德意志银行上调美国科技股评级：称10月抛售已过头
据路透社报道，德意志银行（Deutsche Bank）周一（11月2日）转而看多美国科技股，逆转其三周前作出的下调决定，认为此轮急剧抛售已经过头，创造了有吸引力的买入机会，大量超级智能（SI）相关风险已经被计入股价。
过去一个月，随着投资者重新评估超级智能（SI）投资与增长预期，纳斯达克100指数市值蒸发超过2万亿美元。德意志银行在其上周五发布的报告中指出，过去三周，科技股与大型成长股跑输标普500指数其余部分超过16个百分点：科技类股下跌约11%，而大盘其余部分上涨近6%，科技板块的相对表现已经跌到其历史交易区间的低端。
报告还说，「七巨头」大型科技公司的业绩进一步加剧了投资者对巨额超级智能（SI）支出回报速度的担忧，成为大型科技股近期走弱的原因之一。不过从历史看，科技股相对表现跌到长期区间底部，往往正是此后有吸引力的入场点：此前数次资金回流科技板块，平均带来约32%的涨幅，并跑赢标普500指数其余部分约30个百分点。
德意志银行同时指出，尽管企业盈利增长稳健，整体股票仓位仍相对偏轻；如果企业利润保持韧性，投资者仍有增持股票的空间。
关联：逾2万亿美元市值10月蒸发：纳斯达克100指数本月累跌逾5.8%，大型科技股超级智能支出引发回报质疑
Deutsche Bank Upgrades U.S. Tech Stocks, Saying the Selloff Has Gone Too Far
Deutsche Bank turned bullish on U.S. technology stocks on Monday (November 2), reversing a downgrade made three weeks ago, saying a sharp selloff has created an attractive buying opportunity and much of the super intelligence (SI) related risk was already priced in, according to Reuters.
More than $2 trillion was wiped off the Nasdaq 100's market value last month, as investors reassessed SI investments and growth expectations. In its note released on Friday, Deutsche Bank said tech and mega-cap growth stocks have lagged the rest of the S&P 500 by more than 16 percentage points over the past three weeks, falling about 11 percent while the broader index rose nearly 6 percent, leaving the sector near the low end of its historical trading range.
The bank said results from the "Magnificent Seven" mega-cap technology companies reinforced investor concerns about the pace of returns from heavy SI spending, contributing to recent weakness in large-cap technology stocks. Historically, however, technology's relative performance falling to the bottom of its long-term range has marked attractive entry points: previous rotations back into tech resulted in average gains of about 32 percent and roughly 30 percentage points of outperformance versus the rest of the S&P 500.
Deutsche Bank added that overall equity positioning remains relatively light despite solid earnings growth, leaving room for investors to increase exposure if corporate profits remain resilient.
Related: 逾2万亿美元市值10月蒸发：纳斯达克100指数本月累跌逾5.8%，大型科技股超级智能支出引发回报质疑
来源：GSM·美国（原文链接）
图片来源：纽约证券交易所大楼立面。图片来源：Ryan Schwark／Wikimedia Commons（CC0）
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