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一旦全球流动性收紧，美元走强，不仅会直接压制估值处于高位的科技股，还将对新兴市场资产价值形成挤压，促使资金加速回流美国。因此，未来市场的核心矛盾可能从“地缘风险溢价”迅速切换至“流动性收紧预期”，这或将成为决定全球资产价格中长期走势的关键变量。
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On the other hand, the technological dividend across the upstream and downstream supply chain has yet to be fully realized. Key upstream components have continued to be domestically produced, driving costs down, while product form factors are still evolving—meaning the industry is far from mature.
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