Group 1 - The core viewpoint is that despite significant valuation adjustments and rapid re-evaluations, large U.S. tech stocks are still trading at approximately four times lower than their expected prices by the end of 2024, with strong earnings in Q1 2025 confirming solid growth drivers [1][4] - The S&P 500 index, excluding tech stocks, has shown resilience during the sell-off, with valuations rebounding despite weak earnings in the consumer sector [1][3] - The S&P 500 index's forward price-to-earnings ratio currently stands at 22 times, benefiting from the improved valuations of non-tech stocks, which are up 0.5 percentage points since the beginning of the year [1] Group 2 - The uncertainty caused by tariffs may have peaked, but pre-emptive purchasing behavior by consumers and businesses has masked some economic damage not yet reflected in macroeconomic hard data [3] - Q1 2025 earnings exceeded expectations, but signs of consumer weakness are evident in the non-essential and essential goods sectors, which are among the few showing year-over-year earnings per share contraction [3][4] - The valuation of large tech stocks has rebounded from a significant drop (from 31 times to 21.5 times) to approximately 27 times, which appears reasonable given the positive news in cloud services, data centers, and artificial intelligence [4]
巴克莱:引人深思!美股估值下调与重估的过山车行情
智通财经网·2025-05-19 01:45