高盛宏观交易台：动量反转仍在持续

Investment Rating - The report maintains a "Buy" rating for Snowflake (SNOW) and Salesforce (CRM), while Occidental Petroleum (OXY) is rated as "Sell" [9][11][17]. Core Insights - The report highlights a significant momentum rollover in the market, particularly with a high beta momentum basket down 15% during the recent drawdown, largely influenced by NVIDIA's (NVDA) 8.5% drop, equating to a market cap loss of approximately $320 billion [4][6]. - The upcoming imposition of a 20% tariff by the US on certain imports is a key focus, with expectations of further market volatility [4][14]. - The report notes that hedge funds (HFs) are experiencing considerable pain, with a loss of over 250 basis points in performance over the five trading sessions leading up to NVIDIA's earnings report, marking the worst stretch since August [4][6]. ETF Flows - The report indicates that the Germany ETF (EWG) is experiencing its best month of flows since February 2023, while the IWM ETF is on track for its worst month since January 2024 [7]. - Emerging markets (EEM) have seen their first inflows since May 2024, suggesting a potential shift in investor sentiment [7]. Company-Specific Updates - Millrose Properties (MRP) is initiated with a "Buy" rating due to strong cash flows and attractive yield, projecting an average EPS growth of 11% from 2025 to 2027 [12]. - Madrigal Pharmaceuticals (MDGL) is also rated "Buy" following strong Q4 results, driven by the successful launch of Rezdira [13]. - BP Plc (BP.L) is rated "Buy" as it focuses on capital discipline and net debt reduction [17].