高盛表示，从历史数据来看，2月向来是美股回购最活跃的月份之一，回购活跃度在全年各月份中位列 第三。 智通财经APP获悉，高盛预计，2026年美国股票回购规模同比将实现增长，但按名义价值计算，整体回 购活跃度仍未恢复至2024年水平。 高盛整理、Neil Sethi发布的数据显示，与企业回购相关的日均交易量目前约为2025年迄今水平的1.2 倍，但仅为2024年水平的0.6倍左右。 高盛估计，截至本周结束，标普500指数成分股中约59%的企业将进入股票回购窗口期，这一比例较1月 末出现大幅提升。数据还显示，退出回购静默期的企业数量持续增加，1月中旬至2月初期间，约40%的 企业顺利进入回购开放窗口。 ...

Core Viewpoint - The article discusses the overvaluation of the US stock market, particularly the Nasdaq index, in light of high corporate valuations and the increasing US national debt, while contrasting it with the structural issues in the Chinese stock market [1][10]. Group 1: US Stock Market Dynamics - The US stock market has consistently rebounded from short-term declines, with many companies having market capitalizations exceeding $4 trillion and high price-to-earnings (PE) ratios [1]. - The correlation between CEO compensation and stock prices aligns the interests of executives with those of shareholders, contributing to a long-term upward trend in the market [2][3]. - A significant portion of US corporate profits is returned to shareholders through dividends and stock buybacks, which helps maintain stock prices despite high valuations [2][6]. Group 2: Comparison with Chinese Stock Market - The Chinese stock market suffers from a misalignment of interests between major shareholders and minority investors, leading to practices that exploit the company for personal gain [2][3]. - The lack of effective regulation in China allows major shareholders to extract value from companies, often resulting in significant losses for minority shareholders [3][10]. - The article suggests that the structural issues in the Chinese market, such as poor governance and lack of investor protection, hinder its competitiveness compared to the US market [13]. Group 3: Economic and Financial Considerations - The US economy is increasingly reliant on financial markets, with a hollowing out of the real economy as companies outsource production to maximize profits [8]. - The article highlights the importance of a stable political environment and respect for property rights in maintaining investor confidence in the US market [11]. - The ongoing inflation and the historical upward trend of global indices suggest that while the US market may appear overvalued, it has mechanisms in place to correct itself [9][12]. Group 4: Valuation Metrics - The article provides specific PE ratios for major US companies, indicating a wide range of valuations that reflect their global market reach and profitability [14]. - Comparatively, Chinese companies often exhibit lower valuations, raising questions about their growth potential and market competitiveness [14].