Group 1 - The global stock market has generally risen this year, with major markets like the US, Japan, and Germany reaching historical highs, and the A-share Shanghai Composite Index surpassing 4000 points, driven by the AI technology revolution and sustained monetary easing from central banks [1][3] - As the AI technology trend matures, concerns about market volatility and high valuations are increasing among investors, prompting discussions on asset allocation strategies [1][3] - The article introduces a series focused on global asset allocation strategies in the context of the AI wave, starting with a broad overview of the current investment environment [1][3] Group 2 - In terms of offensive assets, US tech stocks are highlighted as suitable investments, despite the market being at a relatively high valuation level, as corporate earnings growth remains strong, with 63% of companies exceeding earnings expectations in Q3 [3][4] - The Nasdaq index shows a year-on-year earnings growth rate of 25.4%, indicating that sustained earnings growth may help mitigate high valuations over time [3][4] - The article suggests maintaining a focus on large-cap tech stocks while being mindful of market volatility and exploring tactical timing and structural opportunities for excess returns [3][4] Group 3 - For defensive assets, US Treasury bonds and hedging strategies are recommended, especially following the Federal Reserve's recent interest rate cuts, which have contributed to a decline in bond yields [4][5] - Various types of US bonds have performed well this year, with the US Aggregate Bond Index up 6.71% and the US Treasury Index up 5.97% year-to-date, indicating strong performance amid a loosening monetary policy [4][5] - The article emphasizes the potential of US Treasuries as a tool to hedge against stock market volatility, particularly in a controlled inflation environment with rising economic pressures [4][5] Group 4 - Hedging strategies are discussed as a means to offset systemic risks through dual trading, allowing investors to capture trading opportunities while mitigating market risks [5][6] - These strategies can provide independent performance from both equity and bond markets, offering attractive absolute return potential [5][6] - Future articles in the series will delve deeper into the configuration of US tech stocks and the performance characteristics of hedging strategies [5][6]

Market Overview - The three major indices collectively rose, with the Dow Jones showing the largest increase of approximately 1.1% [1] - As of the close, the Dow Jones index rose by 1.08% to 46,245.41 points, the S&P 500 index increased by 0.98% to 6,602.99 points, and the Nasdaq index climbed by 0.88% to 22,273.08 points [3] - Despite the Friday rebound, it was insufficient to offset the significant declines earlier in the week, with the Nasdaq down 2.74%, the S&P 500 down 1.95%, and the Dow down 1.91% for the week [5] Federal Reserve Insights - New York Fed President Williams indicated that monetary policy remains slightly tight, suggesting potential adjustments to the federal funds rate target range to align closer to neutral [5] - His dovish remarks signaled to investors that the Fed may consider a rate cut in the December meeting, with futures indicating over a 70% probability of a 25 basis point cut [7] Company News - Google aims to double its computing power every six months, targeting a 1000-fold increase in capacity over the next 4 to 5 years, emphasizing the importance of AI infrastructure in the competitive landscape [10] - Eli Lilly's market capitalization surpassed $1 trillion, making it the first pharmaceutical company to achieve this milestone, with its stock price rising by 1.57% [11][12] - Amazon CEO Jassy plans to sell nearly 20,000 shares of company stock, valued at approximately $4.2992 million, with the sale expected around November 21, 2025 [13] - Nokia announced a $4 billion investment to expand its R&D and manufacturing capabilities in the U.S., with approximately $3.5 billion allocated for R&D and $500 million for capital expenditures in states like Texas, New Jersey, and Pennsylvania [14]

密集发声。 美联储副主席杰斐逊表示，当前与人工智能相关的美股上涨潮不太可能重演20世纪90年代末互联网泡沫的崩盘情景，主要原因是如今的AI相关企业更为成熟，且拥 有真实的盈利能力。 美联储理事米兰表示，若其投票成为关键一票，将支持降息25个基点。 他还指出，劳动力市场数据未达预期强度。11月CPI数据预计将在下次FOMC会议后公布。 纽约联储主席威廉姆斯表示，鉴于当前政策略显紧缩，近期仍存在降息空间，通胀进展已停滞，但应有望在2027年达到2%的目标。 威廉姆斯还指出，市场似乎对 人工智能非常乐观，预计将迎来一段强劲增长期。 当地时间11月21日，美股三大股指集体高开，盘中纳指转绿。截至发稿，道指上涨0.36%，标普500指数上涨0.14%，纳指下跌0.09%。 | 0 △ 田 03 | 价格 = | 涨跌幅 = | | --- | --- | --- | | 道琼斯指数 | 45918.86 | +0.36% | | .DJI | | | | 标普500指数 | 6548.18 | +0.14% | | .SPX | | | | 纳斯达克综合指数 | 22058.82 | -0.09% | | .IXIC ...

第二个，我们看一下后续市场，狂沙的时候其实要确认一个底部，那这个底部从今天来看最低点是我们 所看到是3834点，那后续包括下周能不能确认这个底部，现在还不了解，还不知道有反弹空间的话，那 其实认为市场你说吧连续跟大家所谈到的市场在反弹的话，如果说你怀疑牛市没了，熊市走了还是清仓 了？第二个，目前增量是非常可观，短期出现了一个就是我们所看到大概6124吧市场也没有到这么个转 换的一个步伐，就是就是现在两个大的头部区间的时候，那2026年我们依然还是看好中国A股市场整个 的一个波段向上攻击。宏观基本面研判来看，如果说经济平安步入到一个缓解，那么通胀进入到一个拐 点，同时PPI只不过说25年是走了一个修复的那一年，那20年我们更多的是看盈利反击，呢今年的业绩 状态依然是下滑的，那见底回升的话有一个拐点，那这个时候2026年我们基本上在上半年，如果是能看 到盈利拐点，所以说像今天短期杀猛了，但是如果说你前期仓位管理相对比较有力得当的话，那我觉得 在今天反而应该是一个不错的一个良机。再加上宏观这层面的推动的话，在A股市场我们依然相对来说 还是比较的乐观向上的，包括下周一我们也是建议大家密切关注一下呃周末的消息面的发酵， ...

以下文章来源于棱镜 ，作者温世君 棱镜 . 腾讯新闻出品栏目，《棱镜》聚焦泛财经深度记录。 关键的支撑来自几家数万亿市值的科技股：不到三年时间，微软、苹果股价翻番，总市值双双攀升至 4万亿美元上下；谷歌（ALPHABET-A）涨幅超200%，总市值站上3.5万亿美元大关…… 作为本轮 美股牛市的核心旗手，英伟达的涨幅一度突破1300%，不仅成为三年13倍的超级牛股，更创下历史 纪录，成为首家总市值突破5万亿美元的公司——创始人黄仁勋也顺理成章地登上全球华人首富的宝 座。 但情况似乎在悄然发生变化：无论是黄仁勋，还是曾经的全球首富比尔 ·盖茨，都在减持自家股票。 而借着这轮AI牛市大翻身，重夺日本首富的孙正义，却清仓了全部英伟达股票。这是为何？ 特别是在11月14日美国证监会要求的"报表13F"截止日期之后，一批曾创造投资奇迹的"股神"们的 减持清单也随之曝光。巴菲特退休前最后一次公开的调仓，卖了什么？长居美国加州的职业投资 人"段菲特"段永平——曾创办小霸王与步步高，也是孵化出OPPO/vivo、小天才等一众步步高系企业 的幕后大佬——最新的操作又是什么？ 成功的投资正如穿过战时的雷区，即便万分警惕，也可能遇 ...

中经记者 罗辑 北京报道 畅力资产董事长宝晓辉表示，近期全球重要资产集体震荡的核心症结在于，美联储降息预期的剧烈分化 与反复调整。 在他看来，消息面上，原本市场预期12月会进行降息，但因为美国政府停摆，经济数据滞后披露，而暂 缓降息。一揽子未能按期披露的经济数据被滞后集中披露本身就带来更多不确定性，降息的预期差异再 度影响市场。美联储的货币政策通过全球流动性传导和资本重新定价，引发了各类资产的连锁波动。因 为市场过去已经对原本较为确定的12月降息进行了利好兑现，当下预期的快速反转直接冲击资产定价逻 辑。 近日，美股、加密货币、黄金出现全线下跌，"恐慌指数"（VIX，芝加哥期权交易所波动指数）连续数 日攀升。美国主要股指跌破关键技术支撑位，到11月20日，仍未企稳止跌。英、法、韩、日等多国资本 市场同样出现连续下挫，全球恐慌情绪再度升温。 多位受访机构人士对《中国经营报》记者表示，全球共振式波动主要受美联储降息预期变化，压制流动 性预期，以及对美股AI估值泡沫担忧攀升影响。 美股指数跌破关键技术支撑位 11月12日，美国政府重新"开门"，美股突然步入下行通道，随后几个交易日美股重要指数跌破60日均 线。其中，纳 ...

Core Insights - The article discusses the recent surge in the U.S. stock market, particularly driven by the AI revolution, with the Dow Jones Industrial Average reaching a historical high of 48,431.57 points, up 46% since the beginning of 2023, and the Nasdaq index doubling with a 131.25% increase [4]. - Major tech companies like Microsoft, Apple, and Nvidia have seen significant stock price increases, with Nvidia's stock price soaring over 1300%, making it the first company to surpass a market capitalization of $5 trillion [4][20]. - Notably, several prominent investors, including Nvidia's CEO Jensen Huang and Bill Gates, have been reducing their stakes in their respective companies, indicating a potential shift in market sentiment [5][20]. Group 1: Market Performance - The Dow Jones Industrial Average reached a historical high of 48,431.57 points, marking a 46% increase since the start of 2023 [4]. - The Nasdaq index hit a record high of 24,019.99 points, reflecting a 131.25% increase since the beginning of the year [4]. - Major tech stocks, including Microsoft and Apple, have seen their market capitalizations rise to around $4 trillion each, while Alphabet's market cap has surpassed $3.5 trillion [4]. Group 2: Investor Actions - Jensen Huang has sold a total of 8.297 million shares of Nvidia, reducing his holdings to below 70 million shares, with the sold shares valued at approximately $15.48 billion [16]. - Bill Gates' foundation sold 17 million shares of Microsoft, reducing its stake by 65%, with Microsoft now representing only 13.01% of the foundation's portfolio [19]. - Notable investors like段永平 have also reduced their positions in Nvidia by 38.04%, while Masayoshi Son has completely exited his Nvidia holdings [22][24]. Group 3: Company Financials - Nvidia reported a revenue of $130.5 billion for the fiscal year ending January 26, 2025, with a growth rate of 114% and a gross margin of 75% [14]. - For the first two quarters of the fiscal year 2026, Nvidia's quarterly revenues were $44.1 billion and $46.7 billion, showing year-on-year growth of 69% and 56%, respectively [14]. - In comparison, Apple's revenue for the fourth fiscal quarter of 2025 was $102.466 billion, with a growth rate of 7.94%, while Alphabet's revenue for the third fiscal quarter was $102.346 billion, growing at 16% [12].

据The Block援引摩根大通报告，加密市场近期回调主要由非加密原生散户投资者推动，11月迄今 约40亿美元从比特币与以太坊现货ETF流出，已超2月纪录。与此同时，散户本月仍大举买入约960亿美 元股票ETF，显示其并未整体回避风险资产，仅短期抛售加密ETF。摩根大通认为加密与小盘科技股相 关性仍在，整体上行趋势未改。 （责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

【环球网财经综合报道】北京时间11月21日凌晨，美国三大股指全线收跌，道指跌0.84%报45752.26 点，标普500指数跌1.56%报6538.76点，纳指跌2.15%报22078.05点。热门股中，思科跌超3%，波音跌逾 3%，领跌道指。万得美国科技七巨头指数跌1.74%，亚马逊跌逾2%。 美国知名做空机构浑水创始人卡森·布洛克则表示，尽管市场上对人工智能可能出现泡沫的警告越来越 多，但现在并不是押注科技巨头股价下跌的好时机。他明确警告投资者，做空大型科技股将面临巨大风 险。 城堡证券的Scott Rubner也认为，标普500指数近期"健康的"回调为强劲反弹奠定了基础。他认为标普 500指数到年底将向7000点迈进，这相较于周三收盘价将上涨5.4%。 路透社发文称，英伟达的业绩虽然耀眼，但其业绩预测中对未来投资利润的不确定性，引发了对人工智 能基础设施投资能否产生回报的质疑，市场也对其能否带动客户持续大额投资AI存疑。 ...

2025.11. 21 本文字数：1499，阅读时长大约2分钟 作者 | 第一财经 胡弋杰 周四，美国三大股指上演过山车行情，早盘在英伟达与沃尔玛财报带动下的反弹未能维持，冲高回 落、大幅收低。截至收盘，道琼斯指数跌0.84%，报45752.26点；标普500指数跌1.56%，报 6538.76点；纳斯达克指数跌2.16%，报22078.05点，均收于盘中低位附近。 由于政府停摆导致统计工作中断，部分10月就业数据将与11月报告合并，而11月就业将在美联储12 月议息会议之后公布。在缺乏最新数据的情况下，9月非农成为决策前能够参考的唯一一份完整就业 信息。 摩根大通分析师帕特里克·洛克（Patrick Locke）认为，9月数据"缺乏方向一致性"，新增就业和失 业率的表现"难以合并成一个明确的判断"，因此"并没有出现足以确认12月政策取向的关键信号"。 摩根士丹利策略团队（Morgan Stanley Strategy Team）则在数据公布后调整预测，放弃此前对美 联储将在12月降息25个基点的预期。策略团队认为，9月新增就业的"广泛反弹说明夏季经济放缓的 严重程度可能被夸大"，并表示尽管失业率略有上升，但 ...