估值洼地效应显现 高盛看好资金“脱美入欧”

Core Viewpoint - Goldman Sachs strategists believe that European stocks are likely to receive a boost this year as investors seek diversification away from the high valuations and concentrated tech stocks in the U.S. market [1] Group 1: Market Outlook - The Goldman Sachs team, led by Sharon Bell and Peter Oppenheimer, has raised the year-end target for the pan-European Stoxx 600 index to 625 points, indicating a potential upside of approximately 4% from Monday's historical closing high [1] - The report emphasizes the need for diversified investments due to the expensive nature of the U.S. market and its excessive concentration risks [1] Group 2: Investor Behavior - Domestic U.S. investors are concerned about the impact of a weakening dollar and are looking for alternative growth sources from other global regions [1] - European stock market positions remain at low levels following continuous net selling from 2022 to 2024, with 2025 being a year for tentative buying [1] Group 3: Sector Performance - The team anticipates that 2023 will be a strong year for European small-cap stocks, which are expected to benefit from improved economic growth, a stable interest rate environment, increased merger and acquisition activity, a strengthening euro, and declining oil prices [1]