中信建投 | 美股调整:主流逻辑的再审视

中信建投证券研究
Feb 08

文|钱伟美股近期的不稳定性来源,核心是AI质疑无法系统解决+顺周期轮动基础不牢,这两大扰动将贯穿全年;大宗商品的暴涨暴跌有较大短期拖累,而联储缩表、地缘恶化、卖出美国等逻辑不是核心,仅是炒作的背景板。展望全年,盈利暂时没有系统性崩塌风险,大方向依然看涨,但空间预计5%左右,显著小于往年;节奏上波动加大的特征还将延续。点击小程序查看报告原文对市场讨论较多的几个负面催化进行复盘,并评估后续影响:(1)...

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