[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio7b381e0a":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":77},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio7b381e0a","高盛：重资产股盈利有望引领涨势，资金轮动进入“持久战”","\u002Fdoc\u002Fdcio7b381e0a","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">美股投资网获悉，高盛集团策略师认为，资本密集型公司在本财报季有望交出稳健的盈利答卷，进一步跑赢那些更依赖人力或数字资产的轻资产同行。以Guillaume Jaisson为首的高盛策略师团队指出“投资者对实物资产、基础设施及工业产能重获战略重要性的世界，仍处于配置不足状态。”\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">欧洲资本密集型板块篮子(含公用事业和能源)年内已累计上涨15%。与此同时，因投资者对人工智能板块的高估值愈发存疑，追踪轻资产股票的指数则下跌2%。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">高盛策略师表示，盈利预期亦呈现类似分化——重资产群体年初至今获得的盈利上调幅度最为强劲。Jaisson在报告中写道“门槛虽高，但盈利超预期的潜力同样可观。下一阶段的表现无需依赖估值进一步扩张，甚至无需大幅上调预期，只需兑现即可。”\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">从地域维度看，欧洲市场正成为这场轮动的最大受益者。鉴于投资者纷纷拥抱从芯片制造商撤离的轮动行情，自3月以来一直跑输美股的欧洲市场，过去一个月已重拾领涨姿态。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">自3月中旬以来，欧洲斯托克600指数累计跑赢标普500指数约7个百分点，过去一个月更是以4.2%的涨幅领涨全球主要股指，同期美股仅微涨0.8%。资金流向监测机构EPFR数据显示，过去四周欧洲股票基金累计净流入逾120亿美元，而美国科技板块基金则净流出近90亿美元。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">油价回落亦提振了与经济周期高度相关板块的前景，有效缓解了能源进口依赖度较高的欧元区企业的成本压力，同时提振了航空、物流、汽车等顺周期行业的盈利前景。这类板块在欧洲市场的占比远高于科技股权重极大的美股。相比之下，美股市场因科技股权重过高，在本轮轮动中受到的冲击更为明显。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Jaisson指出，“HALO”交易——即“重资产、低淘汰”(Heavy Assets, Low Obsolescence)——当前正进入“更具持续性的阶段”，盈利驱动而非估值普涨将成为行情主力。他表示，即便在重资产板块内部，赢家与输家之间的分化也将进一步扩大。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">Jaisson强调“我们并非看空AI或轻资产，只是认为当前的相对估值和资金流向已极度过分。HALO交易的核心逻辑是，在实物资产稀缺性重新得到市场定价的过程中，盈利确定性的溢价将持续存在。”\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">高盛的重资产篮子涵盖英飞凌、罗尔斯罗伊斯和空客等个股;轻资产篮子则包含阿迪达斯、英美烟草和达能等。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">与此同时，高盛策略团队也提示了几项关键风险。首先，若全球经济增速显著放缓，重资产板块的高经营杠杆将放大盈利波动;其次，中东地缘冲突若再度升级，油价可能重新飙升，届时反而会压制欧洲周期股表现;第三，AI领域若出现新的技术突破或应用落地，资金可能迅速回流科技股，中断当前的轮动节奏。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">巴克莱、德意志银行等机构策略师近期已纷纷上调欧洲股票年终目标。巴克莱银行近日将欧洲斯托克600指数的年底目标位从620点上调至670点，并结束了对该地区股票的“低配”评级，原因是油价下跌和潜在的美伊协议可能会降低欧元区滞胀风险，并改善宏观经济前景。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">德意志银行此前将欧洲斯托克600指数2026年年末目标设为650点，并将欧洲股市评级从中性上调至超配。由Maximilian Uleer领导的策略师团队预计，2026年欧洲主要指数将上涨12%至16%，这一增长将由两位数的利润增长和仍然不高的估值共同驱动。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">6月29日，摩根大通分析师Mislav Matejka将欧元斯托克600指数年底目标从630点上调至680点，暗示约7%的上涨空间。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">最专业的美股资讯,推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">如何识别美股市场异常波动？美国机构主力资金买卖情况，出货和吸筹，使用美股投资网VIP会员，2008年成立于美国硅谷，由前纽约证券交易所分析师Ken创立，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化模型，建立了一个股市数据库 \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa> 每天处理千万级股票数据：捕捉期权大单，实时主力资金流向、机构持仓变化、川普突发新闻，精准交易信号第一时间发到您手机APP！\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FG\u002FGS\u002FGS.jpg","2026-07-08T22:32:01","2026.07.08","2026\u002F07\u002F08",44692,[22],"GS","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" target=\"_blank\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":78,"search":79,"searchPlaceholder":79,"hotContent":80,"draft":81,"noData":82,"searchNoData":83,"edit":84,"editVideo":85,"courseContent":86,"more":87,"buyNow":88,"subscribeNow":89,"encoding":90,"paidContent":91},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","编辑","编辑视频","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]