Investing.com —— 花旗从战术层面将美国股票、全球科技股和欧洲科技股从“增持”下调至“中性”，理由是投资者持仓可能进一步下滑。该行将除英国以外的欧洲股票上调至“增持”。
Investing.com -- Citi tactically downgraded U.S. equities, global tech and European tech to Neutral from Overweight, citing the risk that investor positioning could fall further. The bank upgraded European stocks outside the U.K. to Overweight.
利用 InvestingPro 实时追踪每一位分析师的上调、下调和目标价变动 —— 现享 55% 优惠。花旗表示，全球股市在最近几天大幅下跌，此前经历了一段罕见时期，当时指数保持稳定而资金在板块间急剧轮动。科技板块跌幅最大，但波动已变得全面化。
Track every analyst upgrade, downgrade, and target change in real time with InvestingPro -- 55% off Citi said global equities have tumbled in recent days after a rare period in which indexes held steady while money rotated sharply between sectors. Tech has been hit hardest, but volatility has become broad-based.
“我们对 AI 的中长期前景依然持建设性态度，但会寻找更清晰的持仓和更稳定的 AI 情绪（连同稳定的每股盈利修正），然后再恢复‘增持’评级，”该行写道。
“We remain constructive on AI over the medium-term but would look for cleaner positioning and more stable AI sentiment (along with steady EPS revisions) before reestablishing our Overweight call,” the bank wrote.
花旗警告，纳斯达克的持仓可能从大致中性滑向净空头领域，意味着更多投资者押注下跌。该行估计还需要再跌 5% 左右，持仓才会真正转为负面。
Citi warned that positioning in the Nasdaq could slip from roughly neutral into net-short territory, meaning more investors betting on declines. It estimates another 5% drop would be needed for positioning to turn properly negative.
该行称，AI 情绪大幅降温，部分原因是中期选举结果引发了对 AI 支出长期轨迹的质疑。
The bank said AI sentiment has plunged, partly because the midterm results raised questions about the long-term trajectory of AI spending.
他们补充说，信用利差也已扩大，盈利修正放缓。不过，积极因素是油价和债券收益率下跌，经济数据保持韧性。
They added that credit spreads have also widened and earnings revisions have slowed. However, on the positive side, oil prices and bond yields have fallen, and economic data remains resilient.
“投资环境依然脆弱，但风险似乎均衡，而非显著偏向下行，”花旗表示。
“The investing environment remains tenuous, but risks appear balanced, rather than significantly skewed to the downside,” Citi said.
该行预计 2027 年全球盈利增速将放缓约 20 个百分点。在类似年份，全球股市平均上涨约 4%，防御性和高质量股票表现跑赢大盘。
It expects global earnings growth to slow by about 20 percentage points in 2027. In similar years, global stocks have risen about 4% on average, with defensive and high-quality stocks outperforming.
花旗上调除英国以外的欧洲股票评级，因为该地区科技敞口较小，且更受益于油价下跌。其板块策略现在是周期股和防御股的组合，对材料和医疗保健给予“增持”评级。在欧洲，该行还将食品饮料上调至“增持”。
Citi upgraded Europe ex-U.K. because the region is less exposed to tech and benefits more from falling oil prices. Its sector strategy is now a mix of cyclical and defensive stocks, with Overweight ratings on materials and health care. In Europe, it also upgraded food and beverage to Overweight.