投资速览：科技股抛售潮是由投资者狂热追捧AI而非基本因素触发
科技股近期的波动性主要由股票基本因素以外的其他因素所驱动。投资组合经理Richard Clode表示，当出现价格错配时，主动型基金经理可从中捕捉机会。
2 分钟观看时间
焦点分析
- 鉴于上半年表现强劲，科技股于近期遭抛售并不令人意外，但市场迅速消化美国经济衰退的可能性及投资者为把握人工智能(AI)机会所应用的大量杠杆，使得本次下跌更为猛烈。
- 许多科技公司的基本因素依然强劲。市场波动性为主动型基金经理提供机会，可以利用价格错配。
- 团队仍然十分看好科技板块的前景，尤其是基于我们尚处于把握生成式AI潜力的早期阶段。
资产负债表：公司财务状况的指标，资产负债表摘录一间公司在特定时间点的资产、负债和股东权益的财务报表。各部分有助投资者了解公司资产和负债状况，以及股东的投资金额。
股票基本因素：有助于评估一家公司财务或经济实力的资料，例如盈利能力、收入、资产、负债及增长潜力。
杠杆：利用借贷来增加对某一资产／市场的投资。可以透过借入现金并用以购买资产，或者透过使用衍生工具等金融工具来模拟借款对资产进一步投资的影响来应用杠杆。
估值：就本视频而言，适用于股价及／或用于衡量一家公司表现、财务健康及未来盈利预期的指标，例如市盈率(P/E)及股本回报率( ROE)。
波幅／波动性：投资组合、证券或指数价格升跌的速度和幅度。倘若价格大幅上下摆动，表明其波动性高。倘若价格变动更为缓慢且幅度更小，表明其波动性较低。波动性较高意味着投资风险较高。
JHI
只提供英文版本
>We would expect a bit of market digestion after such strong returns in the first half we saw something very similar last summer, but I think what’s exacerbated that is the market very rapidly pricing in an increased chance of a recession, rather than a bit of a ‘Goldilocks’ kind of ‘no landing’ scenario that the market was pricing in before. But when we take a step back, we still think that a recession is still pretty unlikely in the United States, and the economy is still adding jobs, and there’s a lot of volatility in that month-for-month number, we’re heading into a rate-cutting cycle and actually when we look at the fundamentals of technology companies, they still remain for the vast majority, very strong. We remain in the early innings of the AI monetisation cycle, and so they continue to invest heavily against that opportunity and we see an acceleration in cloud growth, in online search, and advertising growth, and we have strong balance sheets still as well as earnings power and [technology] valuations have obviously pulled back in many cases, significantly as well.
And the beauty is as active managers as we can take advantage of some of this market volatility, which has been very much exacerbated by a huge amount of leverage that a lot of market participants have taken on to access some of these exciting momentum areas, particularly in the AI space and that has obviously unwound and led to significant downside volatility, which again we can look to step into where we felt that that’s been dislocated away from fundamentals and that’s what we’ve been doing over the last week.
Taking a step back, we still don’t see a huge amount of change to the forward outlook where we remain very positive on the outlook of the technology sector over the years to come, and we think we’re in the very early innings of being able to capture the opportunities from generative AI. And we’ll look to pick the genuine beneficiaries and winners of those trends that are actually going to deliver the profits and therefore ultimately justify the stock returns that we’ve seen in the sector that we expect to extend through years to come.
2 分钟观看时间
焦点分析
- 鉴于上半年表现强劲，科技股于近期遭抛售并不令人意外，但市场迅速消化美国经济衰退的可能性及投资者为把握人工智能(AI)机会所应用的大量杠杆，使得本次下跌更为猛烈。
- 许多科技公司的基本因素依然强劲。市场波动性为主动型基金经理提供机会，可以利用价格错配。
- 团队仍然十分看好科技板块的前景，尤其是基于我们尚处于把握生成式AI潜力的早期阶段。