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截至2026.02,美股前十大股票市值占比32.1%
截至2026.02,美股前十大股票市值占比32.1%
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专题报告:历史上四轮科技股泡沫回顾与启示-260223(73页).pdf
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美团前十大经纪商持股情况(单位:万股)
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2022-12-05
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美团前十大经纪商持股日变动情况(单位:万股)
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2022-12-05
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80年代美股前十大市值公司中消费股占据半壁江山
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2022-02-28
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A股前十大市值公司以金融为主,而美股以科技为主
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近期科技股泡沫持续成为全球市场焦点:(1)自 2023年以来,AI驱动下美股科技股大幅跑赢基准,映射到 A股市场上科技股行情同样火热:自 2022年 11月底 OpenAI发布 ChatGPT以来,美股 AI板块在美联储加息背景下反而逆势上涨,走出独立行情。映射到 A股市场上,AI产业链的快速发展,同样催化 A股的 AI行情,2025年科技股大幅领涨;(2)但科技股的持续上涨,导致美股估值水位和市场集中度偏高,引发市场对科技股潜在泡沫的担忧:估值方面,截至 2026年 2月初,美股估值仍处于偏高水位,标普 500PE(FY1)为 25.4X,显著高于过去 10年中位数(20.4X),很难说还处于便宜区间。而同期纳指 PE(FY1)从 2025年 3月底的 25.6X回至 2月初的 33.7X,同样难言便宜。市场集中度层面,截至 2月初,美股前十大公司市值占比为 32.1%,较 2025年 10月边际回落,但同样处于偏高水位。从长周期视角看,2014H2以来美股集中度持续提升,2022年随着美联储开启加息,头部公司下跌幅度加大,使得集中度明显下降,但 2023年开始再度提升,2025年 10月创 2005年以来的历史新高。对于美股而言,市场集中度处于高位,很大程度反映以 AI为代表的科技成长股维持高景气,但同样会导致市场脆弱度的提升。
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专题报告:历史上四轮科技股泡沫回顾与启示-260223(73页).pdf
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