Core Viewpoint - Three stocks are highlighted with strong growth characteristics and buy ranks for investors to consider, specifically The Allstate Corporation, Great Lakes Dredge & Dock Corporation, and Alarm.com Holdings, Inc. [1][2][3] Company Summaries The Allstate Corporation (ALL) - Carries a Zacks Rank 1 - Zacks Consensus Estimate for current year earnings increased by 23.7% over the last 60 days - PEG ratio of 0.45 compared to the industry average of 1.78 - Possesses a Growth Score of A [1] Great Lakes Dredge & Dock Corporation (GLDD) - Carries a Zacks Rank 1 - Zacks Consensus Estimate for current year earnings increased by 6.9% over the last 60 days - PEG ratio of 1.01 compared to the industry average of 3.07 - Possesses a Growth Score of A [2] Alarm.com Holdings, Inc. (ALRM) - Carries a Zacks Rank 1 - Zacks Consensus Estimate for current year earnings increased by 5.5% over the last 60 days - PEG ratio of 1.51 compared to the industry average of 2.44 - Possesses a Growth Score of B [3]

Market Performance - The market experienced two new highs and three up days out of four during the holiday week, indicating strong performance [1] - The leading sectors included the Magnificent Seven, Large Caps, and Growth stocks, suggesting a continuation of trends in these areas [1] Analyst Background - The analyst has 28 years of experience as a professional trader, analyst, and portfolio manager, previously managing the equity trading desk at Northern Trust Co. in Chicago [1] - The analyst is now a private investor and founder of a nonprofit investor advocacy firm, with an average annual return of 17.2% since January 2009 [1] Investment Strategy - The analyst publishes stock picks in a newsletter format, providing updates on market outlook and model portfolios to subscribers on a weekly basis [1]

Investment Rating - The report indicates a positive outlook for global markets, suggesting that investors should maintain stock allocations while diversifying to hedge against high valuation risks [6][13]. Core Insights - Global stock markets are experiencing broad gains, with the Spanish market up nearly 70% in USD terms, indicating a significant geographical and sectoral expansion in market performance [1][2]. - The current high valuation levels, particularly in the US market with a P/E ratio exceeding 22, suggest that future returns will primarily stem from earnings growth rather than valuation expansion [3][4]. - Earnings growth expectations for 2026 are optimistic, with the US projected to achieve a 12% increase in earnings, driven by margin improvements and the growth of the technology sector [5][7]. Summary by Sections Market Performance - The report highlights that 2025 has seen a more diversified market performance, with technology and AI sectors standing out, and for the first time since the financial crisis, most major stock markets have outperformed the US [2][8]. - The geographical breadth of market performance is expanding, with value stocks in Europe outperforming the market while US growth stocks regain dominance [3][10]. Earnings Growth Expectations - The report anticipates strong earnings growth across regions in 2026, with the US expected to benefit from margin improvements and a robust technology sector [5][7]. - European markets, despite current profit weaknesses, are expected to improve as the euro strengthens against the dollar and energy sector impacts diminish [5]. Investment Strategies - Investors are advised to diversify their portfolios to mitigate high valuation risks while maintaining stock allocations, as global markets are catching up to the US, presenting new opportunities [6][13]. - The report emphasizes the importance of diversification across geography, factors, and sectors to optimize risk-adjusted returns, especially in light of the concentration risk posed by a few leading companies in the US market [12][13].

格隆汇12月17日｜午后，A股主要指数直线拉升，多只宽基ETF放量异动。 截至发稿，成长ETF（159259）放量上涨5.28%，显著跑赢大盘。 消息面上，昨日美国公布非农就业人数远低于预期，叠加失业率升至四年高点，市场对美联储降息、流 动性抬升的预期迅速预期升温，高久期、高成长资产率先受益。 成长ETF（159259）标的指数成分股中际旭创、新易盛早盘分别上涨超9%和6.7%，在流动性宽松预期 与AI算力需求双驱动下，业绩确定性进一步凸显，成为成长板块核心引擎。 成长100指数以分析师一致预期为锚，动态筛选处于爆发初期的优质企业，当前超70%权重集中于电 子、通信、计算机等高成长赛道，在流动性抬升时具备更强弹性与配置价值。 成长100指数正站在宏观流动性改善与产业趋势共振的关键节点，成长ETF（159259）为投资者一键布 局高成长赛道提供高效工具。 ...

对股票交易员而言，每年12月通常是所谓"粉饰橱窗"的时期——加仓年内赢家股、清仓落后标的，以锁 定全年业绩。然而今年的情况恰恰相反。 投资者正从科技巨头阵营中抽身撤离——今年正是这些龙头股推动标普500指数全年实现17%的涨幅;与 此同时，他们开始大举买入全年表现低迷的高风险小盘股，以及代表传统经济的交通运输板块个股。 自11月20日美股触及短期低点以来，小盘股标杆罗素2000指数已累计上涨9.4%，并于周四创下历史新 高;微型股指数涨幅达12%;而与经济周期高度相关的卡车运输、航运及航空股板块更是实现11%的涨 幅，且连续多个交易日录得上涨。同期标普500指数的涨幅仅为5.1%。 这一轮调仓换股的背后，是市场对"AI热潮普涨科技股"模式的质疑升温。英伟达(NVDA.US)、微软 (MSFT.US)等科技龙头的涨势均已陷入停滞。与此同时，投资者对美国经济将在2026年上半年加速复苏 的乐观预期，正促使他们弃成长、追价值，纷纷涌入此前估值偏低的价值股领域。 Citadel Securities策略师Scott Rubner上周五也向客户表示，"市场内部的轮动行情仍在持续"，罗素2000 指数已在多个交易日显著跑 ...

Core Viewpoint - Growth stocks are appealing due to their potential for above-average financial growth, but identifying those that can fulfill their potential is challenging due to associated risks and volatility [1] Group 1: Company Overview - Oceaneering International (OII) is highlighted as a recommended growth stock with a favorable Growth Score and a top Zacks Rank [2] - The company has a historical EPS growth rate of 118.9%, with projected EPS growth of 75.9% this year, significantly outperforming the industry average of -16.6% [5] Group 2: Financial Metrics - Oceaneering International has an asset utilization ratio (sales-to-total-assets ratio) of 1.19, indicating it generates $1.19 in sales for every dollar in assets, compared to the industry average of 0.93 [7] - The company's sales are expected to grow by 6.2% this year, while the industry average is 0% [8] Group 3: Earnings Estimates - There has been a positive trend in earnings estimate revisions for Oceaneering International, with the Zacks Consensus Estimate for the current year increasing by 11.4% over the past month [10] - The combination of a Zacks Rank 2 and a Growth Score of B suggests that Oceaneering International is a potential outperformer and a solid choice for growth investors [12]

12 月投资展望：蓄势而跃 20251130 摘要 消费市场基本面已触底，预计 2026 年消费将呈现低速增长，CPI 改善 程度将是关键。成长股加速下跌反映资金抛弃，短期内防御策略占优， 但调整充分的成长股明年或成首选，如白酒企业古井贡酒、山西汾酒、 泸州老窖等。 化妆品行业整体或逊于今年，但头部公司如若雨臣、毛戈平和尚美增长 预期乐观。跌幅较大的登康口腔、润门股份和珀莱雅亦值得关注。旅游 出行板块前景良好，受益于假期制度改革，推荐携程、同程、亚朵、华 住、锦江、首旅以及峨眉山、长白山和三峡旅游。 黄金珠宝行业短期仍受价格主导，销量承压，关注提价能力强或直营模 式企业。金条业务或受益于税改，推荐老凤祥、金菜百股份、六福集团 与周大福。新消费领域景气度高，关注潮玩、新兴国潮珠宝及相关电商， 如泡泡玛特、积木科技与名创优品。 家电行业个别股票筑底，与大盘相关性高。12 月排产降幅大，但与去年 同期高基数有关。关注龙头企业美的，其市占率稳定且分红预期良好。 推荐安孚科技，其充电宝业务有望带来额外收入增长。 目前拖累 CPI 的主要因素是猪肉价格和部分农产品价格，但整体价格水平已有 所回升。若 PPI 能略微回升， ...

3、美国9月非农就业数据远超预期，叠加美联储释放"鹰派"信号，导致市场对美联储12月降息的概率预期大幅降至40%以下。这意味着全球流动性宽松预期 受阻，对估值较高的成长股板块形成压制。 来源：股市你金哥 一、今日行情解读： 今天A股弱势调整，三大指数皆有明显下跌。我认为有以下原因： 1、隔夜美股三大指数集体收跌，以科技股为主的纳斯达克指数大跌2.15%。即便英伟达财报超预期，市场也对AI领域的估值泡沫感到担忧，导致其股价高 位回落。这直接拖累了A股半导体、AI应用等相关板块，呈现大跌。 2、美股的悲观情绪蔓延至亚太市场，日经225指数跌超2.3%，韩国综合指数一度跌4%，加剧了全球资本市场的避险氛围。 二、我的策略看法： A股市场短期的偏空面要更多一些，利空波及、获利了结、利润兑现，市场一波接着一波的担忧情绪，致使浮游筹码纷纷抛售，加剧了震荡幅度。 从情况看，我更偏向于现在的调整，是短期、阶段的，并不是长线行情结束的信号。毕竟，这次调整更多阶段涨多了，美联储降息概率下降，美股下跌、 AI估值担忧造成的。可这里面，并不足以击垮A股长线行情。 短线，我继续维持指数在4000点附近震荡的看法。 长线，我继续看多看涨 ...

若对人工智能交易的疑虑持续叠加即将发布的积压经济数据引发担忧，股票投资者可能将迎来动荡的一 周开局——这些数据或显示就业市场疲软且通胀居高不下。 美国股票上周五多数收跌，三大股指涨跌互现。上周四，尽管联邦政府结束史上最长停摆重新开门，但 道琼斯工业平均指数、标普500指数、纳斯达克综合指数以及罗素2000小盘股指数均创下逾一个月最差 表现。 投资者当前面临的最大问题之一是，股市的大幅抛售是否还有进一步空间，以及积压的经济数据发布后 将如何被解读——这些数据将在未来几天内开始陆续公布。 市场对这两个因素均未形成共识。由于为期43天的停摆导致数据延迟，这些数据可能被视为过时，而人 工智能交易也可能像上周五盘中那样重新获得支撑，这两种情况都有可能发生。 "目前尚不清楚市场将对单个数据点赋予多大权重，"关注债券市场的道明证券（TD Securities）纽约美 国利率策略主管根纳季·戈德堡（Gennadiy Goldberg）表示。市场参与者"仍会关注这些数据，但关注的 程度可能会大打折扣，因为他们认为更新、更及时的数据即将到来。" 9月非农即将出炉，CPI迷雾未散 本周四，美国官方9月非农就业报告将最终发布，较原定 ...

Core Viewpoint - The A-share market has experienced increased volatility since November, showing significant signs of style switching, with traditional value sectors like banks and utilities performing well, while previously strong sectors such as metals, new energy, and innovative pharmaceuticals have seen increased fluctuations [1] Group 1: Market Outlook - The market is expected to remain relatively volatile towards the end of the year, awaiting new policy signals, with a likelihood of continuing or improving economic conditions into the next year [1] - The overall AI sector remains strong, indicating potential growth opportunities despite the market's fluctuations [1] Group 2: Investment Focus - Continued focus on growth stocks, particularly in the following areas: - Hong Kong technology and internet sectors with reasonable valuations post-adjustment [1] - Sub-industries benefiting from AI technology, including hardware infrastructure, robotics, smart driving, and AI applications [1] - Growth-oriented consumer sub-industries such as innovative pharmaceuticals, gaming, and overseas consumer products [1] Group 3: Robotics Industry - The humanoid robotics sector is anticipated to see significant catalysts in the short term, including the launch and mass production plans of new generation robots by leading overseas companies and the listing processes of domestic leading robotics firms [1] - The industry is expected to enter a phase of accelerated mass production, making it a key area to watch [1]