中信证券:非美发达市场权益资产配置性价比难以超越美股 美股仍将延续上行趋势

智通财经
Jan 22

智通财经APP获悉,中信证券发布研究报告称,当前,美股估值水平相较于2025年的极值阶段已显著收敛,估值中枢下行叠加盈利预期持续上修;结合ROE等多维度估值数据来看,非美发达市场权益资产难以提供超越美股的配置性价比。展望后市,美股市场短期波动率或将提升,存在获利回吐压力的科技板块以及受贸易摩擦升级影响的零售板块面临下行压力;但从中长期视角而言,在中期选举年美国财政与货币双宽松的预期下,美股上行动力...

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