除了上述科技巨头，共享用车鼻祖Uber和强生也在二季度获得了桥水的大幅增持。Uber被增持314万 股，增幅531%，持仓占比从一季度的0.2%升至1.41%，成为第12大持仓；强生则被增持逾199万股，环 比增幅667.8%，持仓占比从一季度的0.23%升至1.41%。Uber在共享出行领域的全球布局以及强生在医 药健康领域的稳定业绩，或许是吸引桥水加仓的重要因素。 在大幅增持部分科技股的同时，桥水二季度也对一些科技巨头进行了减持操作。位列美股科技七巨头之 一的亚马逊就遭遇了减持。二季度桥水的亚马逊持股环比一季度减少约79.55万股，降幅约6%，持仓占 比从一季度的1.17%降至1.10%，成为第20大持仓。英伟达的劲敌AMD也在减持名单之中，其持股数环 比下降40.89万股，降幅近18.9%，持股占比从一季度的1.03%降至1.0%。此外，一季度桥水增持236万 股、增幅达52.5%的支付巨头Paypal，二季度被减持近44.8万股，降幅逾12%；占比较小的持仓中，高通 被减持32.6万股，持股环比降幅约30%，持仓占比不足0.5%。 中概股在桥水二季度的持仓调整中成为了"重灾区"。一季度桥水曾大幅增持阿 ...

Core Viewpoint - Analysts from major Wall Street firms are warning clients to prepare for a potential pullback in the U.S. stock market due to high valuations clashing with weakening economic data [1][4]. Group 1: Market Predictions - Morgan Stanley's strategist Mike Wilson predicts a potential adjustment of up to 10% in the S&P 500 index this quarter, citing tariffs impacting consumer and corporate finances [4]. - Evercore's Julian Emanuel forecasts a possible decline of up to 15% [4]. - Deutsche Bank's analyst team, led by Parag Thatte, notes that the market has risen for three consecutive months, indicating that a pullback is overdue [4]. Group 2: Economic Concerns - Recent data shows rising inflation in the U.S., alongside slowing job growth and consumer spending, raising concerns about the economic outlook [6]. - Historically, the S&P 500 index has performed poorly in August and September, averaging a decline of 0.7% during these months over the past 30 years, while other months average a gain of 1.1% [6]. - The S&P 500's 14-day Relative Strength Index (RSI) recently surpassed 76, indicating overbought conditions, which is above the 70 threshold considered "overheated" by technical analysts [6]. Group 3: Market Sentiment and Strategy - Despite the short-term bearish sentiment, analysts maintain a "buy on the dip" stance, emphasizing the long-term bullish trend of the market [7]. - Evercore's Emanuel advises clients to hold positions, particularly in companies benefiting from the AI boom [7]. - Deutsche Bank's Thatte highlights that historically, the S&P 500 experiences a small pullback of about 3% every 1.5 to 2 months and a larger pullback of over 5% every 3 to 4 months [7]. Group 4: Market Reactions - Following these warnings, traders appear to be accepting the advice to buy on dips, as evidenced by the S&P 500 and Nasdaq 100 indices both rising over 1% after a previous decline [8].

媒体报道，华尔街多家大行的分析师近日齐声发出警告，提醒客户为美股回调做好准备，因为股市高估 值正与走弱的经济数据发生冲撞。 威尔逊在致客户的报告中表示， "过去几周我们一直提醒投资者，第三季度应预期会有适度的回调。" 这些警告出现在美国经济前景日益引发担忧之际。上周数据显示，美国通胀重新抬头，同时就业增长和 消费者支出放缓。此外，美股正步入通常表现最弱的时间段：根据媒体整理的数据显示，在过去30年 中，标普500指数在8月和9月的平均表现最差，每月平均下跌0.7%，而其他月份则平均上涨1.1%。 本周一，摩根士丹利、德意志银行和Evercore ISI分析师均警告称，标普500指数在未来数周或数月内可 能会出现短期下跌。此前，标普500指数从4月低点以来快速上涨，并推升至历史高位。周一，标普500 指数上涨1.47%，报6329.94点。 摩根士丹利策略师威尔逊（Mike Wilson）预计，本季度标普500指数可能出现高达10%的调整，原因是 关税开始冲击消费者和企业财务状况。Evercore的伊曼纽尔（Julian Emanuel）则预测跌幅可能高达 15%。德意志银行由塔特（Parag Thatte）领 ...