欧洲和日本具有吸引力的股票估值，曾对寻求美国股市之外投资机会的投资者极具吸引力。但坏消息是：这些低廉的估值正迅速消失。

　　法国兴业银行量化策略师指出，在欧洲和日本，市盈率低于8倍的股票占比已从2024年底的15%和8%分别降至约3%和2%。

　　他们指出，日本高估值股票数量持续攀升，目前超过13%的上市公司市盈率达到33倍甚至更高。

　　数据显示，过去一年国际市场表现大幅跑赢，尤其是所谓的价值股。MSCI欧洲价值股指数和日本日经225指数去年均飙升26%，而标普500指数涨幅为16%。

　　“那么廉价股票都去哪儿了？”由Andrew Lapthorne领导的策略师团队写道，“自2024年末以来，市盈率最低的股票组平均涨幅约达60%，答案很简单：它们都涨上去了！”

　　MSCI欧洲指数当前市盈率已突破16倍，创2021年以来最高；日经225指数市盈率则接近24倍。

　　Quintet Private Bank首席投资官Daniele Antonucci表示，“欧洲和英国的估值处于中等水平，但相较于美国市场仍具吸引力。”他表示，已减持美国股票，并将资产重新配置至其他市场。

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