景顺：美股尚未重演互联网泡沫，科技股仍有潜力再创新高

Core Viewpoint - The current market has not entered a typical bubble phase, despite some sectors showing bubble-like characteristics, which differ significantly from the late 1990s internet bubble [1] Market Conditions - The overall industry leverage is much lower than during the 1990s bubble, with many companies still using debt financing but at a more sustainable level [1] - The estimated price-to-earnings (P/E) ratio for U.S. tech stocks over the next 12 months is approximately 32 times, indicating a connection between corporate profit growth and stock price movements [1] Historical Comparison - In contrast to the early 2000s when the MSCI U.S. Technology Index had a P/E ratio of 50 times, the current valuation levels are considered reasonable [1] Future Outlook - With the Federal Reserve initiating a rate-cutting cycle, the overall economic environment is expected to improve after 2026, and the market lacks typical conditions that would trigger a significant stock market correction [1] - U.S. tech stocks still have the potential to reach new highs [1] Investment Strategy - Maintaining a diversified investment portfolio is crucial, and the current pullback in tech stocks presents an opportunity for reallocation [1] - Investors are encouraged to expand their investments beyond large tech stocks to include U.S. cyclical stocks, small and mid-cap stocks, value stocks, and non-U.S. markets [1]