The Federal Reserve’s policy mix of “rate cuts plus balance sheet expansion” typically signals a shift toward monetary easing to stimulate economic growth. Rate cuts lower global financing costs, while balance sheet expansion injects liquidity into markets through asset purchases. This combination affects China’s A-share market in several ways: First, a weaker U.S. dollar may lead to relative RMB appreciation, enhancing foreign investors’ appetite for Chinese assets and benefiting A-shares. Second, in a globally loose liquidity environment, international capital may flow into more attractively valued emerging markets—including A-shares—providing incremental funding. Additionally, such easing improves global risk sentiment, indirectly supporting A-share performance. However, if the Fed’s easing stems from concerns about a global economic downturn, it could dampen corporate earnings expectations and weigh on A-shares. Overall, assuming no major systemic risks, the Fed’s “rate cuts plus quantitative easing” tends to have a net positive impact on A-shares, particularly benefiting sectors favored by foreign investors, such as consumer goods, new energy, and technology.
美联储实施“降息+扩表”政策组合，通常意味着其采取宽松货币政策以刺激经济增长。降息可降低全球融资成本，扩表则通过购买资产向市场注入流动性。这一组合对A股市场具有多重影响：首先，美元走弱可能推动人民币相对升值，提升外资配置中国资产的意愿，从而利好A股；其次，全球流动性宽松环境下，部分国际资本可能流入估值更具吸引力的新兴市场，包括A股，带来增量资金；再者，宽松政策有助于改善全球风险偏好，提振投资者情绪，间接支撑A股表现。但需注意，若美联储宽松源于对全球经济衰退的担忧，则可能压制企业盈利预期，对A股构成压力。总体而言，在无重大系统性风险前提下，美联储“降息+扩表”对A股偏正面，尤其利好外资重仓板块如消费、新能源和科技等。
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