富国银行策略师：科技股估值已高 资金正轮动至防御及金融板块

Core Viewpoint - The growth prospects in the AI sector remain sustainable for several years, but investors are advised to diversify their investment portfolios [1] Group 1: Sector Rotation and Investment Strategy - The company has recently rotated out of certain technology (XLK) and communication services (XLC) stocks, reallocating funds to more reasonably valued sectors while still capturing technology trends [1] - The communication services sector has been reduced due to perceived overvaluation, with funds shifted to the utilities sector (XLU), which has a price-to-earnings ratio of only 20 times compared to over 30 times for information technology (XLK) and communication services (XLC) [1] - This tactical adjustment is not a complete abandonment of the technology theme, as emerging markets are highlighted as attractive alternatives for technology investments [1] Group 2: Emerging Markets and Defensive Sectors - Emerging markets, particularly South Korea and Taiwan, are suggested as viable options for technology investment, focusing on semiconductor and hardware manufacturers to mitigate short-term concentration risks [1] - A diversified approach is recommended, maintaining positions in the U.S. market while allocating a small percentage to a broad emerging market portfolio [1] - There is a noted shift in the market towards broader sector rotation, with investors moving from technology to defensive sectors [1] Group 3: Financial Sector Appeal - Financial stocks (XLF) are particularly attractive in the current interest rate environment, providing a good option for diversifying portfolios away from technology [2] - The investment rationale is based on expectations of declining short-term rates while long-term yields remain stable or slightly increase, leading to lower financing costs for financial institutions [2]