12月首个交易日，美股市场迎来寒意。三大股指集体收跌，道琼斯工业平均指数下跌0.9%，标普500指 数跌0.53%，纳斯达克综合指数跌0.38%，终结了此前的"五连阳"行情。市场风险偏好显著回落，恐慌 指数VIX单日上涨超过5%，显示投资者情绪趋于谨慎。 科技巨头表现分化。英伟达逆势上涨1.65%，苹果涨1.52%，盘中一度触及历史新高；但谷歌、微软、 Meta均跌超1%，博通重挫4.19%。值得关注的是，英伟达宣布与EDA公司新思科技深化战略合作，斥 资20亿美元入股新思科技，受此消息提振，新思科技股价大涨4.85%。 | 名称 | 现价 涨跌 涨跌幅 ▼ 年初至今 | | | --- | --- | --- | | 英伟达(NVIDIA) | 179.920 2.920 1.65% 34.01% | | | 苹果(APPLE) | 283.100 4.250 1.52% 13.56% | | | 亚马逊(AMAZON) | 233.880 0.660 0.28% | 6.60% | | 特斯拉(TESLA) | 430.140 -0.030 -0.01% | 6.51% | | 微软(MICROSOFT) ...

Core Viewpoint - Morgan Stanley reports that the renewed US-China tensions since last Thursday are increasing geopolitical risk premiums [1] Group 1: Geopolitical Risks - The bank has previously warned about high thresholds for the upcoming US-China trade negotiations in November [1] - The Shanghai Composite Index faces downward pressure on earnings per share estimates during the third-quarter earnings announcement period [1] - The stabilization of the 10-year US Treasury yield will limit the easing space for equity risk premiums [1] Group 2: Investment Opportunities - If risk-averse sentiment deepens, there may be opportunities to increase positions in China and rotate back to growth concept stocks [1] - Key upcoming events include the Fourth Plenary Session (October 20-23), the APEC meeting in South Korea (October 29-30), the deadline for extending US-China trade tariffs (November 10), and the third-quarter earnings announcements in October and November [1] Group 3: Sector Ratings Adjustments - The bank upgraded the consumer staples sector rating to "overweight" [1] - The ratings for the consumer discretionary/healthcare sectors were downgraded to "in line with the market" [1] - Recommendations include shifting from crowded growth concept stocks to quality laggards in various sectors, such as Haier, Midea, Mengniu, Yili, and Master Kong in consumer, PetroChina in energy, CCB in finance, China Mobile, China Telecom, and Unicom in communications, and China Yangtze Power in utilities [1]