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2022-03-04
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2022-03-01
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Change | Nasdaq turns up! New energy vehicle stocks show their power, ideally rising by more than 10%
2月28日,纳指转涨,此前跌近1%。截至目前,道指下跌0.95%,标普500指数下跌0.66%。美股新能源车概念股持续走高,理想汽车涨超10%,蔚来汽车涨超7%,特斯拉涨超6%,小鹏汽车涨超3%。
Change | Nasdaq turns up! New energy vehicle stocks show their power, ideally rising by more than 10%
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2022-02-28
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2022-02-26
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2022-02-24
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2022-02-24
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2022-02-23
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2022-02-22
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2022-02-21
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Learn from history! How will U.S. stocks perform in the tightening cycle?
近期,激进加息预期激增,华尔街分析师都在思考一个问题:本次紧缩周期中美股会作何反应?美国银行在最新报告中指出,绝大多数乐观派认为,在过去的七个加息周期中,标普500指数一直是正回报。但这几乎只出现在经
Learn from history! How will U.S. stocks perform in the tightening cycle?
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2022-02-21
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23:42","market":"other","language":"zh","title":"Change | Nasdaq turns up! New energy vehicle stocks show their power, ideally rising by more than 10%","url":"https://stock-news.laohu8.com/highlight/detail?id=1122487527","media":"老虎资讯综合","summary":"2月28日,纳指转涨,此前跌近1%。截至目前,道指下跌0.95%,标普500指数下跌0.66%。美股新能源车概念股持续走高,理想汽车涨超10%,蔚来汽车涨超7%,特斯拉涨超6%,小鹏汽车涨超3%。","content":"<p><html><head></head><body>On February 28, the Nasdaq turned higher after falling nearly 1% before. So far, the Dow is down 0.95% and the S&P 500 is down 0.66%.<img src=\"https://static.tigerbbs.com/544bbfdf47cab414ffe02f1ec3d5c59b\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/>U.S. new energy vehicle concept stocks continue to rise,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Up more than 10%,<a href=\"https://laohu8.com/S/NIO\">Nio</a>Cars rose more than 7%,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Up more than 6%,<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Up more than 3%.<img src=\"https://static.tigerbbs.com/cff49a91e2bf49c78e28804aef792155\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Change | Nasdaq turns up! New energy vehicle stocks show their power, ideally rising by more than 10%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChange | Nasdaq turns up! New energy vehicle stocks show their power, ideally rising by more than 10%\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2022-02-28 23:42</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>On February 28, the Nasdaq turned higher after falling nearly 1% before. So far, the Dow is down 0.95% and the S&P 500 is down 0.66%.<img src=\"https://static.tigerbbs.com/544bbfdf47cab414ffe02f1ec3d5c59b\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/>U.S. new energy vehicle concept stocks continue to rise,<a href=\"https://laohu8.com/S/LI\">Li Auto</a>Up more than 10%,<a href=\"https://laohu8.com/S/NIO\">Nio</a>Cars rose more than 7%,<a href=\"https://laohu8.com/S/TSLA\">Tesla</a>Up more than 6%,<a href=\"https://laohu8.com/S/XPEV\">XPeng vehicles</a>Up more than 3%.<img src=\"https://static.tigerbbs.com/cff49a91e2bf49c78e28804aef792155\" tg-width=\"840\" tg-height=\"470\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/bd3ac286c2233d10a592ba6c388667fb","relate_stocks":{"161028":"新能源车","399417":"新能源车","03086":"华夏纳指","BK1575":"同股不同权","PSQ":"做空纳斯达克100指数ETF-ProShares","LI":"理想汽车","TQQQ":"纳指三倍做多ETF","BK4550":"红杉资本持仓","QQQ":"纳指100ETF","QLD":"2倍做多纳斯达克100指数ETF-ProShares","BK1119":"汽车制造商","BK1588":"回港中概股","02015":"理想汽车-W","BK1587":"次新股",".IXIC":"NASDAQ 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10:45","market":"sh","language":"zh","title":"Learn from history! How will U.S. stocks perform in the tightening cycle?","url":"https://stock-news.laohu8.com/highlight/detail?id=2212677275","media":"华尔街见闻","summary":"近期,激进加息预期激增,华尔街分析师都在思考一个问题:本次紧缩周期中美股会作何反应?美国银行在最新报告中指出,绝大多数乐观派认为,在过去的七个加息周期中,标普500指数一直是正回报。但这几乎只出现在经","content":"<p><html><head></head><body>Recently, radical rate hike expectations have surged, and Wall Street analysts are thinking about a question: How will U.S. stocks react in this tightening cycle?<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>In the latest report, it is pointed out that the vast majority of optimists believe that the S&P 500 has been having positive returns in the past seven rate hike cycles.<b>But this has almost exclusively occurred during phases of accelerating economic growth, with returns flat or declining since 1950 when the economic recovery slowed.</b><img src=\"https://static.tigerbbs.com/cd1e1ffad540c4f6e7aa2033aae33859\" tg-width=\"1560\" tg-height=\"924\" referrerpolicy=\"no-referrer\"/></p><p>There is also a bigger risk in the upcoming tightening cycle,<b>The current valuation of the U.S. stock market is on the high side.</b></p><p>In fact, the S&P 500 index before this first rate hike was more expensive than any other rate hike cycle except the 1999-2000 period.</p><p>To make matters worse, the real interest cost of debt is negative this time, while in 1999, the cost of equity was negative. During this cycle, Federal Funds rate rose 150 basis points and the market moved higher along the way, but the S&P peaked in March 2000 and then fell 49% over the next two and a half years.</p><p>Considering these two main risk factors, even though the upcoming tightening cycle may be short-lived (Federal Funds rate futures have already reflected at least two rate cuts before 2024), Bank of America is in the bear camp this time.</p><p><img src=\"https://static.tigerbbs.com/bc5ab5839fdac8ef84d42f03c1885828\" tg-width=\"1648\" tg-height=\"784\" referrerpolicy=\"no-referrer\"/></p><p><b>Bond Alternatives Worst Perform, Cyclicals Best</b></p><p>Bank of America believes that from the perspective of industry sectors, bond alternative stocks performed the worst, and cyclical sectors performed the best.</p><p>In historical tightening cycles, bond alternatives such as utilities and real estate, as well as industrial stocks, have performed worse than the S&P 500.</p><p>The consumer discretionary sector has outperformed the S&P 500 and outperformed other sectors, but it currently faces risks from high labor intensity and wage pressures.</p><p><b>Other sectors that have historically performed well include tech, energy, materials, and everyday consumer goods.</b></p><p><img src=\"https://static.tigerbbs.com/cf2396603b1b718b964d5584d7b23d32\" tg-width=\"1508\" tg-height=\"786\" referrerpolicy=\"no-referrer\"/><b>However, in a rate hike cycle, the dispersion of industry alpha is greater, and the stock factor may be a better explanatory variable.</b></p><p>Within one year of the Fed's rate hike, stock market factors performed well with low enterprise value multiples (EV/EBITDA), high valuations and low net value per share, with low enterprise value multiples and high enterprise value/free cash flow leading each cycle, and stocks with low net value per share outperforming the broader market 80% of the time. The currently lower-priced sectors, as measured by these metrics, are energy materials and healthcare.<img src=\"https://static.tigerbbs.com/ac082cc07dc1c56833e8d373417f1682\" tg-width=\"1568\" tg-height=\"902\" referrerpolicy=\"no-referrer\"/>Small-caps outperform large-cap stocks</p><p>Bank of America believes that the company's circulating equity can also be a good measure of the company's performance in the rate hike.</p><p><b>Small-cap stocks usually perform better in the months before the rate hike begins, and slightly weaker after the rate hike begins.</b>But unlike other rate hike cycles, small-cap stocks are currently cheaper than large-cap stocks.<img src=\"https://static.tigerbbs.com/6d1deb9d33895b10c21ecd6863c8e597\" tg-width=\"1668\" tg-height=\"1202\" referrerpolicy=\"no-referrer\"/>P/E for small-cap stocks typically rises 5-6% in the first three months of a rate hike and falls 8% during the rally. But the P/E of the Russell 2000 Index has fallen by 12% since November last year, the lowest level since 2000 relative to P/E.</p><p>At the same time, the performance of small-cap stocks than large-cap stocks is much more correlated with 10-year changes (positive correlation) than with Federal Funds rate changes (little correlation).</p><p>The Bank of America report also pointed out that faster tightening will not be more detrimental to small businesses, and there is no correlation between rate hike speed and relative scale performance.</p><p><b>Furthermore, during balance sheet shrinkage, history suggests stocks > bonds, value stocks > growth stocks, and large cap stocks = small cap stocks.</b><img src=\"https://static.tigerbbs.com/1deea07177357b743f796a2d50d1956c\" tg-width=\"1636\" tg-height=\"770\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>","source":"wallstreetcn_api","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Learn from history! How will U.S. stocks perform in the tightening cycle?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLearn from history! How will U.S. stocks perform in the tightening cycle?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">华尔街见闻</strong><span class=\"h-time small\">2022-02-21 10:45</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Recently, radical rate hike expectations have surged, and Wall Street analysts are thinking about a question: How will U.S. stocks react in this tightening cycle?<a href=\"https://laohu8.com/S/BAC\">Bank of America</a>In the latest report, it is pointed out that the vast majority of optimists believe that the S&P 500 has been having positive returns in the past seven rate hike cycles.<b>But this has almost exclusively occurred during phases of accelerating economic growth, with returns flat or declining since 1950 when the economic recovery slowed.</b><img src=\"https://static.tigerbbs.com/cd1e1ffad540c4f6e7aa2033aae33859\" tg-width=\"1560\" tg-height=\"924\" referrerpolicy=\"no-referrer\"/></p><p>There is also a bigger risk in the upcoming tightening cycle,<b>The current valuation of the U.S. stock market is on the high side.</b></p><p>In fact, the S&P 500 index before this first rate hike was more expensive than any other rate hike cycle except the 1999-2000 period.</p><p>To make matters worse, the real interest cost of debt is negative this time, while in 1999, the cost of equity was negative. During this cycle, Federal Funds rate rose 150 basis points and the market moved higher along the way, but the S&P peaked in March 2000 and then fell 49% over the next two and a half years.</p><p>Considering these two main risk factors, even though the upcoming tightening cycle may be short-lived (Federal Funds rate futures have already reflected at least two rate cuts before 2024), Bank of America is in the bear camp this time.</p><p><img src=\"https://static.tigerbbs.com/bc5ab5839fdac8ef84d42f03c1885828\" tg-width=\"1648\" tg-height=\"784\" referrerpolicy=\"no-referrer\"/></p><p><b>Bond Alternatives Worst Perform, Cyclicals Best</b></p><p>Bank of America believes that from the perspective of industry sectors, bond alternative stocks performed the worst, and cyclical sectors performed the best.</p><p>In historical tightening cycles, bond alternatives such as utilities and real estate, as well as industrial stocks, have performed worse than the S&P 500.</p><p>The consumer discretionary sector has outperformed the S&P 500 and outperformed other sectors, but it currently faces risks from high labor intensity and wage pressures.</p><p><b>Other sectors that have historically performed well include tech, energy, materials, and everyday consumer goods.</b></p><p><img src=\"https://static.tigerbbs.com/cf2396603b1b718b964d5584d7b23d32\" tg-width=\"1508\" tg-height=\"786\" referrerpolicy=\"no-referrer\"/><b>However, in a rate hike cycle, the dispersion of industry alpha is greater, and the stock factor may be a better explanatory variable.</b></p><p>Within one year of the Fed's rate hike, stock market factors performed well with low enterprise value multiples (EV/EBITDA), high valuations and low net value per share, with low enterprise value multiples and high enterprise value/free cash flow leading each cycle, and stocks with low net value per share outperforming the broader market 80% of the time. The currently lower-priced sectors, as measured by these metrics, are energy materials and healthcare.<img src=\"https://static.tigerbbs.com/ac082cc07dc1c56833e8d373417f1682\" tg-width=\"1568\" tg-height=\"902\" referrerpolicy=\"no-referrer\"/>Small-caps outperform large-cap stocks</p><p>Bank of America believes that the company's circulating equity can also be a good measure of the company's performance in the rate hike.</p><p><b>Small-cap stocks usually perform better in the months before the rate hike begins, and slightly weaker after the rate hike begins.</b>But unlike other rate hike cycles, small-cap stocks are currently cheaper than large-cap stocks.<img src=\"https://static.tigerbbs.com/6d1deb9d33895b10c21ecd6863c8e597\" tg-width=\"1668\" tg-height=\"1202\" referrerpolicy=\"no-referrer\"/>P/E for small-cap stocks typically rises 5-6% in the first three months of a rate hike and falls 8% during the rally. But the P/E of the Russell 2000 Index has fallen by 12% since November last year, the lowest level since 2000 relative to P/E.</p><p>At the same time, the performance of small-cap stocks than large-cap stocks is much more correlated with 10-year changes (positive correlation) than with Federal Funds rate changes (little correlation).</p><p>The Bank of America report also pointed out that faster tightening will not be more detrimental to small businesses, and there is no correlation between rate hike speed and relative scale performance.</p><p><b>Furthermore, during balance sheet shrinkage, history suggests stocks > bonds, value stocks > growth stocks, and large cap stocks = small cap stocks.</b><img src=\"https://static.tigerbbs.com/1deea07177357b743f796a2d50d1956c\" tg-width=\"1636\" tg-height=\"770\" referrerpolicy=\"no-referrer\"/></p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source:<a href=\"https://wallstreetcn.com/articles/3652358\">华尔街见闻</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/1c7221d934f1008e531bdf79c8cfe0ee","relate_stocks":{"BK4550":"红杉资本持仓","BK4553":"喜马拉雅资本持仓","BAC":"美国银行","BK4504":"桥水持仓","SPY":"标普500ETF","BK4534":"瑞士信贷持仓","BK4559":"巴菲特持仓","BK4207":"综合性银行"},"source_url":"https://wallstreetcn.com/articles/3652358","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2212677275","content_text":"近期,激进加息预期激增,华尔街分析师都在思考一个问题:本次紧缩周期中美股会作何反应?美国银行在最新报告中指出,绝大多数乐观派认为,在过去的七个加息周期中,标普500指数一直是正回报。但这几乎只出现在经济增长加速的阶段,自1950年以来,当经济复苏放缓时,回报率持平或下降。在即将到来的紧缩周期中,还有一个更大的风险,当前美股市场估值偏高。事实上,本轮首次加息前的标普500指数比除了1999-2000年期间之外的任何其它加息周期都要昂贵。更糟的是,这次债务的实际利息成本是负的,而在1999年,权益成本是负的。在这一周期中,联邦基金利率上升了150个基点,市场在上升过程中走高,但标普指数在2000年3月见顶,随后在接下来的两年半中下跌了49%。考虑到这两个主要风险因素,即使将到来的紧缩周期可能是短暂的(联邦基金利率期货已经反映出在2024年之前至少两次降息),美银这次也站队熊市阵营。债券替代股表现最差,周期股表现最好美银认为,从行业板块来看,债券替代股表现最差,周期性板块表现最好。在历史紧缩周期中,公用事业、房地产等债券替代股以及工业股表现比标普500要差。非必需消费品板块的表现比标普500指数要好,且超过其他板块,但目前该板块面临高劳动强度和工资压力带来的风险。历史上其他表现良好的行业包括科技、能源、材料和日常消费品。但在加息周期中,行业alpha的离散程度较大,而股票因子可能是一个更好的解释变量。在美联储开启加息的一年内,股市因子表现为企业价值倍数低(EV/EBITDA)、估值高和每股净值低的表现良好,低企业价值倍数和高企业价值/自由现金流在每个周期中领先,每股净值低的股票在80%的情况下优于大盘。按这些指标衡量,目前价格较低的行业是能源材料和医疗保健。小盘股表现优于大盘股美银认为,公司流通股本也能很好等衡量公司在加息中的表现。加息开始前几个月小盘股通常表现要好,加息开始后小盘股表现稍弱。但与其他加息周期不同,目前小盘股比大型股价格要便宜。小盘股的市盈率通常在加息前三个月上升5-6%,在上涨期间下降8%。但罗素2000指数的市盈率自去年11月以来已经下跌了12%,相对市盈率是2000年以来的最低水平。同时,小盘股比大盘股表现与10年期变化的相关性(正相关)要比与联邦基金利率变化的相关性(几乎没有相关性)大得多。美银报告还指出,更快的紧缩不会对小企业更不利,加息速度与相对规模表现之间没有相关性。此外,在资产负债表缩减期间,历史表明股票>债券,价值股>成长股,大盘股=小盘股。","news_type":1,"symbols_score_info":{"ZFmain":0.9,"ZTmain":0.9,"UBmain":0.9,"BAC":0.73,"ZNmain":0.9,"ESmain":0.85,"ZBmain":0.9,"TNmain":0.9,"SPY":0.6}},"isVote":1,"tweetType":1,"viewCount":3167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9097158476,"gmtCreate":1645399880633,"gmtModify":1676534023368,"author":{"id":"3585175863243941","authorId":"3585175863243941","name":"tay931888","avatar":"https://static.itradeup.com/news/f29802fbd50af9b6ba06ceae0ab19620","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3585175863243941","idStr":"3585175863243941"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9097158476","repostId":"1150820641","repostType":4,"isVote":1,"tweetType":1,"viewCount":2624,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"followers","isTTM":true}