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我们先从海外谈起。全球央行在本次疫情后都进行了较大一轮 Let's start with overseas. After this epidemic, the global central banks
的“放水”。尤其以美联储为甚。激动的美国散户在机构资金 have carried out a larger round of “water release”. Especially with the Fed.
带动下将美股推至高潮，不断创出疫情前的新高。 Excited U.S. private investors, driven by institutional funds, pushed US
stocks to a climax and continued to create new highs before the epidemic.
美联储从 2 月份开始，相继进行了降息、回购、QE 等操作，但
并没有改变市场走势，主要原因在于降息和 QE 的操作对象均是 Since February, the Fed has successively carried out operations such as
公开市场一级交易商，主要是商业银行和投资银行。由于《多 interest rate cuts, repurchases, and QE, but it has not changed the market
德-弗兰克法案》（Dodd-Frank）的限制，银行无法将资金投 trend. The main reason is that the interest rate cuts and QE operations are
all open market primary dealers, mainly commercial banks and
资于股票市场。3 月 23 日，美联储创设了两个新的工具一级市 investment banks. Due to the limitations of the Dodd-Frank Act, banks
场企业信贷支持工具（PMCCF）和二级市场企业信贷支持工具 cannot invest funds in the stock market. On March 23, the Fed created
（SMCCF），分别从一级市场和二级市场购买公司债券以及合 two new tools, the primary market enterprise credit support tool (PMCCF)
格的上市 ETF，总计 3000 亿美元，但这两项工具是从 5 月份才 and the secondary market enterprise credit support tool (SMCCF), to
开始正式实施的。因此，美联储扩表所产生的资金，或美国 purchase corporate bonds and qualified Listed ETF, a total of 300 billion
“国家队”资金，并不是这轮推升美股的主要力量。 US dollars, but these two tools were only formally implemented from
May. Therefore, the funds generated by the Fed’s expansion of its balance
虽然美联储创设 PMCCF 和 SMCCF 的资金 5 月才开始实施，但是 sheet, or the funds of the US “national team”, are not the main force
这两个工具释放的信号，有效地解决了信用市场的担忧，从而 driving the US stock market this round.
及时和极大地提升了市场信心，促发市场从 3 月 24 日绝地反 Although the Fed’s creation of funds for PMCCF and SMCCF began
弹。而反弹的热情和力量却是来自于美国的个人客户们。根据 implementation in May, the signals released by these two tools effectively
Investment Company Institute 的数据，美国居民部门在 3 月 resolved the concerns of the credit market, thereby promptly and greatly
份和 4 月份购买了大量的 ETF，5 月份数据有所下滑，但购买量 enhancing market confidence and stimulating the market from March 24
依然是正的。3 月以来，美股市场的散户头寸急剧提升， start to rebound. The enthusiasm and strength of the rebound come from
Robinhood 等免佣个人炒股软件下载量激增，同时新的刺激法 individual customers in the United States. According to data from the
案下，美国失业救济金从平均 387 美元/周升至 987 美元/周， Investment Company Institute, the US residential sector purchased a large
number of ETFs in March and April. The data fell in May, but the
额外的 600 美元降低了美国的劳动力市场参与度，“直升机撒 purchase volume is still positive. Since March, retail positions in the U.S.
钱”模式可能也导致更多散户资金流向股市。 stock market have risen sharply, and downloads of no-commission
personal stock trading software such as Robinhood have skyrocketed. At
从 Yodlee 披露的数据来看，美国政府针对疫情推出收入补贴法 the same time, under the new stimulus bill, U.S. unemployment benefits
案，以允许人们在由于冠状病毒而被迫经济停工期间继续支付 have risen from an average of $387/week to $987/week. The additional
账单，而消费者反过来又用大量的钱在股市进行投机。数据显 $600 has reduced the US labor market participation, and the “helicopter
示，年收入在 35,000 至 75,000 美元之间的人们在收到收入补 spit money” model may also lead to more retail funds flowing to the stock
贴后，股票交易量比前一周增加了 90％。年收入在 100,000 美 market.
元至 150,000 美元之间的美国人的交易量增加了 82％，而收入 Judging from the data disclosed by Yodlee, the US government
超过 150,000 美元的美国人的交易频率则增加了约 50％。
introduced an income subsidy bill against the epidemic to allow people to
continue to pay their bills during the economic downtime due to the
coronavirus, and consumers in turn use a lot of money to speculate in the
stock market. The data shows that after receiving income subsidies,
people whose annual income is between 35,000 and 75,000 US dollars
have increased their stock trading volume by 90% compared to the
previous week. The transaction volume of Americans with annual
incomes between $100,000 and $150,000 increased by 82%, while the
transaction frequency of Americans with incomes greater than $150,000
increased by about 50%.
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