随着美股机构投资者一季度13F持仓的披露结束，在华人投资圈备受关注的段永平和李录的持仓陆续曝光。 一季度，段永平罕见地进行了一轮密集的调仓。被认为是由段永平掌管的H&H International Investment基金（下称"H&H基 金"），新进微软、英伟达、台积电，加仓拼多多，减持阿里巴巴、谷歌、苹果，其中减持超过10亿美元的苹果。 李录在一季度没有任何买入增持动作，反而是大举减持了苹果、谷歌以及第一大重仓股美国银行。值得注意的是，两大投资 人在一季度不约而同地净卖出美股、囤积现金，或是与巴菲特一致认为美股阶段性高估。 段永平减持苹果，新进微软、英伟达、台积电 北京时间5月16日，H&H基金发布了最新的美股持仓，由于该基金被认为是由段永平掌管，其动向备受市场关注。截至一季度 末，H&H基金共持有11只股票，较去年底新增3只，期末持股市值为120亿美元，较去年底减少了25亿美元。 H&H基金一季度罕见地进行了一轮密集调仓，对第一大重仓股苹果进行较大幅度的减持，减持664万股，使得其持股数量降至 3422万股，期末持股市值为76亿美元，仓位权重降至63.33%。 这是H&H基金连续三个季度大幅减持苹果，去 ...

美国关税政策再度传来变数。当地时间5月16日，美国总统特朗普表示，未来两到三周内，美国可能会单方面 对许多贸易伙伴设定新的关税税率。 特朗普突然改口。 与此同时，特朗普不断喊话力挺美股，试图缓解投资者对关税政策的担忧情绪。特朗普于日前表示，美国财长 贝森特很了解市场，只要贝森特一出现在电视上，股市就会上涨。在此之前，他曾直言："现在就是买入的好 时机。" 美东时间5月16日，美股集体高开高走，标普连涨第五天，道指收复年内所有跌幅。截至收盘，道指涨 0.78%，标普500指数涨0.7%，纳指涨0.52%；道指本周累涨3.41%，标普500指数本周累涨5.27%，纳指本周 累涨7.15%。大型科技股多数走高，特斯拉涨超2%，谷歌C涨超1%。中概股方面，纳斯达克中国金龙指数收 涨0.52%，本周累涨4.56%。 但对于美股后市，华尔街机构的预期并不乐观。有分析称，美股市场在创纪录的时间内从超卖飙升至超买。当 前市场走势似乎更多是由情绪驱动，而不是美国经济数据发出的明确信号。德意志银行警告称，美国股票估值 相比全球其他市场已达到了历史高点。 特朗普宣布 据英国《金融时报》报道，当地时间5月16日，美国总统特朗普表示， ...

在经历了令人印象深刻的反弹之后，投资者们不禁要问，这次市场反弹是否已经结束？ 摩根大通的市场部门负责人Andrew Tyler的回答是：尚未结束。 在最新发布的报告中，Tyler表示， 当前牛市的核心要素仍然存在（宏观数据具有韧性，盈利向好，以及贸易形势缓和），但复苏的速度使得这次上涨成为"最 不受欢迎"的上涨之一，增量买盘主要来自散户投资者和企业。 Tyler还指出，虽然回调的风险正在上升，但再次回调的可能性不大。 集中度风险将加剧对回调风险的担忧，因为这可能与去年上半年的市场类似，主要集中 于大型科技股上， 预计标普500指数本季度应该会触及历史高点（6144点）。 就业和消费数据向好，英伟达有望重回高增长、贸易协议陆续达成…… 摩根大通认为，支撑美股涨势的核心因素在于： 5月的非农数据表明，关税冲击不太可能在5月的数据中显现。 6月份的数据可能只会受到部分影响，因此可能会出现一些意外的上行。 零售销售数据可能不及预期，但仍会推动市场走高，摩根大通的信用卡数据和Visa卡/万事达卡的评论表明 ，随着贸易局势缓和后信心恢复，强劲的消费者可能会 走高。 看好英伟达前景，考虑到本周在中东签署的协议，可以期待盈利 ...

Economic Outlook - Barclays has significantly raised its US economic growth forecast for this year to 0.5% from a previous estimate of -0.3%, and for next year to 1.6% from 1.5% [1] - Goldman Sachs has also increased its 2025 US economic growth forecast to 1% from a previous estimate of 0.5%, while reducing the probability of a recession in the next 12 months from 45% to 35% [2] - JPMorgan's economists have lowered the recession risk for the US economy to below 50%, with a new growth forecast of 0.6% for 2025, up from 0.2% [3] Market Sentiment - Following the easing of US-China trade tensions, major Wall Street firms, including Goldman Sachs and JPMorgan, have shifted their outlook on US equities from bearish to bullish [2] - Goldman Sachs has raised its 12-month target for the S&P 500 index to 6500 from 6200 [2] Federal Reserve Policy - The expectation for Federal Reserve interest rate cuts has diminished, with Goldman Sachs now predicting three rate cuts starting in December instead of July [1] - Barclays anticipates only one rate cut in 2025, with three additional cuts of 25 basis points in the following year, a change from their previous expectation of two cuts this year [1] Eurozone Outlook - Barclays has revised its Eurozone growth forecast to flat (0% growth) from a previous estimate of a 0.2% contraction, while still expecting a brief technical recession in late 2025 [3][4]

2025年5月16日 | 周浩 | 黄凯鸿 | 孙英超 | +852 2509 7582 | +852 2509 7214 | +852 2509 2603 | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | hao.zhou@gtjas.com.hk | kaihong.huang@gtjas.com.hk | billy.sun@gtjas.com.hk | [Table_Summary]美股策略：是反弹，还是反转？ | | | | | | | | | | | | | | | | | | | | 美股加速修复到年初水平 | | | | | | | | | | | | | | | | | | | | | | | 纳斯达克100 | 标普500指数 | （RHS） | 23,000 | 6,400 | | | | | | | ...

Group 1 - The core elements of the current bull market remain intact, including resilient macro data, improving earnings, and easing trade tensions, despite the rebound being characterized as the "least popular" one [1] - The S&P 500 index is expected to reach historical highs of 6144 points this quarter, although the risk of a pullback is increasing [1] - The rise in yields is expected to drive investors towards high-quality stocks, particularly large tech stocks, while putting pressure on consumer staples and utilities [4] Group 2 - The market sentiment is optimistic, with active long investors appearing under-allocated compared to the S&P 500 index's rise, yet there has not been a significant "chase" for tech stocks [6] - The industrial sector showed resilience in the recent market rebound, indicating active buying rather than passive short covering [6] - Consumer spending data as of May 6 shows positive trends, contributing to the overall optimistic market sentiment [6] Group 3 - Funds are flowing back into U.S. risk assets, reversing the trend of outflows that primarily affected the Magnificent 7 stocks earlier in the year [7]

根据美国证券交易委员会(SEC)披露，沙特最大规模主权财富基金——公共投资基金(PIF)递交了截至2025年3月31日的第一季度美股持仓报告(13F)。 芯片设计领域领导者ARM(ARM.US)看涨期权位列第五，持仓约890万股，持仓市值约为9.5亿美元，占投资组合比例为3.72%，持仓数量环比降低9.06%。 | BY CHANGE IN % PORTFOLIO | BY LARGEST VALUE | BY CHANGE IN % PORT | | --- | --- | --- | | Name | % Change | Name | | SYK Stryker Corp (CALL) | 0.46% | BKNG Booking Holo | | HCA HCA Healthcare Inc (CALL) | 0.41% | SBUX Starbucks Co | | ZTS Zoetis, Inc (CALL) | 0.4% | PYPL PayPal Holdin | | ASML ASML Holding NV (CALL) | 0.31% | ARM Arm Holdings | | BAC ...

Market Performance - The three major U.S. stock indices closed mixed, with the Dow Jones up 0.65% at 42,322.75 points and the S&P 500 up 0.41% at 5,916.93 points, while the Nasdaq fell 0.18% to 19,112.32 points [1] - Major tech stocks mostly declined, with Amazon and Meta down over 2%, Tesla down over 1%, and slight declines in Apple, Nvidia, and Google; Netflix rose over 2%, while Microsoft and Intel saw minor increases [1] - Popular Chinese concept stocks mostly fell, with Up Fintech down over 8%, Alibaba and WeRide down over 7%, and Futu Holdings down over 5%; JD.com, Baidu, and NIO also saw declines of over 3% [1] European Market - European stock indices closed higher across the board, with Germany's DAX up 0.72% at 23,695.59 points, France's CAC40 up 0.21% at 7,853.47 points, and the UK's FTSE 100 up 0.57% at 8,633.75 points [1] Commodity Prices - International precious metal futures generally rose, with COMEX gold futures up 1.74% at $3,243.90 per ounce and COMEX silver futures up 1.07% at $32.79 per ounce [1] - International oil prices fell significantly, with the main U.S. oil contract down 2.31% at $61.69 per barrel and Brent crude down 2.22% at $64.62 per barrel [1] Currency and Bond Markets - The U.S. dollar index fell 0.24% to 100.83, while the offshore RMB appreciated by 69 basis points against the dollar to 7.2045 [1] - U.S. Treasury yields fell across the board, with the 2-year yield down 7.95 basis points to 3.963%, the 3-year yield down 9.23 basis points to 3.951%, the 5-year yield down 10.6 basis points to 4.056%, the 10-year yield down 10.08 basis points to 4.434%, and the 30-year yield down 8.09 basis points to 4.89% [1] - European bond yields also declined, with the UK 10-year yield down 5.2 basis points to 4.658%, France's 10-year yield down 8.5 basis points to 3.291%, Germany's 10-year yield down 7.7 basis points to 2.619%, Italy's 10-year yield down 8.4 basis points to 3.624%, and Spain's 10-year yield down 8.2 basis points to 3.233% [1]

智通财经5月16日电，美股走高，三大指数悉数转涨，道指涨0.4%，标普500指数涨0.3%。 ...

美元指数短线小幅走低约10点，现报100.79。美股期货短线小幅拉升，纳斯达克100指数期货跌幅收窄至0.5%。美国10年期国债收益率 短线走低，现报4.513%。现货黄金短线波动不大，现报3182.88美元/盎司。 | 交易中,2025-05-15 20:09:58(北京时间 | | --- | 美国10年期国债收益率 (US10YR) 4.513 -0.015 (-0.33%) 交易中，2025-05-15 20:09:58 (北京时间) 3182.88 +5.56 (+ 0.17%) 交易中, 2025-05-15 20:32:00(北京时间) 概览 图表 15m 30m 1H 4H 1D 1W 1M 1m 5m N 3185.00 3180.00 3175.00 18:34 18:51 19:08 19:25 19:42 19:59 20:16 20:3 昨收:3177.32 最高: 3192.50 52周最高: 3499.83 今开: 3179.28 爵低: 3120.64 52周蜀低：2287.37 +加自选 +加自选 □ 概览 图表 15m 30m 1H 4H 1D 1W 1M W 1m 5m ...