美股IPO·2025-11-04 12:42Core Viewpoint - Despite strong corporate earnings, current valuation levels are concerning, particularly for technology stocks, with expectations of a potential market correction of 10% to 20% in the next 12 to 24 months, viewed as a healthy adjustment rather than a crisis [1][3][7] Valuation Concerns - Goldman Sachs and Morgan Stanley executives express worries about high valuation levels in the U.S. stock market, indicating that most investors perceive valuations to be between reasonable and full, with few considering stocks to be cheap [3][6] - Solomon from Goldman Sachs notes that technology stock valuations are particularly full, although this does not apply to the entire market [5][6] Market Correction as a Healthy Adjustment - Wall Street executives unanimously agree that market corrections should be seen as normal and healthy developments rather than signals of a crisis, with Solomon emphasizing that 10% to 15% corrections often occur even in positive market cycles [7][9] - Pick from Morgan Stanley encourages investors to welcome the possibility of cyclical corrections, stating that such adjustments are not driven by macroeconomic cliff effects [9] Positive Outlook for Asian Markets - Both Goldman Sachs and Morgan Stanley maintain an optimistic outlook for Asian markets, particularly China, Japan, and India, citing unique growth narratives in these regions [4][10] - Goldman Sachs expects continued interest in China from global capital allocators due to recent positive developments, while Morgan Stanley highlights investment opportunities in China's AI, electric vehicles, and biotechnology sectors, as well as Japan's corporate governance reforms and India's infrastructure development [11][12]