花旗集团策略师下调了美国股市和全球科技板块的评级，同时上调了欧洲股市评级，理由是欧洲股市面临的人工智能动荡风险较低。
Inc. strategists downgraded US stocks and the global tech sector, while upgrading European equities because of their lower exposure to AI turbulence.
由贝娅·曼特领导的花旗团队在全球市场经历了动荡的一周后采取了这一行动，此前美国中期选举民主党大胜引发了市场剧烈波动。对人工智能监管收紧的担忧推动标普500指数录得自2025年4月以来最大单周跌幅，而纳斯达克100指数仅在上周四一天就蒸发了2.3万亿美元市值。欧洲斯托克600指数本周上涨0.2%收盘。
The Citi team led by Beata Manthey acted after a dramatic week in global markets triggered by the Democratic sweep in US midterm elections. Concerns over tighter AI regulation pushed the S&P 500 to its biggest weekly loss since April 2025, while $2.3 trillion was wiped off the Nasdaq 100 last Thursday alone. Europe’s Stoxx 600 ended the week 0.2% higher.
策略师将美国和科技板块评级下调至“中性”，将除英国外的欧洲股市评级上调至“超配”，并援引该地区从油价下跌中获益更大作为理由。曼特在致客户的报告中表示，花旗对人工智能前景依然持积极态度，但在市场情绪企稳、盈利修正为交易提供更坚实基础之前，仍存在进一步抛售的空间。
The strategists downgraded the US and tech to neutral, as they raised Europe, excluding the UK, to overweight, also citing the region’s greater benefit from falling oil prices. Citi remains positive about the outlook for AI, but sees scope for further selling before sentiment stabilizes and earnings revisions provide a firmer foundation for the trade, Manthey said in a client note.
曼特写道：“我们担心纳斯达克等关键指数的持仓可能会进一步下调至净空头领域。”“虽然抛售在科技板块最为猛烈，但波动已全面蔓延。”随着全球投资者寻求减少对人工智能相关股票的敞口，欧洲多元化的股票市场已成为一个有吸引力的交易标的。其稳健的工业股、银行股和防御性蓝筹股的组合帮助该地区避开了上周动荡的最严重冲击。
“We worry that positioning on key indices, such as the Nasdaq, could reset lower into net-short territory,” Manthey wrote. “While the selloff has been most aggressive in Tech, volatility has been broad-based.”Europe’s diversified stock market has emerged as an attractive trade as global investors seek to reduce their exposure to artificial intelligence-linked stocks. Its mix of steady industrial names, banks and defensive stalwarts helped the region avoid the worst of last week’s turmoil.
在另一份报告中，高盛集团策略师指出，虽然欧洲在人工智能红利中分得较少，但这正成为一种优势。
In a separate note, Goldman Sachs Group Inc. strategists highlighted that while Europe captured less of the AI upside, that is now becoming an advantage.
包括吉约姆·杰森在内的高盛团队表示，人工智能基础设施约占斯托克600指数的15%，且不足该基准指数2027年预期9%盈利增长的四分之一。相比之下，这些股票约占标普500指数的40%，并占明年预期盈利增长的三分之二以上。
AI infrastructure represents about 15% of the Stoxx 600 and less than a quarter of the 9% earnings growth for the benchmark expected for 2027, the Goldman team including Guillaume Jaisson said. By contrast, those stocks are some 40% of the S&P 500 and more than two-thirds of next year’s projected earnings growth.
高盛团队表示：“这种较低的集中度在AI交易反转时提供了分散化效果：自2023年以来的八次最大规模AI主导抛售中，欧洲市场每次都跑赢了美国市场。”
“This lower concentration provides diversification when the AI trade reverses: across the eight largest AI-led selloffs since 2023, Europe outperformed the US every time,” the Goldman team said.
花旗策略师表示，他们的全球板块策略现在是经济敏感型周期股与防御性股票的哑铃型配置。他们将医疗保健板块上调至增持，使其与原材料板块并列。
The Citi strategists said their global sector strategy is now a barbell of economically linked cyclicals and defensive stocks. They upgraded healthcare to overweight, where it joins materials.
曼泰及其同事表示，他们对明年的市场目标依然看好，因为较低的利率、有韧性的经济数据以及地缘政治风险缓和的潜在可能，应当能提供支撑。
Manthey and her colleagues said their market targets remain positive for next year, as lower interest rates, resilient economic data and the potential for easing geopolitical risks should provide support.