瑞士百达：美股部分行业估值仍具向上空间 看好人工智能、国防及银行

Group 1 - The core viewpoint is that U.S. stock valuations currently reflect fundamental factors but have not reached excessively high levels, with certain stocks still having upward revaluation potential [1] - The "Terrific 20" stocks are driving the current U.S. market valuation, following the "Magnificent Seven," while many sectors, such as banking, are not overvalued [1] - In the second half of the year, micro factors are deemed more important than macro factors, and stock selection should be based on industry and investment themes [1] Group 2 - In the Asian market, Chinese stocks in robotics, electric vehicles, and emerging consumer sectors are viewed positively, with additional opportunities in the tech supply chains of Japan and South Korea [1] - There is an expectation that Japanese stocks will perform well in the second half of the year, following the positive trend of South Korean stocks [1] - Investment opportunities in AI are highlighted, with the U.S. excelling in R&D from scratch, while Chinese companies outperform in technology applications [1] Group 3 - Some institutional investors are returning to risk markets after previously withdrawing due to trade tensions, while retail investors remain cautious [2] - As the U.S. lowers interest rates, leading to reduced returns on fixed deposits and money market funds, it is anticipated that funds will flow back into risk markets in pursuit of higher returns [2]