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事实1:EPS变动基本与经济增长同步。这意味着如果股价隐含着未来增长的预期,那么这部分预
事实1:EPS变动基本与经济增长同步。这意味着如果股价隐含着未来增长的预期,那么这部分预
行业数据
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图片属性
图片格式:PNG
图片大小:530KB
图片尺寸:2268*1417
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所属报告:
宏观专题:资产价格与经济预期-250106(19页).pdf
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相关数据
图31、霍顿(DHI.N)EPS&PE
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行业数据
2026-05-11
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2026年薪资指南:人类与人工智能未来对您意味着什么 - 中国大陆
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行业数据
2026-04-23
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2026薪资指南:人机未来对您意味着什么 中国大陆
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Exhibit 126: Morgan Stanley Research vs Consensus EPS and Financial Metrics (2026e–2028e)
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Morgan Stanley Estimates vs. Consensus for FY2026e (EPS and Revenue)
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图表26标普500指数GICS一级行业EPS同比增速(%)
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图表42025Q4标普500EPS同比增速为15.6%
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Growth Y/Y (Revenue vs. EPS)
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行业数据
2026-03-11
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EPS (UBS, diluted) (USD)
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行业数据
2026-03-11
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Growth Y/Y (Revenue vs. EPS)
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行业数据
2026-03-11
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图4:美元储备份额每下降5%意味着黄金价格大约增加856美元/盎司
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竞争格局
2026-02-24
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2000Q4-2001,信息技术板块EPS持续下降
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2026-02-24
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事实一,股价中与未来预期相关的,是估值而不是 EPS。如果要从资产价格中提取对未来经济的预期,第一个想到的就是股票,因为股票标的繁多,涉及经济的方方面面,包含信息最为丰富。而股价的涨幅可以自然拆解为盈利贡献和估值贡献两个主要部分。从数据表现上来看,盈利变动与经济增长是同步变量,同步变量难以认为隐含了未来的预期;而估值变动是经济数据的领先变量,领先变量则可以认为隐含了未来的预期。因此,如果我们想从股价中提取出市场对未来的增长预期,那么我们重点考虑的部分是估值而非盈利。
行业数据
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宏观专题:资产价格与经济预期-250106(19页).pdf
隐含增长预期:按照ROE分组,可考虑使用绩优股、微利股指数,走势上看起来趋势一致,16年、
如何提取资产价格隐含预期?
事实3:并且大宗商品也普遍不强,并未出现广谱资产价格的同步大幅上行,这意味着主要还是不
事实3:中小盘跑赢可能是因为流动性宽松,但流动性这个变量难以严格定义,如以融资余额定义
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