中信证券:短期无论美联储9月加息与否,美股估值均面临压力

智通财经
Aug 03
【中信证券:短期无论美联储9月加息与否,美股估值均面临压力】中信证券研报称,美股短期不确定性与长期机遇并存,加息落地后方见曙光。错过此轮加息时点后,短期无论美联储9月加息与否,美股估值均面临压力,但中长期看,加息落地有望释放估值压制,叠加“生产力与就业工作组”对AI的积极取向,美股AI叙事有望长期延续。7月29日FOMC连续第五次按兵不动,三位票委投票支持加息25bps,联储内部分歧公开化,市场呈“短端鸽、长端鹰”的割裂反应,通胀预期上行压制美元并为日本财务省干预汇市提供窗口,CSP云业务的高增速一定程度上缓解了AI三重资本开支可持续性担忧。短期利率敏感行业、高估值低增长板块及小盘股承压,下一个流动性预期转向窗口关注8月末Jackson Hole大会或9月议息会议。

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