普徕仕：维持股票资产正面看法 增加对美国小型股配置

Core Viewpoint - T. Rowe Price indicates that the U.S. stock market has entered its fourth year of a bull market cycle, with double-digit gains recorded for the past three years, prompting renewed focus on the sustainability of this upward trend [1] Group 1: Market Performance - The stock market has experienced double-digit returns for three consecutive years, which is a rare occurrence [1] - Despite the long-term upward trend, historical evidence suggests that bull markets do not end solely due to the passage of time [1] Group 2: Positive Factors - The firm maintains a positive outlook on equities due to favorable macroeconomic conditions and robust fundamentals [1] - Valuations are still considered reasonable, with positive earnings outlooks, declining interest rates, and supportive factors such as regulatory easing, merger and acquisition activity, and initial public offerings (IPOs) [1] - Increased allocation to U.S. small-cap stocks has been made by the firm [1] Group 3: Concerns and Risks - Several uncertainties are emerging, including high valuation levels, market gains concentrated in a few stocks, potential policy direction changes from the Federal Reserve amid leadership changes, signs of cooling in the labor market, and political risks from the U.S. midterm elections [1] Group 4: Supporting Factors - Supportive factors for the market include steady corporate earnings expectations, the expanding impact of artificial intelligence (AI), fiscal policy support, increased capital expenditures, a more lenient regulatory environment, a rebound in merger activity, and a gradual easing of trade tensions [1]