美股的头部集中效应显著。美股巨头（如苹果、微软、英伟达等）因其稳定的现金流、技术护城河和行业主导地位，长 期享受高于市场的估值，市场愿意为高增长的科技公司支付溢价。去年的涨幅中，美股"七巨头"贡献了近一半的涨幅。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的 准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇9月15日｜中泰国际首席经济学家李迅雷近日发文称，A股这轮一开始以估值水平提升驱动(存款利率下行)为特征 的慢牛行情，已经转变为以高成长预期驱动为特征的结构性牛市。存在即合理，屡创历史新高的同样具有鲜明的结构性 牛市特征，如从2010年至今，头部的12.5%的美股上市公司贡献了几乎美股总市值的净增长，而剩余87.5%上市公司的市 值合计没有变化。 ...

Group 1: Industry Overview - In July, China's total production of power and other batteries reached 133.8 GWh, with a month-on-month increase of 3.6% and a year-on-year increase of 44.3% [1] - From January to July, the cumulative production of power and other batteries in China was 831.1 GWh, reflecting a year-on-year growth of 57.5% [1] - In July, the sales volume of power and other batteries in China was 127.2 GWh, showing a year-on-year increase of 47.8% [1] - The cumulative sales from January to July amounted to 786.2 GWh, with a year-on-year growth of 60.6% [1] Group 2: Market Dynamics - The power battery industry is experiencing significant head concentration effects, with inefficient tail-end capacities needing orderly elimination [1] - The industry has a long-standing market structure characterized by head concentration due to its technology-intensive and complex manufacturing processes [1] - The demand for power battery installations remains high due to the rapid growth of the new energy vehicle sector, leading to competitive pricing pressures [1] Group 3: Future Outlook - China's lithium battery companies have a clear advantage in global scale production capacity and high-end technology, indicating a trend of long-term stable growth [1] - The domestic new energy vehicle market demand is substantial, supported by a well-established supply chain, which facilitates participation in global competition [1] - Since 2024, capital expenditures across the battery industry chain have noticeably slowed, with improvements in supply-demand conditions and signs of price recovery in some segments [2] - Leading enterprises in various segments are expected to recover profitability and escape the impacts of supply surplus first [2]