随着美股基准股指——标普500指数在2025年跑输大多数国际股票市场，长期席卷市场的"美国例外主义论调"触顶并开 启回撤轨迹，全球投资者们愈发聚焦于非美国股市，尤其是欧洲股市。根据华尔街金融巨头高盛集团策略师们的最新观 点，由于投资者们寻求从美国市场及其集中于高估值科技股的结构中更进一步分散资金配置，继2025年跑赢美股后，欧 洲股市今年有望获得强劲提振。 包括Sharon Bell和Peter Oppenheimer在内的高盛策略师团队将欧股基准指数——泛欧Stoxx600指数的年末目标点位上调 至625点，不过这意味着较该指数的周一创纪录收盘价仅仅上涨约4%，意味着高盛对于欧股仍偏谨慎。整体来看，这一 预测使得高盛处于面向华尔街分析师非正式调查中较为看多的一端，非正式调查所显示的华尔街策略师平均预测为620 点。高盛还表示，今年对于欧洲小盘股来说可能是个积极的年头。 "鉴于美国市场既昂贵又在风险敞口上高度集中，我们主张进行分散资金配置。"高盛策略师们在一份报告中写道。他们 表示，以美国市场为基地的投资者们仍然担心美元走弱带来的风险敞口，并希望在世界其他地区挖掘替代性的股票价值 增长来源。 如上图所示，与估 ...

Financial Institutions - Goldman Sachs Group Inc. (GS) received a significant price target increase from BMO, which raised its target to $980 from $785 [2][9] - Truist Securities also lifted its target for JPMorgan Chase & Co. (JPM) to $331 from $330 [2][9] - Wells Fargo downgraded D.R. Horton, Inc. (DHI) to Equal Weight from Overweight, cutting its price target to $155 from $180, indicating a more cautious outlook on the homebuilder [3][9] Geopolitical Developments - Ukrainian drones reportedly struck Russian missile, ammunition, and oil depots in the Kostroma and Lipetsk regions, intensifying ongoing hostilities as President Zelenskiy arrived in Paris for talks [4][9] International Trade - China's Commerce Ministry imposed export controls on dual-use items to Japan, signaling potential shifts in international trade relations [6][9]

Core Viewpoint - Goldman Sachs' strategist team has issued a strong bullish signal for Chinese assets, recommending investors to "overweight" Chinese stocks, predicting a robust bull market in 2026 and 2027 driven by corporate profit growth and valuation recovery, with an expected annual increase of 15% to 20% [1][3]. Group 1: Profit Recovery and Valuation Reassessment - The core viewpoint of Goldman Sachs is based on expectations of substantial improvement in corporate fundamentals, with profit growth rates projected at 14% and 12% for 2026 and 2027 respectively, alongside an anticipated 10% valuation uplift [3][4]. - Key factors driving profit acceleration include the widespread application of AI technology, the trend of Chinese companies "going global," and policy measures aimed at curbing disorderly competition, referred to as "anti-involution" actions [3][4]. - Goldman Sachs emphasizes that the current valuation levels of Chinese markets do not fully reflect their growth potential, suggesting that improved investor sentiment and capital reallocation will lead to significant valuation reassessment [4]. Group 2: Export Structure Optimization and "Going Global" Dividend - Despite a complex external trade environment, Goldman Sachs remains optimistic about the competitiveness of China's export sector, which is a crucial rationale for its positive outlook on Chinese listed companies [6]. - The report highlights that Chinese exporters have successfully diversified their markets, with emerging markets becoming significant growth points, and the shift from simple product exports to globalized layouts, including increased exports of intermediate and capital goods [6][7]. - It is projected that export volumes will maintain an annual growth rate of 5-6% in the coming years, providing direct performance support for related listed companies [7]. Group 3: Policy Easing and Liquidity Environment - Goldman Sachs anticipates a relatively loose monetary policy environment in China, which will benefit stock market performance, predicting two 10 basis point cuts in policy interest rates by the central bank in 2026 [9]. - The report forecasts that the central bank will maintain ample interbank liquidity to support economic growth and government bond issuance, leading to a decline in short-term interest rates, with the 7-day reverse repo rate expected to drop from 1.4% to around 1.2% by the end of 2026 [9]. - The expansionary fiscal policy, with an anticipated increase in the broad fiscal deficit, will also provide support for the real economy and market sentiment [9]. Group 4: Attractiveness of Renminbi Assets and Currency Appreciation - Beyond the potential for stock market gains, currency factors may provide additional returns for foreign investors holding Chinese assets, with the Renminbi currently undervalued by approximately 25% against the US dollar [10][12]. - The report predicts that the Renminbi will gradually appreciate to 6.85 against the US dollar within the next 12 months, supported by strong export growth and trade surpluses, with China's goods trade surplus expected to expand to $1.4 trillion by 2026 [10][12]. - An increase in the current account surplus, easing US-China trade tensions, and policy support for the internationalization of the Renminbi will further bolster the currency's strength, enhancing total returns for international investors denominated in US dollars [12].

Core Viewpoint - Goldman Sachs strategists believe that European stocks are likely to receive a boost this year as investors seek diversification away from the high valuations and concentrated tech stocks in the U.S. market [1] Group 1: Market Outlook - The Goldman Sachs team, led by Sharon Bell and Peter Oppenheimer, has raised the year-end target for the pan-European Stoxx 600 index to 625 points, indicating a potential upside of approximately 4% from Monday's historical closing high [1] - The report emphasizes the need for diversified investments due to the expensive nature of the U.S. market and its excessive concentration risks [1] Group 2: Investor Behavior - Domestic U.S. investors are concerned about the impact of a weakening dollar and are looking for alternative growth sources from other global regions [1] - European stock market positions remain at low levels following continuous net selling from 2022 to 2024, with 2025 being a year for tentative buying [1] Group 3: Sector Performance - The team anticipates that 2023 will be a strong year for European small-cap stocks, which are expected to benefit from improved economic growth, a stable interest rate environment, increased merger and acquisition activity, a strengthening euro, and declining oil prices [1]

高盛：将欧洲个人护理与杂货行业评级从中性上调至超配；将欧洲金融服务行业评级从中性上调至超 配。 本文源自：金融界AI电报 ...

Core Viewpoint - Goldman Sachs has raised its 12-month target for the UK FTSE 100 index from 10,300 points to 10,400 points [1] Group 1 - The adjustment in the target reflects a positive outlook for the UK equity market [1]

来源：滚动播报 高盛将欧洲保险板块评级从"增持"下调至"中性"。 ...

高盛：将未来12个月的欧洲斯托克600指数目标从615点上调至625点。 本文源自：金融界AI电报 ...

Group 1: Insurance Sector - The insurance sector continues to rise, with China Ping An (02318) up 5.17%, New China Life (01336) up 4.14%, China Life (02628) up 4.83%, and China Pacific Insurance (02601) up 3.29%. The National Financial Regulatory Administration reported that the insurance industry achieved a total premium income of 57,629 billion yuan, a year-on-year increase of 7.6% for the first 11 months of 2025 [1][2]. Group 2: Hydrogen Energy - Guofu Hydrogen Energy (02582) saw a rise of over 7.2% after announcing the delivery of a total of 424 sets of vehicle-mounted high-pressure hydrogen supply systems to clients, which will be used in fuel cell buses in Guangzhou [1]. Group 3: Coal Sector - Coal stocks collectively rose, with China Coal Energy (01898) up 4.33%, Yanzhou Coal Mining (01171) up 3.18%, and China Shenhua Energy (01088) up 2.31%. Since late November, port thermal coal prices have been on a downward trend, dropping from a high of 834 yuan/ton to a low of 670 yuan/ton, before rebounding on December 31, increasing by 8 yuan/ton to 678 yuan/ton [1]. Group 4: Solar Energy and AI - Junda Co., Ltd. (02865) increased by over 6.1% following a report from Guotai Junan that Elon Musk proposed a plan to deploy 100GW of solar AI satellites annually, driving demand for space photovoltaic technology [1]. Group 5: Lithium Mining - Lithium stocks were active, with Ganfeng Lithium (01772) up 4.22% and Tianqi Lithium (09696) up 2.85%. After breaking through the 130,000 yuan/ton mark, lithium carbonate futures surged over 8%, reaching a high of 137,760 yuan/ton [2]. Group 6: Real Estate Sector - Domestic real estate stocks continued to rise, with Beike-W (02423) up 3.44%, Longfor Group (00960) up 5.24%, China Jinmao (00817) up 5.34%, and China Resources Land (01109) up 3.64%. An article published in "Qiushi" magazine emphasized the need to improve and stabilize expectations in the real estate market [2]. Group 7: Baby Products - Different Group (06090) rebounded by over 34.99%. According to a report from China Merchants Securities, the company is positioned as a mid-to-high-end baby products brand with strong product development and channel expansion capabilities, targeting middle-class and high-net-worth consumers [3]. Group 8: Mining Sector - Zijin Mining (02899) rose nearly 6%, reaching a historical high. The company recently announced an annual profit forecast of 51 to 52 billion yuan, an increase of approximately 18.9 to 19.9 billion yuan compared to the previous year's profit of 32.051 billion yuan, representing a year-on-year growth of about 59% to 62% [3]. Group 9: U.S. Stock Market - The Dow Jones Industrial Average broke through 49,000 points, rising 1.3%, with major U.S. bank stocks reaching historical highs. Goldman Sachs (GS.US) rose 3.73%, JPMorgan Chase (JPM.US) rose 2.63%, and Morgan Stanley (MS.US) rose 2.55%. The U.S. ISM reported that the manufacturing PMI fell to 47.9 in December, below the expected 48.4 [4]. Group 10: Precious Metals - U.S. precious metal stocks collectively strengthened, with Hecla Mining (HL.US) up 4.56% and Barrick Gold (B.US) up 3.77%. Spot gold surged 2.5%, reclaiming the $4,400 mark, while spot silver rose 5%, surpassing $76 [4]. Group 11: AI and Technology - Datavault AI (DVLT.US) surged 42.57%, with a cumulative increase of 180% over three trading days after signing a procurement agreement with AP Global Holdings LLC for infrastructure and cybersecurity services [5]. Group 12: Bitcoin and Related Stocks - Bitcoin briefly reached the $93,000 mark, with related stocks rising, including Strategy (MSTR.US) up 4.81% and Coinbase (COIN.US) up 7.77% [6]. Group 13: Oil Sector - Oil stocks saw significant pre-market gains, with Chevron (CVX.US) up 5.1% and ConocoPhillips (COP.US) up 2.59%. Reports indicated that the U.S. had captured Venezuelan President Maduro through military action, leading to a strong performance in oil and gas services [7].

Market Performance - Major US stock indices closed higher, with the Dow Jones reaching a record high, driven by strong gains in financial stocks [1][3] - The Dow rose by 594.79 points, or 1.23%, closing at 48,977.18 points; the Nasdaq increased by 160.19 points, or 0.69%, to 23,395.82 points; and the S&P 500 gained 43.58 points, or 0.64%, ending at 6,902.05 points [3] Sector Performance - The S&P 500 energy sector index rose by 2.7%, with major stocks like ExxonMobil and Chevron seeing significant increases due to military actions in Venezuela [5] - The S&P 500 financial sector index increased by 2.2%, with both Goldman Sachs and JPMorgan Chase rising over 3% and reaching all-time highs [6] Technology Stocks - Most large-cap tech stocks saw gains, with Tesla up 3.10%, Amazon up 2.9%, and Meta up 1.29%. However, Microsoft fell by 0.02%, Nvidia dropped by 0.39%, and Apple decreased by 1.38% [3][4] Cryptocurrency and Related Stocks - Cryptocurrency-related stocks experienced a rise, with Strategy stock increasing nearly 5% and Coinbase surging by 7.8% as Bitcoin prices hit a three-week high [6] Chinese Stocks - The Nasdaq Golden Dragon China Index rose by 0.49%, with notable gains in stocks like Beike up over 6% and Bilibili and Tencent Music each up over 3% [6]