中国银河证券：中长期看美股依托科技创新与盈利韧性仍具上涨潜力，但估值偏高，若经济放缓则存回调风险

Group 1 - Global major stock markets have performed well, with weaker US non-farm data increasing expectations for a rate cut in September, boosting US stocks and global risk appetite [1] - US tech giants reported earnings that generally exceeded expectations, particularly in the fields of artificial intelligence and cloud services, further supporting market confidence [1] - The Asia-Pacific region is benefiting from stable growth policies and a recovery in foreign trade [1] Group 2 - In the medium to long term, US stocks have potential for upward movement due to technological innovation and earnings resilience, although valuations are high, posing a risk of correction if economic slowdown occurs [1]