‌高管套现潮涌！美股涨势可持续性存疑

Group 1 - The U.S. corporate sector is signaling pessimism regarding the sustainability of the stock market's record rally, with nearly 1,000 executives selling shares compared to only 207 buying, marking the highest sell-buy ratio in five years [1][4] - The cautious stance of corporate insiders, who are typically well-informed about their businesses, is viewed as a warning sign amid concerns over high valuations, increased spending in AI, and geopolitical uncertainties [4][5] - Despite a strong start to the earnings season, only 77% of the 150 companies that reported earnings exceeded expectations, the lowest percentage this year, indicating signs of fatigue in growth momentum [5] Group 2 - Institutional investors are becoming increasingly cautious, with a rise in bearish and neutral views, as indicated by Deutsche Bank's data showing a shift in investment from large-cap growth and tech stocks to more cyclical sectors [5][6] - Hedge funds are adopting defensive positions, with net selling of individual stocks reaching a four-week high, reflecting a broader trend of caution in global markets [5][6] - The MSCI indices show that 89% of global indices are above their 50-day and 200-day moving averages, indicating a potential sell signal, while investors withdrew $15.4 billion from stock funds, highlighting a growing cautious sentiment [6]