不过，历史经验显示，牛市并不会单纯因时间流逝而结束。即使目前估值偏高，但仍未达到以往周期的 极端水平。看好一方亦指出，多项支持因素仍然存在，包括企业盈利预期依然稳健、人工智能(AI)受惠 范围持续扩大、财政政策支持、资本开支增加、监管环境趋于宽松、并购活动回升，以及贸易紧张局势 逐步降温。 普徕仕(T.Rowe Price)表示，美国股市的牛市周期现已踏入第四年，过去三年均录得双位数升幅，令市 场开始再度关注升势能否延续。诚然，股市连续多年上升并不罕见，但连续四年录得双位数回报的情况 却相当少见。在宏观环境有利及基本面稳健的支持下，普徕仕对股票资产维持正面看法。鉴于估值仍属 合理，加上盈利前景向好、利率回落，以及监管松绑与并购活动、首次公开招股(IPO)等利好因素，该 行增加了对美国小型股的配置。 看淡一方指出，多项不确定因素正逐步浮现，包括估值水平偏高、市场升势集中于少数股份、美联储在 领导层变动下的政策方向仍存变数、劳动市场出现降温迹象，以及美国中期选举带来的政治风险。 ...

正浩移动电源 凤凰网科技讯北京时间12月16日，据彭博社报道，知情人士称，移动电源制造商正浩创新科技正考虑在 美国进行首次公开招股(IPO)。正浩创新获得了红杉中国的投资，这等规模的公司很少选择在美国上 市。 据知情人士透露，正浩创新正在与投行顾问合作，可能会通过发行股票筹集至少3亿美元。正浩创新的 IPO时机取决于该公司何时获得中国证券监管机构的批准。今年，中国公司在美国的IPO大多是规模较 小，而且是通过特殊目的收购公司(SPAC)完成的。 截至发稿，正浩创新尚未就此置评。(作者/箫雨) 知情人士称，正浩创新的IPO规模等细节目前仍是初步信息，未来可能会发生变化。 ...

Core Insights - OpenAI is preparing for an initial public offering (IPO) with a potential valuation of around $1 trillion, which would make it one of the largest IPOs in history [2] - The company is considering submitting its IPO application to regulatory authorities as early as the second half of 2026 [2] - OpenAI aims to raise at least $60 billion, with the possibility of raising more depending on business growth and market conditions [2] Company Plans - OpenAI's CEO, Sam Altman, is expected to gain significant funding to support ambitious plans through the IPO [2] - The company's CFO, Sarah Friar, has indicated that the goal is to go public by 2027 [2] Market Context - The IPO discussions are still in the early stages, and details such as the amount of funding and timing may change based on market conditions [2]

Group 1 - The core viewpoint of the article is that Swedish fintech company Klarna plans to restart its IPO in the U.S. next month, targeting a valuation between $13 billion and $14 billion [1] - Klarna originally intended to proceed with the IPO in April this year but paused the plan due to market turmoil caused by large tariffs introduced by U.S. President Trump [1] - The company aims to raise nearly $1 billion through this IPO [1]