Chart 8); IG bonds: $9.6bn inflow, smallest in 7 weeks, annualizing record $708bn YTD (Chart HY bonds: $0.6bn outflow, 1stsince Nov’25;Bank loan: $0.8bn outflow, 1stsince Dec'25 (Chart 11); BofA Private Clients: $4.4tn AUM…64.5% stocks, 17.8% bonds, 10.5% cash; GWIMinflows to stocks past 3 weeks strongest since Mar’25; past 4 weeks, private clientsbuying Japan, EM debt, muni bond ETFs, selling bank loan, utilities, and staples. BofA Bull & Bear Indicator: falls to 9.2 from 9.4; B&B Indicator at 1-month low on HYbond outflows, weaker inflows to healthcare, less bullish hedge fund positioning (addingto S&P500 futures shorts and increasing VIX futures longs);“old”BofA Bull & Bear Indicator at 6.31; level of BofA Bull & Bear Indicator = excess bullish = contrarian“sellsignal”(has been since mid-December). Source:BofA Global Investment Strategy, Bloomberg Source:BofA Global Investment Strategy, Bloomberg, Global Financial Data. Monthly data. Source:BofA Global Investment Strategy, Bloomberg. Annual data through 1935, quarterlythrough 2021, monthly thereafterBofA GLOBAL RESEARCH Source:BofA Global Investment Strategy, EPFR. *2026 YTD annualized Source:BofA Global Investment Strategy, EPFR. *2026 YTD annualized Source:BofA Global Investment Strategy, EPFR Source:BofA Global Investment Strategy, EPFR Source:BofA Global Investment Strategy, EPFR Asset Class Flows (Table 1) Equities:$38.1bn inflow ($44.0bn inflow to ETFs, $5.9bn outflowfrom mutual funds) Bonds:inflows past 44 weeks ($16.8bn)Precious metals:inflows resume ($6.2bn) Fixed IncomeFlows (Chart 16)IG Bondinflows past 44 weeks ($9.6bn) HY Bondoutflows resume ($0.6bn)EM Debtinflows past 3 weeks ($3.0bn)Munisinflows past 8 weeks ($