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按市场预期,2026年美股中小盘盈利增速或高于大盘
按市场预期,2026年美股中小盘盈利增速或高于大盘
行业数据
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所属报告:
专题报告:如何应对美股科技股的潜在泡沫?-251204(21页).pdf
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行业数据
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2026-04-27
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近三年中美10年期国债利差在-2%至-3%
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2026-04-23
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2026-04-22
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图表12026年来美股顺周期板块跑赢科技板块
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2026-03-30
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2026-03-16
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2026-07-30
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2026-07-30
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应对美股科技股潜在泡沫的第二种对冲策略是增配美股中小盘:(1)盈利:2026年中小盘盈利增速或优于大盘。2022年以来美股小盘明显跑输大盘,一方面源于美联储加息周期启动下,小企业受冲击幅度明显大于大型企业,另一方面大盘股中科技股占比较高,更受益于 AI行情。但 2024年以来小盘股盈利增速止跌回升,到 25Q3 单季度利润增速已超过大盘。按市场预期,2026年标普500、标普中盘 400、标普小盘 600的净利润增速分别为 14.4%、15.3%、18.9%,中小盘或超过大盘,主要受益于美联储降息周期延续+大美丽法案落地及关税政策的持续松动;(2)估值:中小盘股的估值处于低位。截至 11月下旬,标普 500、标普中盘 400、标普小盘 600的远期估值分别为 25.4X、18.3X、17.6X,中小盘估值相对偏低。往后看,在大盘集中度及估值处于历史偏高水位背景下,美股再平衡下小盘股的配置价值有望持续凸显。
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专题报告:如何应对美股科技股的潜在泡沫?-251204(21页).pdf
科网泡沫破灭后,美股中日常消费、金融、医疗等板块抗跌
科网泡沫破灭后,道指超额收益显著
截至11月底,科技股市值占比已大幅超过1999年
10月以来谷歌链相关公司走势强于OpenAI相关公司
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