美国股指转跌；纳指下跌0.5%，标普500指数和道指均下跌0.2%。 本文源自：金融界AI电报 ...

Group 1: Aerospace Sector - The aerospace sector's valuation has risen above historical levels, with a current NTM EV/EBITDA trading at approximately 18 times, up from about 16 times at the beginning of the year, outperforming the S&P 500 index by a median premium of about 15% [2][3] - Strong air traffic has been a key driver for this valuation increase, highlighted by record passenger screenings by the TSA [2] - Despite some initial concerns regarding supply chain challenges and tariffs, the sector's valuation quickly rebounded as negative impacts did not materialize [2] Group 2: Defense Sector - The valuation multiples for major U.S. defense contractors have improved, with the current NTM P/E median at about 20 times, up from approximately 17 times at the beginning of 2025 [4] - The expansion in valuation multiples is partly due to alleviated concerns over potential defense spending cuts, as these cuts have not occurred [4] - Key government funding initiatives, including approximately $24 billion for the Iron Dome and $150 billion for overall defense, have provided support for the sector [4] Group 3: Space Sector - The space sector has experienced significant volatility, with the NTM EV/Sales median peaking above 10 times in September before dropping to about 4 times in November, and currently recovering to around 6 times [6] - Major IPOs in the sector, such as Voyager and Firefly, initially saw rapid market capitalization growth but have since declined below their issue prices due to investor caution [6] - Companies like Rocket Lab and Planet Labs are highlighted as strong performers, trading at approximately 35 times and 11 times NTM EV/EBITDA, respectively, supported by operational success and a new business model focus [6][7]

每经记者｜闫峰峰 每经编辑｜吴永久 2025年12月15日，A股万亿保险巨头中国平安盘中涨幅超过5%，股价创出4年多的新高，盘中市值突破 1.2万亿元。而中国平安也是每经投研院在今年7月份发布的研究报告《"A股新七舰"：寻找中国版"标普 500"之中的创新重估牛》中的龙头股之一。 近期，在大盘持续调整的态势下，中国平安这种万亿巨头能够逆势上涨，除了其自身基本面的情况外， 也离不开两则消息的催化。 首先是政策红利的释放，保险板块整体迎来估值修复。 2025年12月5日，国家金融监管总局发布《关于调整保险公司相关业务风险因子的通知》，针对险资投 资沪深300指数成分股、中证红利低波动100指数成分股、科创板股票的风险因子，根据持仓时间进行了 差异化调整，以培育壮大耐心资本、鼓励长期资本入市。 这一政策直接缓解了险企资本压力，为险资增配权益资产腾挪空间，推动保险板块集体走强。其中，中 国平安作为行业龙头，A股股价在12月5日单日涨幅达5.88%， H股同步上涨6.71%。而这一政策对中国 平安的利好显然还在持续，12月5日之后，中国平安股价持续偏强，今日盘中涨幅超过5%。 12月11日，华泰柏瑞中证A500ETF（ ...

Investment Rating - The report provides a positive investment outlook for the S&P 500 index, predicting it will reach 7600 points by 2026, driven by economic growth and artificial intelligence applications [1][15]. Core Insights - Strong earnings growth is expected to be the main driver for the S&P 500 index's rise, with a projected earnings per share (EPS) growth of 12% in 2026, reaching $305, and 10% in 2027, reaching $336 [5][18]. - The report highlights that the largest seven stocks in the S&P 500 (NVIDIA, Apple, Microsoft, Google, Amazon, AVGO, META) will contribute significantly to the index's earnings growth, accounting for 46% of the EPS growth by 2026 [9][11]. - The application of artificial intelligence is anticipated to enhance productivity, contributing an additional 0.4% to EPS growth in 2026 and 1.5% in 2027 [15][24]. Summary by Sections Earnings Growth - The S&P 500 index is expected to see a sales growth of 7% in 2026, with profit margins projected to expand to 12.8% [18]. - The report indicates that the recent decline in net buyback yield will slightly hinder EPS growth relative to earnings growth [7]. Market Dynamics - The report notes that large companies are experiencing above-average sales growth and profit margins, which positively impacts the overall profit margins of the S&P 500 index [13]. - Concerns regarding input costs and pricing dynamics are highlighted, with recent surveys indicating potential downward risks to profit margins [21][23]. Artificial Intelligence Impact - The report emphasizes that the adoption of artificial intelligence is still in its early stages, but large companies are making more progress compared to smaller firms [17]. - The anticipated steady growth in productivity, partly due to AI applications, is expected to support significant improvements in corporate profit margins [24].

每经AI快讯，12月12日，纳斯达克100指数跌幅扩大至1%，标普500指数跌0.5%。 ...

格隆汇12月12日｜里昂发表全球股票策略报告指，人工智能(AI)淘金热由充裕流动性推动，并主导今年 投资格局。展望明年，该行见到大量证据显示AI交易即将耗尽动能，该行核心假设为动能与盈利仍将 延续至明年上半年，之后才到临界点，将明年年中标普500指数目标定在7200点。此外，该行预计新兴 市场行情将延续至明年，并将明年年中MSCI新兴市场指数目标定在1550点，较当前有12%上升空间。 ...

Group 1 - Morgan Stanley indicates that the worst is over, expecting the index to rise by 14% to 7800 points by 2026 [1] - Four reasons are provided for the growth cycle in the economy, corporate profits, and the stock market: (1) Corporate profit expectations have rebounded significantly from a low of -25% in April to around +15% currently [1] (2) Slowing wage growth allows for expansion in corporate profit margins [1] (3) Consumer demand is expected to accelerate, with companies showing stronger pricing power [1] (4) Following a rate cut by the Federal Reserve in December, two more rate cuts are anticipated by 2026 [1] Group 2 - Several market sectors are expected to perform well: (1) Non-essential consumer goods stocks, which have been rated "underweight" for four years, typically perform well during economic recoveries [3] (2) Small-cap stocks, which are cyclical and benefit more from declining interest rates [3] (3) Financial stocks, with potential improvements in commercial and industrial loan growth next year, making them attractive in terms of profit revisions, valuations, and holdings [3]

Core Viewpoint - Morgan Stanley indicates that the worst is over, projecting the S&P 500 index to rise by 14% to 7800 points by 2026 [1] Economic and Corporate Earnings Outlook - Corporate earnings expectations have rebounded significantly, with the S&P 500 earnings revision breadth dropping to -25% in April and currently recovering to around +15% [1] - Slowing wage growth provides room for expansion in corporate profit margins [1] - Consumer demand is expected to accelerate, with companies demonstrating stronger pricing power [1] - Following the Federal Reserve's interest rate cut in December, the team anticipates two additional rate cuts by 2026 [1] Market Sectors with Growth Potential - Non-essential consumer goods stocks are expected to perform well, despite the firm maintaining a "underweight" rating on this sector for four years [1] - Small-cap stocks are likely to benefit from cyclical trends and declining interest rates [1] - Financial stocks may see improved growth in commercial and industrial loans next year, which would be favorable for the banking sector; additionally, the earnings revisions, valuations, and holdings in financial stocks are considered attractive [1]

14.4.9975 14.4.1 来源：滚动播报 标普500指数短暂转涨。 | 标普 500指数 A | 1 > | | | | | | --- | --- | --- | --- | --- | --- | | 指 US.INX | | | | | | | 6886.940 +0.260 +0.00% | | | | | | | 交易时段 Dec 11 12:25PM EST | | | | | | | 今开 6861.300 6887.660 | | 最高 | | 量 | 12.58亿 | | 昨收 6886.680 | | 最低 | 6833.450 | 振幅 | 0.79% | | 390 | 上涨 | 下跌 | 110 | 平盘 | 3 | | | | | | | A | | 标普 500指数期货 6892.59 +0.01% | | | | | | | VIX 恐慌指数期货 16.45 -1.28% | | | | | | | 相关 ETF 标普 500ETF 南方 1.804 -0.44% | | | | | | | 分时 五日 日K 周K 月K | | | | | 更多, ◎ | | 均价 : ...

格隆汇12月11日｜美股三大指数走势分化，道琼斯指数盘中一度涨近1%并创下历史新高，而纳指跌近 1%。截至目前，道琼斯指数涨0.92%，标普500指数跌0.26%，纳斯达克综合指数跌0.93%。 ...