高频监测：情绪下滑 = 机遇-High Frequency Monitor_ Sentiment slip = opportunity

Summary of Key Points from the Conference Call Industry Overview - Global Equity Markets: The MSCI AC World index decreased by 2.5% last week, primarily due to increased scrutiny on AI and uncertainty regarding a potential December Fed rate cut, overshadowing positive earnings from NVIDIA and US jobs data [2][3] - Regional Performance: Asia Pacific excluding Japan saw the largest decline at -4.0%, with China and Korea both dropping 5.5% [2] - Sector Performance: Defensive sectors such as Media, Health Care, and Consumer Staples outperformed, while Software, Semiconductors, and Consumer Discretionary underperformed [2] Earnings Revision Insights - Earnings Upgrades vs. Downgrades: The Global Earnings Revision Ratio is at 1.01, indicating that upgrades continue to outnumber downgrades, remaining near a four-year high [3] - Global News Pulse: This metric fell from 46% to 42%, suggesting a decline in positive news sentiment [3] Stock Performance - Top Stocks with Triple Momentum: The highest Triple Momentum Rank is observed in SK Hynix, Seagate Tech, and others, with Financials showing the strongest momentum [4] Market Breadth - Market Breadth: Last week, 47% of stocks outperformed the index, indicating a relatively healthy market despite the overall decline [30][31] Sector and Style Performance - Best Performing Sector Last Week: Media & Entertainment led with a return of 1.8%, while Semiconductors and Software were among the worst performers [22][26] - Style Performance: Dividend strategies performed best last week, while Growth and Quality styles showed negative returns [39][44] Global Wave and Earnings Forecasts - Global Wave Indicator: The Global Wave has peaked, suggesting a defensive allocation is appropriate [52] - Global Prospective EPS: Global prospective EPS has improved by 9% over the last 12 months, indicating a positive trend in earnings forecasts [59] Earnings Revision Ratios by Region - Regional Earnings Revision Ratios: The USA and Japan have ratios above 1.0, indicating a higher number of upgrades compared to downgrades [63] - Sector-Specific Earnings Revision: The Div Financials sector shows the strongest earnings revision ratio globally at 2.26 [65] Conclusion - The current market environment reflects a cautious sentiment with defensive sector performance, while earnings revisions remain positive overall. The focus on AI scrutiny and potential Fed rate changes could present both risks and opportunities for investors moving forward.