左翼总统卢拉·达席尔瓦连任后，巴西股市近期崩盘，延续了拉美股市的惨淡走势，分析师对短期内反弹抱持很少希望。
The recent collapse of Brazil’s stock market following leftist President Luiz Inácio Lula da Silva’s reelection has extended a dismal run for Latin American equities, and analysts held out little hope for an imminent rebound.
该地区曾因投资者在大宗商品繁荣期间追逐收益而吸引大量投资流入。但多年的表现不佳和增长迟缓导致资金外逃：专注于拉美的股票基金数量已降至仅226只，约为2015年峰值的三分之一。
The region once drew major investment inflows as investors chased returns during commodity booms. But years of underperformance and sluggish growth have led to capital flight: The number of Latin America-focused stock funds has fallen to just 226, around a third of the 2015 peak.
尽管2025年风险投资有所复苏，该地区的首次公开募股（IPO）同样陷于停滞。“我们不幸正处于有史以来最糟糕的[周期]，”瑞银巴西（UBS BB）一位资深市场人士对彭博社表示。“这已经造成了冲击。”
IPOs in the region have likewise ground to a halt despite a venture capital recovery in 2025. “We are, unfortunately, in the worst [cycle] that we have ever seen,” a market veteran at UBS BB told Bloomberg. “And it’s taken a toll.”