2025年以来，有两家在深交所主板上市的建材企业，颇为引人瞩目。 一个是 悍高集团 ，以五金、户外家具为主业。另一个是 马可波罗 ，以建筑陶瓷为主业。 悍高在深交所上市当天，总市值曾经突破300亿。后来出现回落，到8月1日收盘，其市值保持在238.49 亿元。 随后时间里有所起伏，但表现还是不错，到2025年10月22日，其总市值依然超过了247亿，股价有61块 多。 出乎很多人意料的是，两家公司上市后，都受到了资本市场的热捧。 | 61.79 = - 3.66 -5.59% | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 已收盘 10-22 15:00:00 北京时间 | | | | | | | | | रेने | 65.45 | | 最高 | 65.51 | | 成交量 | 4.27万手 | | 昨收 | 65.45 | | 最低 | 61.50 | | 成交额 | 2.68亿 | | 换手率 | 12.23% | | 市盈(TTM) | 41.21 | | 总市值 | 247.17亿 | | स्त्रम्बे | ...

Market Overview - Global markets experienced significant declines, with European stock markets dropping across the board, including a more than 2% drop in the German DAX index and over 1.5% in the UK FTSE 100 index [1][4] - U.S. stock index futures also saw sharp declines, with the Nasdaq 100 futures dropping over 1.5% at one point, while the S&P 500 and Dow futures fell over 1% [1][4] Cryptocurrency Market - The cryptocurrency market faced a major sell-off, with Bitcoin dropping over 5%, Ethereum falling over 6%, and BNB plummeting over 12% [2][5] - Over 30,000 traders experienced liquidation in the crypto market, with total liquidation amounts nearing $1.2 billion, predominantly from long positions [5] Safe-Haven Assets - Investors shifted towards safe-haven assets, leading to a rise in gold and U.S. Treasury bonds, as concerns over regional bank failures and ongoing trade tensions heightened risk aversion [2][5] - The yield on the 10-year U.S. Treasury bond fell below 4%, reaching a low of 3.936%, the lowest level since April 7 [2][5] Economic Concerns - The International Monetary Fund (IMF) highlighted rising risks in the global financial system, including trade policy uncertainty and overvaluation of risk assets, which could lead to disorderly market adjustments [7][8] - The IMF's report indicated that asset prices are significantly above fundamental values, particularly in the stock market and corporate credit, raising concerns about potential sharp corrections [8] Market Sentiment - The market sentiment is increasingly cautious, with a focus on negative news and a growing expectation for the Federal Reserve to ease policies due to rising credit-related uncertainties [7] - Analysts noted that the concentration of market performance in a few stocks, particularly in the AI sector, poses additional risks as valuations approach historically high levels [8]

国际货币基金组织在半年度《全球金融稳定报告》中写道："估值模型表明，风险资产价格已远高于基本面，增加了负面冲击发生时出现无序调整的可能 性"。报告指出，股市和公司信贷估值"被明显拉伸"，特别是在人工智能概念股推动下，市场集中度达到历史高位。一旦预期回报无法支撑高估值，可能会 出现"突然且剧烈的调整"。 当地时间14日，国际货币基金组织发布最新一期《全球金融稳定报告》。报告中指出，贸易政策不确定性上升、非银行金融机构扩张以及债券市场承压等多 重风险交织，叠加资产价格被严重高估，将显著增加"无序市场调整"的概率。国际货币基金组织敦促各国央行在关税与通胀风险上保持高度警惕。 国际货币基金组织认为，面对美国关税政策冲击，市场韧性主要来自对发达经济体货币宽松政策的预期。然而，这种市场乐观情绪掩盖了关税和政府巨额债 务带来的潜在损害。 国际货币基金组织货币与资本市场部助理主任吴建明：此外我们还看到"市场集中度"上升的风险，少数几只股票正在驱动整个市场的走势，这些都值得引起 警惕。我们认为当前估值确实偏高。虽然并未直接预判会出现突然的剧烈调整，但估值越高，一旦出现调整，其幅度也会更大。因此无论是货币政策、财政 政策还是监管 ...