Less Is More的个人主页 - 老虎社区

Less Is More

Less Is More

只研究苹果AAPL。Do less. See more. Win more.

IP属地：北京

12关注

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5主题

0勋章

05-02 20:53

懂王的话其实没毛病

特朗普重申：美联储应该降低利率

05-02 05:35

这篇文章不错，转发给大家看看

直播：Apple FY2025Q2业绩电话会议

05-01 13:17

$黄金/美元(XAUUSD.FOREX)$ 我怎么买不了？？？

05-01 04:18

记录$AAPL 20250516 200.0 PUT$ $AAPL 20250509 220.0 CALL$

05-01 02:59

记录

04-28

$苹果(AAPL)$ 别急，基本面没啥问题，财报前后会大涨一波，然后跌下去。川普那个政策不用怕，每次都是雷声大雨点小

04-08

11

04-08

阿段这意识非常敏锐

02-26

这篇文章不错，转发给大家看看

美股变天！科技“七巨头”涨势哑火，如何挖掘风格转变后的新机遇？

2021-02-22

我不是针对华为Mate

抱歉，原内容已删除

2021-02-22

这和茅台有毛关系？

抱歉，原内容已删除

2021-02-22

为什么无缘无故就涨了呢？

抱歉，原内容已删除

2021-02-19

这篇文章不错，转发给大家看看

抱歉，原内容已删除

2021-02-11

很有深度

抱歉，原内容已删除

2021-02-11

不错不错

抱歉，原内容已删除

2021-02-10

收藏

抱歉，原内容已删除

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20:49</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>5月2日，美国总统特朗普再次在社交媒体上表示，美国没有通货膨胀，美联储应该降低利率。</p><p>他还表示，“汽油刚刚跌破每加仑1.98美元，为多年来的最低水平，杂货价格下降，能源价格下降，关税带来了数十亿美元的收入”。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fd68832f9f5b0bd4adc4bf0e9f138c7a\" alt=\"\" title=\"\" tg-width=\"1179\" tg-height=\"1048\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://community-static.tradeup.com/news/867a946a6298f9ec37c704f863622972","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124157062","content_text":"5月2日，美国总统特朗普再次在社交媒体上表示，美国没有通货膨胀，美联储应该降低利率。他还表示，“汽油刚刚跌破每加仑1.98美元，为多年来的最低水平，杂货价格下降，能源价格下降，关税带来了数十亿美元的收入”。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":430544577790544,"gmtCreate":1746135309746,"gmtModify":1746135311645,"author":{"id":"3575404463519969","authorId":"3575404463519969","name":"Less Is 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13:39","market":"us","language":"zh","title":"美股变天！科技“七巨头”涨势哑火，如何挖掘风格转变后的新机遇？","url":"https://stock-news.laohu8.com/highlight/detail?id=1107004502","media":"老虎资讯综合","summary":"进入2025年，美股风格发生明显转变，过去两年引领市场走高的科技“七巨头”中除了META以外全部“哑火”。投资者又将如何挖掘美股风格转变后的新机遇？此前拥挤在科技“七巨头”当中的仓位，可能会因为生成式AI成本下降而寻找替代投资标的。尽管“七巨头”今年的涨势疲弱，但市场的风险偏好并未消退。今年美股市场上跑赢指数的股票数量明显增多，投资者正在关注“七巨头”之外的更多机会。未来“七巨头”将继续前进。","content":"<html><head></head><body><p>进入2025年，美股风格发生明显转变，过去两年引领市场走高的科技“七巨头”中除了META以外全部“哑火”。然而，随着大型科技股动能减弱，超微电脑、西维斯健康等个股逐渐崭露头角，年初至今涨幅均超40%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eb06386adaa2d840eef0162f359e610e\" tg-width=\"1080\" tg-height=\"1603\"/></p><p>截至目前，标普500指数成分股中，有46%的公司股价表现跑赢标普500指数。对比来看，2023年和2024年跑赢标普500指数涨幅的成分股只占总数的30%，过去两年跑输标普500指数的股票数量为20世纪90年代末以来最多。</p><p>今年美股科技“七巨头”中除了META以外全部“哑火”，这究竟是短期的回调还是更长时间颓势的开始？投资者又将如何挖掘美股风格转变后的新机遇？</p><h2 id=\"id_892947811\">科技巨头涨势缘何哑火？</h2><p>“七巨头”估值偏贵且集中度高，这是市场的共识，方德证券首席分析师张弛预计未来科技股业绩增速不断向均值回归，2025年和2026年盈利增速或均为15%左右，虽然这不是必然下跌的因素，但在风险来临的时候，容易被放大。此外，美股科技股全球化程度很高，海外收入约占总营收的49%，也容易受到贸易战的影响。</p><p>渣打中国财富方案部首席投资策略师王昕杰分析称，AI芯片供应商的短期盈利可能会受到训练成本下行的影响，整体的估值可能在行业展望重塑的背景下受到压缩，这也导致纳指估值压缩。此前拥挤在科技“七巨头”当中的仓位，可能会因为生成式AI成本下降而寻找替代投资标的。</p><p>王昕杰表示，美股AI行业的中下游可能会受益，例如软件公司，能够存取客户资料的大型 SaaS（软件即服务）供应商将受益于DeepSeek等低成本解决方案的面世。在流动性充裕的美股中，资金从AI芯片相关的企业转轮至其他板块。</p><p>尽管市场对科技巨头的忧虑增加，但整体风险偏好仍然高企。美国银行公布的2月份全球基金经理调查显示，目前全球基金经理对现金的配置比例仅为3.5%，为15年来的最低水平。尽管“七巨头”今年的涨势疲弱，但市场的风险偏好并未消退。</p><p>在高盛看来，今年开始，美股的涨势将更倾向于“微观驱动”，股价走势将更加与公司自身情况相关，而非整体环境，中国DeepSeek R1横空出世后的市场反应，正是加速这一趋势的重要范例。</p><h2 id=\"id_3460868137\">新机遇在哪？</h2><p>过去两年美股连续斩获20%以上的涨幅，目前的估值处在高位，一些投资者担心美股是否已经见顶。</p><p>3月份即将到来的美国纳税季将成为标普500指数面临的另一个阻力。随着纳税季的临近，散户交易者的股票购买可能会进一步放缓。高盛集团全球市场董事总经理兼战术专家Scott Rubner表示，由于散户和机构买家的力量正在耗尽，美国股市可能会进入回调区域。</p><p>不过，未来并非一片悲观。信安环球投资的策略师Christian Floro表示，牛市并不单纯因为持续时间长了就会消亡，历史表明，美联储的货币政策立场在决定市场状况方面扮演重要角色。自1995年以来，大多数市场下跌超10%的情况都与美联储积极转向鹰派立场或限制性政策持续时间过长有关。考虑到目前美国经济尚未出现“硬着陆”迹象，如果上市公司盈利增速符合预期，市场仍存在一条狭窄但可行的持续上涨道路。</p><p>今年美股市场上跑赢指数的股票数量明显增多，投资者正在关注“七巨头”之外的更多机会。华尔街预计这种转变将持续下去，投资者已经改变了他们购买的股票，将投资范围扩大到“七巨头”之外。</p><p>王昕杰表示，原先拥挤在“七巨头”的资金可能会因为生成式AI成本下降而寻找替代品。在美股流动性仍然较好、美元吸引力较强的背景下，其他行业可能迎来资金轮动的利好。</p><p>张弛对记者表示，未来美股龙头科技股仍有可能继续上行，但需要市场容量和业绩不断向好，光靠资本开支或情绪支撑不了多久。此前暴涨过的大型科技股的吸引力已经减弱，二三线科技股和医疗板块或许会得到更多的关注。</p><p>虽然DeepSeek R1成本大幅下降一度使英伟达等头部芯片公司遭到需求重估的影响，原先一批通过拼算力来完成模型训练的AI公司处于被动，但从中长期来看，这将扩大人工智能产业的市场规模，对长期发展有利。</p><p>未来“七巨头”将继续前进。王昕杰分析称，DeepSeek R1的低成本增加了更多较小规模企业参与的可能性，可以说增加了行业的宽度，这并不会影响超大规模公司继续投资人工智能的热情，只是其结构可能会随之调整。随着人工智能的快速普及和“更高阶”领域的发展，例如人工智能代理和物理人工智能，企业很可能需要更高效的芯片和更强大的运算能力。从中长期来看，在整体行业规模大幅提升的背景下，更高效的芯片也将孕育而生。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" 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width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n美股变天！科技“七巨头”涨势哑火，如何挖掘风格转变后的新机遇？\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2025-02-26 13:39</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>进入2025年，美股风格发生明显转变，过去两年引领市场走高的科技“七巨头”中除了META以外全部“哑火”。然而，随着大型科技股动能减弱，超微电脑、西维斯健康等个股逐渐崭露头角，年初至今涨幅均超40%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eb06386adaa2d840eef0162f359e610e\" tg-width=\"1080\" tg-height=\"1603\"/></p><p>截至目前，标普500指数成分股中，有46%的公司股价表现跑赢标普500指数。对比来看，2023年和2024年跑赢标普500指数涨幅的成分股只占总数的30%，过去两年跑输标普500指数的股票数量为20世纪90年代末以来最多。</p><p>今年美股科技“七巨头”中除了META以外全部“哑火”，这究竟是短期的回调还是更长时间颓势的开始？投资者又将如何挖掘美股风格转变后的新机遇？</p><h2 id=\"id_892947811\">科技巨头涨势缘何哑火？</h2><p>“七巨头”估值偏贵且集中度高，这是市场的共识，方德证券首席分析师张弛预计未来科技股业绩增速不断向均值回归，2025年和2026年盈利增速或均为15%左右，虽然这不是必然下跌的因素，但在风险来临的时候，容易被放大。此外，美股科技股全球化程度很高，海外收入约占总营收的49%，也容易受到贸易战的影响。</p><p>渣打中国财富方案部首席投资策略师王昕杰分析称，AI芯片供应商的短期盈利可能会受到训练成本下行的影响，整体的估值可能在行业展望重塑的背景下受到压缩，这也导致纳指估值压缩。此前拥挤在科技“七巨头”当中的仓位，可能会因为生成式AI成本下降而寻找替代投资标的。</p><p>王昕杰表示，美股AI行业的中下游可能会受益，例如软件公司，能够存取客户资料的大型 SaaS（软件即服务）供应商将受益于DeepSeek等低成本解决方案的面世。在流动性充裕的美股中，资金从AI芯片相关的企业转轮至其他板块。</p><p>尽管市场对科技巨头的忧虑增加，但整体风险偏好仍然高企。美国银行公布的2月份全球基金经理调查显示，目前全球基金经理对现金的配置比例仅为3.5%，为15年来的最低水平。尽管“七巨头”今年的涨势疲弱，但市场的风险偏好并未消退。</p><p>在高盛看来，今年开始，美股的涨势将更倾向于“微观驱动”，股价走势将更加与公司自身情况相关，而非整体环境，中国DeepSeek R1横空出世后的市场反应，正是加速这一趋势的重要范例。</p><h2 id=\"id_3460868137\">新机遇在哪？</h2><p>过去两年美股连续斩获20%以上的涨幅，目前的估值处在高位，一些投资者担心美股是否已经见顶。</p><p>3月份即将到来的美国纳税季将成为标普500指数面临的另一个阻力。随着纳税季的临近，散户交易者的股票购买可能会进一步放缓。高盛集团全球市场董事总经理兼战术专家Scott Rubner表示，由于散户和机构买家的力量正在耗尽，美国股市可能会进入回调区域。</p><p>不过，未来并非一片悲观。信安环球投资的策略师Christian Floro表示，牛市并不单纯因为持续时间长了就会消亡，历史表明，美联储的货币政策立场在决定市场状况方面扮演重要角色。自1995年以来，大多数市场下跌超10%的情况都与美联储积极转向鹰派立场或限制性政策持续时间过长有关。考虑到目前美国经济尚未出现“硬着陆”迹象，如果上市公司盈利增速符合预期，市场仍存在一条狭窄但可行的持续上涨道路。</p><p>今年美股市场上跑赢指数的股票数量明显增多，投资者正在关注“七巨头”之外的更多机会。华尔街预计这种转变将持续下去，投资者已经改变了他们购买的股票，将投资范围扩大到“七巨头”之外。</p><p>王昕杰表示，原先拥挤在“七巨头”的资金可能会因为生成式AI成本下降而寻找替代品。在美股流动性仍然较好、美元吸引力较强的背景下，其他行业可能迎来资金轮动的利好。</p><p>张弛对记者表示，未来美股龙头科技股仍有可能继续上行，但需要市场容量和业绩不断向好，光靠资本开支或情绪支撑不了多久。此前暴涨过的大型科技股的吸引力已经减弱，二三线科技股和医疗板块或许会得到更多的关注。</p><p>虽然DeepSeek R1成本大幅下降一度使英伟达等头部芯片公司遭到需求重估的影响，原先一批通过拼算力来完成模型训练的AI公司处于被动，但从中长期来看，这将扩大人工智能产业的市场规模，对长期发展有利。</p><p>未来“七巨头”将继续前进。王昕杰分析称，DeepSeek R1的低成本增加了更多较小规模企业参与的可能性，可以说增加了行业的宽度，这并不会影响超大规模公司继续投资人工智能的热情，只是其结构可能会随之调整。随着人工智能的快速普及和“更高阶”领域的发展，例如人工智能代理和物理人工智能，企业很可能需要更高效的芯片和更强大的运算能力。从中长期来看，在整体行业规模大幅提升的背景下，更高效的芯片也将孕育而生。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d1fe578ee46cbe0d24c33435ff25ae5","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ 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20:49","market":"us","language":"zh","title":"特朗普重申：美联储应该降低利率","url":"https://stock-news.laohu8.com/highlight/detail?id=1124157062","media":"老虎资讯综合","summary":"5月2日，美国总统特朗普再次在社交媒体上表示，美国没有通货膨胀，美联储应该降低利率。他还表示，“汽油刚刚跌破每加仑1.98美元，为多年来的最低水平，杂货价格下降，能源价格下降”。","content":"<html><head></head><body><p>5月2日，美国总统特朗普再次在社交媒体上表示，美国没有通货膨胀，美联储应该降低利率。</p><p>他还表示，“汽油刚刚跌破每加仑1.98美元，为多年来的最低水平，杂货价格下降，能源价格下降，关税带来了数十亿美元的收入”。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fd68832f9f5b0bd4adc4bf0e9f138c7a\" alt=\"\" title=\"\" tg-width=\"1179\" tg-height=\"1048\"/></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>特朗普重申：美联储应该降低利率</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; 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20:49</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>5月2日，美国总统特朗普再次在社交媒体上表示，美国没有通货膨胀，美联储应该降低利率。</p><p>他还表示，“汽油刚刚跌破每加仑1.98美元，为多年来的最低水平，杂货价格下降，能源价格下降，关税带来了数十亿美元的收入”。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/fd68832f9f5b0bd4adc4bf0e9f138c7a\" alt=\"\" title=\"\" tg-width=\"1179\" tg-height=\"1048\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://community-static.tradeup.com/news/867a946a6298f9ec37c704f863622972","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1124157062","content_text":"5月2日，美国总统特朗普再次在社交媒体上表示，美国没有通货膨胀，美联储应该降低利率。他还表示，“汽油刚刚跌破每加仑1.98美元，为多年来的最低水平，杂货价格下降，能源价格下降，关税带来了数十亿美元的收入”。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":430305951944792,"gmtCreate":1746076631990,"gmtModify":1746076633342,"author":{"id":"3575404463519969","authorId":"3575404463519969","name":"Less Is More","avatar":"https://static.tigerbbs.com/ec4eabef5bf5adee4b895720c80a4d7e","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3575404463519969","authorIdStr":"3575404463519969"},"themes":[],"htmlText":"<a 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20250509 220.0 CALL\">$AAPL 20250509 220.0 CALL$</a>&nbsp;","text":"记录$AAPL 20250516 200.0 PUT$ $AAPL 20250509 220.0 CALL$","images":[{"img":"https://static.tigerbbs.com/01672533fa52f70936438b1b951b4586","width":"927","height":"1538"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/430171481268624","isVote":1,"tweetType":1,"viewCount":1279,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":430544577790544,"gmtCreate":1746135309746,"gmtModify":1746135311645,"author":{"id":"3575404463519969","authorId":"3575404463519969","name":"Less Is 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n港股电信股普涨，中国电信、中国移动涨超7%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2021-02-22 10:13</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>2月22日讯，港股电信股普涨，<a href=\"https://laohu8.com/S/CHL\">中国移动</a><a href=\"https://laohu8.com/S/00941\">$(00941)$</a>涨6.8%，<a href=\"https://laohu8.com/S/CHA\">中国电信</a><a href=\"https://laohu8.com/S/00728\">$(00728)$</a>涨超7%，<a href=\"https://laohu8.com/S/00762\">中国联通</a>涨超6%。</p><p><img src=\"https://static.tigerbbs.com/1d2c3107ff519a0e67514aaebb74667d\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/364b75d31ed85c3aaec675cc731acc3f\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"></p><p><b>【投资参考】</b><a href=\"https://laohu8.com/NW/2112897102\" target=\"_blank\"><b>巴菲特大举增持Verizon，5G时代运营商值得关注</b></a></p><p><b>中国移动1月5G套餐客户净增396.8万，4G客户数净增432万</b></p><p><a href=\"https://laohu8.com/S/00941\">中国移动</a>今日公布2021年1月份运营数据，当月，中国移动移动客户数净减105.7万户，用户总数达到9.40861亿户。</p><p><img src=\"https://static.tigerbbs.com/5cd673f15bada6cfad696cce1c89d100\" tg-width=\"720\" tg-height=\"330\" referrerpolicy=\"no-referrer\">当月，中国移动5G套餐客户数净增396.8万户，累计达到1.68971亿户。中国移动4G客户数净增432万户，累计达到7.79626亿户。<img src=\"https://static.tigerbbs.com/c221afd2b6a3dd50345252eaa25ae3de\" tg-width=\"720\" tg-height=\"296\" referrerpolicy=\"no-referrer\"></p><p>当月，中国移动有线宽带客户数净增336.6万户，累计达到2.13687亿户。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5cd673f15bada6cfad696cce1c89d100","relate_stocks":{"00941":"中国移动","00728":"中国电信","00762":"中国联通"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1182402603","content_text":"2月22日讯，港股电信股普涨，中国移动$(00941)$涨6.8%，中国电信$(00728)$涨超7%，中国联通涨超6%。【投资参考】巴菲特大举增持Verizon，5G时代运营商值得关注中国移动1月5G套餐客户净增396.8万，4G客户数净增432万中国移动今日公布2021年1月份运营数据，当月，中国移动移动客户数净减105.7万户，用户总数达到9.40861亿户。当月，中国移动5G套餐客户数净增396.8万户，累计达到1.68971亿户。中国移动4G客户数净增432万户，累计达到7.79626亿户。当月，中国移动有线宽带客户数净增336.6万户，累计达到2.13687亿户。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1258,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"50287609601096","authorId":"50287609601096","name":"余客","avatar":"https://static.tigerbbs.com/8e54b5bdb7672b91cb2995e607301f0f","crmLevel":9,"crmLevelSwitch":0,"idStr":"50287609601096","authorIdStr":"50287609601096"},"content":"因为巴菲特买了电信股。。","text":"因为巴菲特买了电信股。。","html":"因为巴菲特买了电信股。。"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":429389941449104,"gmtCreate":1745853479348,"gmtModify":1745855748729,"author":{"id":"3575404463519969","authorId":"3575404463519969","name":"Less 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别急，基本面没啥问题，财报前后会大涨一波，然后跌下去。川普那个政策不用怕，每次都是雷声大雨点小","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/429389941449104","isVote":1,"tweetType":1,"viewCount":602,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":360701505,"gmtCreate":1613972804007,"gmtModify":1613972804007,"author":{"id":"3575404463519969","authorId":"3575404463519969","name":"Less Is 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13:39","market":"us","language":"zh","title":"美股变天！科技“七巨头”涨势哑火，如何挖掘风格转变后的新机遇？","url":"https://stock-news.laohu8.com/highlight/detail?id=1107004502","media":"老虎资讯综合","summary":"进入2025年，美股风格发生明显转变，过去两年引领市场走高的科技“七巨头”中除了META以外全部“哑火”。投资者又将如何挖掘美股风格转变后的新机遇？此前拥挤在科技“七巨头”当中的仓位，可能会因为生成式AI成本下降而寻找替代投资标的。尽管“七巨头”今年的涨势疲弱，但市场的风险偏好并未消退。今年美股市场上跑赢指数的股票数量明显增多，投资者正在关注“七巨头”之外的更多机会。未来“七巨头”将继续前进。","content":"<html><head></head><body><p>进入2025年，美股风格发生明显转变，过去两年引领市场走高的科技“七巨头”中除了META以外全部“哑火”。然而，随着大型科技股动能减弱，超微电脑、西维斯健康等个股逐渐崭露头角，年初至今涨幅均超40%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eb06386adaa2d840eef0162f359e610e\" tg-width=\"1080\" tg-height=\"1603\"/></p><p>截至目前，标普500指数成分股中，有46%的公司股价表现跑赢标普500指数。对比来看，2023年和2024年跑赢标普500指数涨幅的成分股只占总数的30%，过去两年跑输标普500指数的股票数量为20世纪90年代末以来最多。</p><p>今年美股科技“七巨头”中除了META以外全部“哑火”，这究竟是短期的回调还是更长时间颓势的开始？投资者又将如何挖掘美股风格转变后的新机遇？</p><h2 id=\"id_892947811\">科技巨头涨势缘何哑火？</h2><p>“七巨头”估值偏贵且集中度高，这是市场的共识，方德证券首席分析师张弛预计未来科技股业绩增速不断向均值回归，2025年和2026年盈利增速或均为15%左右，虽然这不是必然下跌的因素，但在风险来临的时候，容易被放大。此外，美股科技股全球化程度很高，海外收入约占总营收的49%，也容易受到贸易战的影响。</p><p>渣打中国财富方案部首席投资策略师王昕杰分析称，AI芯片供应商的短期盈利可能会受到训练成本下行的影响，整体的估值可能在行业展望重塑的背景下受到压缩，这也导致纳指估值压缩。此前拥挤在科技“七巨头”当中的仓位，可能会因为生成式AI成本下降而寻找替代投资标的。</p><p>王昕杰表示，美股AI行业的中下游可能会受益，例如软件公司，能够存取客户资料的大型 SaaS（软件即服务）供应商将受益于DeepSeek等低成本解决方案的面世。在流动性充裕的美股中，资金从AI芯片相关的企业转轮至其他板块。</p><p>尽管市场对科技巨头的忧虑增加，但整体风险偏好仍然高企。美国银行公布的2月份全球基金经理调查显示，目前全球基金经理对现金的配置比例仅为3.5%，为15年来的最低水平。尽管“七巨头”今年的涨势疲弱，但市场的风险偏好并未消退。</p><p>在高盛看来，今年开始，美股的涨势将更倾向于“微观驱动”，股价走势将更加与公司自身情况相关，而非整体环境，中国DeepSeek R1横空出世后的市场反应，正是加速这一趋势的重要范例。</p><h2 id=\"id_3460868137\">新机遇在哪？</h2><p>过去两年美股连续斩获20%以上的涨幅，目前的估值处在高位，一些投资者担心美股是否已经见顶。</p><p>3月份即将到来的美国纳税季将成为标普500指数面临的另一个阻力。随着纳税季的临近，散户交易者的股票购买可能会进一步放缓。高盛集团全球市场董事总经理兼战术专家Scott Rubner表示，由于散户和机构买家的力量正在耗尽，美国股市可能会进入回调区域。</p><p>不过，未来并非一片悲观。信安环球投资的策略师Christian Floro表示，牛市并不单纯因为持续时间长了就会消亡，历史表明，美联储的货币政策立场在决定市场状况方面扮演重要角色。自1995年以来，大多数市场下跌超10%的情况都与美联储积极转向鹰派立场或限制性政策持续时间过长有关。考虑到目前美国经济尚未出现“硬着陆”迹象，如果上市公司盈利增速符合预期，市场仍存在一条狭窄但可行的持续上涨道路。</p><p>今年美股市场上跑赢指数的股票数量明显增多，投资者正在关注“七巨头”之外的更多机会。华尔街预计这种转变将持续下去，投资者已经改变了他们购买的股票，将投资范围扩大到“七巨头”之外。</p><p>王昕杰表示，原先拥挤在“七巨头”的资金可能会因为生成式AI成本下降而寻找替代品。在美股流动性仍然较好、美元吸引力较强的背景下，其他行业可能迎来资金轮动的利好。</p><p>张弛对记者表示，未来美股龙头科技股仍有可能继续上行，但需要市场容量和业绩不断向好，光靠资本开支或情绪支撑不了多久。此前暴涨过的大型科技股的吸引力已经减弱，二三线科技股和医疗板块或许会得到更多的关注。</p><p>虽然DeepSeek R1成本大幅下降一度使英伟达等头部芯片公司遭到需求重估的影响，原先一批通过拼算力来完成模型训练的AI公司处于被动，但从中长期来看，这将扩大人工智能产业的市场规模，对长期发展有利。</p><p>未来“七巨头”将继续前进。王昕杰分析称，DeepSeek R1的低成本增加了更多较小规模企业参与的可能性，可以说增加了行业的宽度，这并不会影响超大规模公司继续投资人工智能的热情，只是其结构可能会随之调整。随着人工智能的快速普及和“更高阶”领域的发展，例如人工智能代理和物理人工智能，企业很可能需要更高效的芯片和更强大的运算能力。从中长期来看，在整体行业规模大幅提升的背景下，更高效的芯片也将孕育而生。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>美股变天！科技“七巨头”涨势哑火，如何挖掘风格转变后的新机遇？</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; 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width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n美股变天！科技“七巨头”涨势哑火，如何挖掘风格转变后的新机遇？\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2025-02-26 13:39</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>进入2025年，美股风格发生明显转变，过去两年引领市场走高的科技“七巨头”中除了META以外全部“哑火”。然而，随着大型科技股动能减弱，超微电脑、西维斯健康等个股逐渐崭露头角，年初至今涨幅均超40%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/eb06386adaa2d840eef0162f359e610e\" tg-width=\"1080\" tg-height=\"1603\"/></p><p>截至目前，标普500指数成分股中，有46%的公司股价表现跑赢标普500指数。对比来看，2023年和2024年跑赢标普500指数涨幅的成分股只占总数的30%，过去两年跑输标普500指数的股票数量为20世纪90年代末以来最多。</p><p>今年美股科技“七巨头”中除了META以外全部“哑火”，这究竟是短期的回调还是更长时间颓势的开始？投资者又将如何挖掘美股风格转变后的新机遇？</p><h2 id=\"id_892947811\">科技巨头涨势缘何哑火？</h2><p>“七巨头”估值偏贵且集中度高，这是市场的共识，方德证券首席分析师张弛预计未来科技股业绩增速不断向均值回归，2025年和2026年盈利增速或均为15%左右，虽然这不是必然下跌的因素，但在风险来临的时候，容易被放大。此外，美股科技股全球化程度很高，海外收入约占总营收的49%，也容易受到贸易战的影响。</p><p>渣打中国财富方案部首席投资策略师王昕杰分析称，AI芯片供应商的短期盈利可能会受到训练成本下行的影响，整体的估值可能在行业展望重塑的背景下受到压缩，这也导致纳指估值压缩。此前拥挤在科技“七巨头”当中的仓位，可能会因为生成式AI成本下降而寻找替代投资标的。</p><p>王昕杰表示，美股AI行业的中下游可能会受益，例如软件公司，能够存取客户资料的大型 SaaS（软件即服务）供应商将受益于DeepSeek等低成本解决方案的面世。在流动性充裕的美股中，资金从AI芯片相关的企业转轮至其他板块。</p><p>尽管市场对科技巨头的忧虑增加，但整体风险偏好仍然高企。美国银行公布的2月份全球基金经理调查显示，目前全球基金经理对现金的配置比例仅为3.5%，为15年来的最低水平。尽管“七巨头”今年的涨势疲弱，但市场的风险偏好并未消退。</p><p>在高盛看来，今年开始，美股的涨势将更倾向于“微观驱动”，股价走势将更加与公司自身情况相关，而非整体环境，中国DeepSeek R1横空出世后的市场反应，正是加速这一趋势的重要范例。</p><h2 id=\"id_3460868137\">新机遇在哪？</h2><p>过去两年美股连续斩获20%以上的涨幅，目前的估值处在高位，一些投资者担心美股是否已经见顶。</p><p>3月份即将到来的美国纳税季将成为标普500指数面临的另一个阻力。随着纳税季的临近，散户交易者的股票购买可能会进一步放缓。高盛集团全球市场董事总经理兼战术专家Scott Rubner表示，由于散户和机构买家的力量正在耗尽，美国股市可能会进入回调区域。</p><p>不过，未来并非一片悲观。信安环球投资的策略师Christian Floro表示，牛市并不单纯因为持续时间长了就会消亡，历史表明，美联储的货币政策立场在决定市场状况方面扮演重要角色。自1995年以来，大多数市场下跌超10%的情况都与美联储积极转向鹰派立场或限制性政策持续时间过长有关。考虑到目前美国经济尚未出现“硬着陆”迹象，如果上市公司盈利增速符合预期，市场仍存在一条狭窄但可行的持续上涨道路。</p><p>今年美股市场上跑赢指数的股票数量明显增多，投资者正在关注“七巨头”之外的更多机会。华尔街预计这种转变将持续下去，投资者已经改变了他们购买的股票，将投资范围扩大到“七巨头”之外。</p><p>王昕杰表示，原先拥挤在“七巨头”的资金可能会因为生成式AI成本下降而寻找替代品。在美股流动性仍然较好、美元吸引力较强的背景下，其他行业可能迎来资金轮动的利好。</p><p>张弛对记者表示，未来美股龙头科技股仍有可能继续上行，但需要市场容量和业绩不断向好，光靠资本开支或情绪支撑不了多久。此前暴涨过的大型科技股的吸引力已经减弱，二三线科技股和医疗板块或许会得到更多的关注。</p><p>虽然DeepSeek R1成本大幅下降一度使英伟达等头部芯片公司遭到需求重估的影响，原先一批通过拼算力来完成模型训练的AI公司处于被动，但从中长期来看，这将扩大人工智能产业的市场规模，对长期发展有利。</p><p>未来“七巨头”将继续前进。王昕杰分析称，DeepSeek R1的低成本增加了更多较小规模企业参与的可能性，可以说增加了行业的宽度，这并不会影响超大规模公司继续投资人工智能的热情，只是其结构可能会随之调整。随着人工智能的快速普及和“更高阶”领域的发展，例如人工智能代理和物理人工智能，企业很可能需要更高效的芯片和更强大的运算能力。从中长期来看，在整体行业规模大幅提升的背景下，更高效的芯片也将孕育而生。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5d1fe578ee46cbe0d24c33435ff25ae5","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107004502","content_text":"进入2025年，美股风格发生明显转变，过去两年引领市场走高的科技“七巨头”中除了META以外全部“哑火”。然而，随着大型科技股动能减弱，超微电脑、西维斯健康等个股逐渐崭露头角，年初至今涨幅均超40%。截至目前，标普500指数成分股中，有46%的公司股价表现跑赢标普500指数。对比来看，2023年和2024年跑赢标普500指数涨幅的成分股只占总数的30%，过去两年跑输标普500指数的股票数量为20世纪90年代末以来最多。今年美股科技“七巨头”中除了META以外全部“哑火”，这究竟是短期的回调还是更长时间颓势的开始？投资者又将如何挖掘美股风格转变后的新机遇？科技巨头涨势缘何哑火？“七巨头”估值偏贵且集中度高，这是市场的共识，方德证券首席分析师张弛预计未来科技股业绩增速不断向均值回归，2025年和2026年盈利增速或均为15%左右，虽然这不是必然下跌的因素，但在风险来临的时候，容易被放大。此外，美股科技股全球化程度很高，海外收入约占总营收的49%，也容易受到贸易战的影响。渣打中国财富方案部首席投资策略师王昕杰分析称，AI芯片供应商的短期盈利可能会受到训练成本下行的影响，整体的估值可能在行业展望重塑的背景下受到压缩，这也导致纳指估值压缩。此前拥挤在科技“七巨头”当中的仓位，可能会因为生成式AI成本下降而寻找替代投资标的。王昕杰表示，美股AI行业的中下游可能会受益，例如软件公司，能够存取客户资料的大型 SaaS（软件即服务）供应商将受益于DeepSeek等低成本解决方案的面世。在流动性充裕的美股中，资金从AI芯片相关的企业转轮至其他板块。尽管市场对科技巨头的忧虑增加，但整体风险偏好仍然高企。美国银行公布的2月份全球基金经理调查显示，目前全球基金经理对现金的配置比例仅为3.5%，为15年来的最低水平。尽管“七巨头”今年的涨势疲弱，但市场的风险偏好并未消退。在高盛看来，今年开始，美股的涨势将更倾向于“微观驱动”，股价走势将更加与公司自身情况相关，而非整体环境，中国DeepSeek R1横空出世后的市场反应，正是加速这一趋势的重要范例。新机遇在哪？过去两年美股连续斩获20%以上的涨幅，目前的估值处在高位，一些投资者担心美股是否已经见顶。3月份即将到来的美国纳税季将成为标普500指数面临的另一个阻力。随着纳税季的临近，散户交易者的股票购买可能会进一步放缓。高盛集团全球市场董事总经理兼战术专家Scott Rubner表示，由于散户和机构买家的力量正在耗尽，美国股市可能会进入回调区域。不过，未来并非一片悲观。信安环球投资的策略师Christian Floro表示，牛市并不单纯因为持续时间长了就会消亡，历史表明，美联储的货币政策立场在决定市场状况方面扮演重要角色。自1995年以来，大多数市场下跌超10%的情况都与美联储积极转向鹰派立场或限制性政策持续时间过长有关。考虑到目前美国经济尚未出现“硬着陆”迹象，如果上市公司盈利增速符合预期，市场仍存在一条狭窄但可行的持续上涨道路。今年美股市场上跑赢指数的股票数量明显增多，投资者正在关注“七巨头”之外的更多机会。华尔街预计这种转变将持续下去，投资者已经改变了他们购买的股票，将投资范围扩大到“七巨头”之外。王昕杰表示，原先拥挤在“七巨头”的资金可能会因为生成式AI成本下降而寻找替代品。在美股流动性仍然较好、美元吸引力较强的背景下，其他行业可能迎来资金轮动的利好。张弛对记者表示，未来美股龙头科技股仍有可能继续上行，但需要市场容量和业绩不断向好，光靠资本开支或情绪支撑不了多久。此前暴涨过的大型科技股的吸引力已经减弱，二三线科技股和医疗板块或许会得到更多的关注。虽然DeepSeek 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