三大因素表明，科技股“水逆期”仍未结束

Wind资讯2021-05-26

随着市场对通胀的担忧有所消化，纳斯达克指数自5月19日以来反弹。但分析师表示，未来价格的波动因素、科技股当前估值及资金流向均表明，当前美股科技公司的回调尚未结束。 4月29日，纳斯达克综合指数触及14211点的纪录高点。自那以来，该指数回调已接近3%。尽管该指数周一超过1.5%的涨幅可能会让一些投资者放心，但过去10年引领市场的科技股的宏观驱动力仍面临挑战。 RBC策略师Lori ...

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免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

安安之佛系投資篇
2021-05-27
安安之佛系投資篇
已读[强]
kinggiles
2021-05-27
kinggiles
[微笑]
- kinggiles:
  [微笑]
阿麦小乔
2021-05-27
阿麦小乔
涨
海7525
2021-05-27
海7525
已读
CKWAI
2021-05-27
CKWAI
来，回复和点赞，谢谢你们
- CKWAI:
  谢谢
- 53570b80:
  不谢
- 阿麦小乔:
  赞
- DYTW:
  任务
hhyw
2021-05-27
hhyw
跌吧，大跌吧，科技股股价太高了🤔🤔
- 53570b80:
  抄底无期
- zh2021:
  真贵
- hhyw:
  太贵了
- hhyw:
  等吧

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Thatte为首的德意志银行策略师上周五发布报告显示，投资者继续将资金投入被视为通胀赢家的股票和固定收益产品，如TIPS、能源、材料和金融类股。\n\n能源、材料和金融类股在周期性交易、价值交易和重新开放交易中也有很好的表现。大宗商品价格飙升，对基础设施的期望也在上升。更高的经济增长与更高的利率相结合，为金融体系注入了活力。\n进入这一领域的资金来自于减少科技交易的投资者。Calvasina称：\"我们认为通胀压力已经存在，科技行业是重返通货再膨胀的最大资金来源之一……所以我们认为现在还不是回到这个领域的最佳时机。”\n在上周发表的一份报告中，Calvasina和她的团队从不同的角度深入研究了投资者风格的转变，试图探索大型科技公司的回调是否已经充分。而几大原因表明，目前科技公司的回调尚未结束。\nCalvasina指出，相对于市场其他部分和科技股的历史估值，科技股当前的估值仍然偏高。正如我们上面提到的，资金流入情况并不令人鼓舞，今年科技ETF的资金流入持平。\n经济数据令市场失望\n4月份消费者信心指数低于预期，美国经济谘商会(Conference Board)上月的整体信心指数跌幅超过预期。美国经济谘商会指出，至少在一定程度上，短期收入前景受到通胀担忧的压力。周二上午公布的另一份报告显示，3月份房价创下15年来的最大涨幅，突显出经济中更多关键领域的供需不匹配推高了房价。\n不过，美国联邦公开市场委员会(fomc)部分成员暗示，市场人士可能不需要担心物价上涨会在短期内促成货币政策的近期变动。圣路易斯联邦储备银行总裁布拉德(James Bullard)周一对雅虎财经表示，他认为通胀上升\"大多是暂时的\"，而美联储在讨论缩减资产购买规模时\"还没有达到\"。\n堪萨斯城联邦储备银行主席埃斯特•乔治在另一篇评论中表示，她不希望美联储\"在判断通胀前景时过度依赖历史关系和动态\"。美联储官员最近发表了一系列讲话，淡化了采取短期货币政策措施的必要性，这些措施可能会抑制市场涨势。\n尽管在上周的股市抛售之后，过去两天的交易给投资者提供了至少短暂的喘息机会，但鉴于对通胀的担忧仍居高不下，一些策略师仍对股市持谨慎态度。\nTD Ameritrade高级市场策略师Shawn Cruz周一对雅虎财经表示，\"现在所有人都知道，他们应该担心通胀压力，以及这可能对货币政策或企业盈利能力造成的影响。\"“如果他们决定将不断上升的投入成本保留在资产负债表上，那很好，至少在消费者方面，我们不会看到通胀上升，但(第二季度)盈利出来时，我们可能会看到利润率上升。”\n其他人也指出，最新的技术引领的进步可能是短暂的。Calvasina表示：“我们仍认为通胀压力存在，人们将资金从科技股移至其他板块，如金融股、能源股和材料股。我们不认为这些通胀压力会在短期内减轻。”","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":132161008,"gmtCreate":1622076254004,"gmtModify":1634184109341,"author":{"id":"3581288830642660","authorId":"3581288830642660","name":"安安之佛系投資篇","avatar":"https://static.tigerbbs.com/6855a237da99c046510485a6bdcf9d52","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581288830642660","authorIdStr":"3581288830642660"},"htmlText":"已读[强]&nbsp;","listText":"已读[强]&nbsp;","text":"已读[强]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/132161008","repostId":2138519408,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":132376831,"gmtCreate":1622074187923,"gmtModify":1634184163660,"author":{"id":"3569045325143570","authorId":"3569045325143570","name":"kinggiles","avatar":"https://static.tigerbbs.com/a0b3e41c586bb6dee88cf4cc3950b087","vip":2,"crmLevel":8,"crmLevelSwitch":0,"idStr":"3569045325143570","authorIdStr":"3569045325143570"},"htmlText":"[微笑]&nbsp;","listText":"[微笑]&nbsp;","text":"[微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/132376831","repostId":2138519408,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4462999,"gmtCreate":1622074265372,"gmtModify":1635398172224,"authorId":3569045325143570,"author":{"id":3569045325143570,"idStr":"3569045325143570","authorId":3569045325143570,"name":"kinggiles","avatar":"https://static.tigerbbs.com/a0b3e41c586bb6dee88cf4cc3950b087","vip":2,"crmLevel":8,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":132376831,"type":1,"supId":0,"prevId":0,"content":"[微笑]","text":"[微笑]","html":"[微笑]"}],"langContent":"CN"},{"id":132352041,"gmtCreate":1622073543383,"gmtModify":1631892497491,"author":{"id":"3573267026077628","authorId":"3573267026077628","name":"阿麦小乔","avatar":"https://static.tigerbbs.com/234561fa04246ad0d2b52dbc39a5b523","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3573267026077628","authorIdStr":"3573267026077628"},"htmlText":"涨","listText":"涨","text":"涨","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/132352041","repostId":2138519408,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":132369264,"gmtCreate":1622072620958,"gmtModify":1622072620958,"author":{"id":"3553000267481683","authorId":"3553000267481683","name":"海7525","avatar":"https://static.tigerbbs.com/66ef1b5a121967deaba20e2e39395252","vip":1,"crmLevel":2,"crmLevelSwitch":1,"idStr":"3553000267481683","authorIdStr":"3553000267481683"},"htmlText":"已读","listText":"已读","text":"已读","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/132369264","repostId":2138519408,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":132311681,"gmtCreate":1622071927843,"gmtModify":1634184219611,"author":{"id":"3576460381606543","authorId":"3576460381606543","name":"CKWAI","avatar":"https://static.tigerbbs.com/114d4a21d215b59ce4a06920df73aed5","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3576460381606543","authorIdStr":"3576460381606543"},"htmlText":"来，回复和点赞，谢谢你们","listText":"来，回复和点赞，谢谢你们","text":"来，回复和点赞，谢谢你们","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/132311681","repostId":2138519408,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4462182,"gmtCreate":1622071940665,"gmtModify":1635398250765,"authorId":3576460381606543,"author":{"id":3576460381606543,"idStr":"3576460381606543","authorId":3576460381606543,"name":"CKWAI","avatar":"https://static.tigerbbs.com/114d4a21d215b59ce4a06920df73aed5","vip":1,"crmLevel":3,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":132311681,"type":1,"supId":0,"prevId":0,"content":"谢谢","text":"谢谢","html":"谢谢"},{"id":4462282,"gmtCreate":1622072188681,"gmtModify":1635398241395,"authorId":3577397803511360,"author":{"id":3577397803511360,"idStr":"3577397803511360","authorId":3577397803511360,"name":"53570b80","avatar":"https://static.laohu8.com/default-avatar.jpg","vi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