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4、ortant disclosures on page 25 to 27.12864438 Global Fund Manager Survey On AI,Gold&Crypto BofA August Global Fund Manager Survey Bottom Line:not a clear and obvious inflection point in our survey but most bullish FMS since Feb25,with probability of hard landing lowest since Jan25,cash as%AUM at hist

5、orically low 3.9%,equity allocations on rise but not at extreme levels.On Macro&Policy:68%predict soft landing,22%no landing,just 5%positioned for a hard landing;expectations for global growth remain tepid net-41%;rate cut optimism highest since Dec24;asked if next Fed Chair resorts to QE/YCC to eas

6、e US debt burden,54%said yes,36%no;final US tariff rate on RoW expected to be 15%vs 14%in July).On Risks,Crowds&AI:tail risk of trade war/recession falling(29%),tail risks of inflation/no Fed cuts(27%),disorderly bond yields(20%),AI bubble(14%)rising;most crowded trade“long Magnificent 7”once again(