Goldman Sachs: Investors' risk appetite has risen to a high level, and market sentiment remains optimistic.

Goldman Sachs research analysts pointed out that despite escalating geopolitical risks, investor risk appetite still increased from December last year to January this year. According to the bank's research, investors are increasing borrowing to support trading, with margin account leverage rising sharply since April last year, currently reaching its highest level since 2021. The research also shows that retail investors are increasingly choosing assets outside the "Big Seven" US stocks, expanding their investment exposure to different regions. Investors are also increasingly shorting the VIX volatility index, with short positions relative to long positions reaching a ten-year high, indicating a widespread market expectation of decreasing volatility. (Jinshi)