[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio680aa156":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio680aa156","高盛美股周度回顾：持仓、资金流向与观察","\u002Fdoc\u002Fdcio680aa156","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">一、大环境：避险情绪主导\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">标普\u003C\u002Fspan>500\u003Cspan style=\"font-family: DengXian;\">本周跌了\u003C\u002Fspan>0.6%\u003Cspan style=\"font-family: DengXian;\">。表面看跌幅不大，但背后的情绪很明确——怕了。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">两个东西在同时施压：中东地缘冲突加剧，利率走高，油价上涨。三连击。所以资金在往哪里跑？国防、铜、无人机。在卖什么？超算、云服务、稀土、\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">软件。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">美股投资网总结，钱在从\u003C\u002Fspan>\"\u003Cspan style=\"font-family: DengXian;\">讲故事\u003C\u002Fspan>\"\u003Cspan style=\"font-family: DengXian;\">的资产往\u003C\u002Fspan>\"\u003Cspan style=\"font-family: DengXian;\">打起来用得着\u003C\u002Fspan>\"\u003Cspan style=\"font-family: DengXian;\">的资产搬。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">二、聪明钱在干嘛？\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">能源股被疯狂扫货。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">对冲基金连续\u003C\u002Fspan>6\u003Cspan style=\"font-family: DengXian;\">周净买入能源股，目前相对罗素\u003C\u002Fspan>3000\u003Cspan style=\"font-family: DengXian;\">超配\u003C\u002Fspan>0.5%\u003Cspan style=\"font-family: DengXian;\">，这是近\u003C\u002Fspan>5\u003Cspan style=\"font-family: DengXian;\">年来最高的超配水平。中东局势越紧张，油价越坚挺，能源越香——这个逻辑短期很难被证伪。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">消费股被无情抛弃。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">必需\u003C\u002Fspan>+\u003Cspan style=\"font-family: DengXian;\">非必需消费品，过去一个月被抛售最多的板块。配置比例已经跌到近三年最低，分别处于\u003C\u002Fspan>6%\u003Cspan style=\"font-family: DengXian;\">和\u003C\u002Fspan>11%\u003Cspan style=\"font-family: DengXian;\">分位数。市场对老百姓的钱包没信心。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">科技\u003C\u002Fspan>\u002FAI\u003Cspan style=\"font-family: DengXian;\">也在被卖。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">但这次主导卖出的是资管机构（\u003C\u002Fspan>LO\u003Cspan style=\"font-family: DengXian;\">），不是对冲基金。美股投资网分析认为：宏观环境变差，科技股财报又没能稳住人心——超预期但股价跌（\u003C\u002Fspan>beat-and-fade\u003Cspan style=\"font-family: DengXian;\">），没人愿意在这个位置接盘护驾。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">三、最有意思的信号：动量崩盘可能结束了\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">本周二发生了一件事：高贝塔动量对冲组合（\u003C\u002Fspan>GSPRHIMO\u003Cspan style=\"font-family: DengXian;\">）单日暴涨\u003C\u002Fspan>9.4%\u003Cspan style=\"font-family: DengXian;\">。这是\u003C\u002Fspan>5\u003Cspan style=\"font-family: DengXian;\">年来最好的一天。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">TMT\u003Cspan style=\"font-family: DengXian;\">动量组合涨了\u003C\u002Fspan>11.1%\u003Cspan style=\"font-family: DengXian;\">，云\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">组合涨了\u003C\u002Fspan>7.1%\u003Cspan style=\"font-family: DengXian;\">——这是\u003C\u002Fspan>ChatGPT\u003Cspan style=\"font-family: DengXian;\">发布以来这个组合最好的单日表现。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">什么意思？\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">动量崩盘（\u003C\u002Fspan>Momentum Meltdown\u003Cspan style=\"font-family: DengXian;\">）可能已经进入尾声。之前这些票跌得太惨（动辄回撤\u003C\u002Fspan>33%\u003Cspan style=\"font-family: DengXian;\">），现在暴力反弹。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">高盛的判断很直接：近期回调是逢低买入\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">和增加动量敞口的好机会。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">但操作上提醒一句——短期波动极高，别莽。高盛建议用\u003C\u002Fspan>\"\u003Cspan style=\"font-family: DengXian;\">有限损失\u003C\u002Fspan>\"\u003Cspan style=\"font-family: DengXian;\">的期权结构来获取敞口，别直接冲进去接飞刀。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">四、衍生品市场在买什么保护？\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">交易台看到对冲需求明显增加。地缘政治\u003C\u002Fspan>+AI\u003Cspan style=\"font-family: DengXian;\">资本支出担忧，两座大山压着。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">高盛的推荐：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">买入\u003C\u002Fspan>8\u003Cspan style=\"font-family: DengXian;\">月\u003C\u002Fspan>\u002F9\u003Cspan style=\"font-family: DengXian;\">月的\u003C\u002Fspan>VIX\u003Cspan style=\"font-family: DengXian;\">看涨期权价差（\u003C\u002Fspan>VIX call spreads\u003Cspan style=\"font-family: DengXian;\">）——防宏观黑天鹅\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">标普短期看跌期权（\u003C\u002Fspan>puts\u002Fput spreads\u003Cspan style=\"font-family: DengXian;\">）也有吸引力\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">说人话：持仓不动但买点保险，防着中东突然炸锅或\u003C\u002Fspan>AI\u003Cspan style=\"font-family: DengXian;\">财报暴雷。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">五、财报季的实际表现\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">科技股：超预期但跌。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">AI\u003Cspan style=\"font-family: DengXian;\">半导体业绩依然很硬，但股价就是不涨。市场在等下周的巨头财报——微软、\u003C\u002Fspan>Meta\u003Cspan style=\"font-family: DengXian;\">、苹果——全员紧张。纳指从\u003C\u002Fspan>6\u003Cspan style=\"font-family: DengXian;\">月高点已经跌了约\u003C\u002Fspan>8%\u003Cspan style=\"font-family: DengXian;\">，离技术性回调只差\u003C\u002Fspan>2\u003Cspan style=\"font-family: DengXian;\">个百分点。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">消费股：大家预期够低，反而有惊喜。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">消费股基本面确实承压，但财报后股价反应比预期的好。高盛预计下周的希尔顿、可口可乐、星巴克大概率超预期——不是它们多好，是市场已经把它们想得太差了。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">医疗健康：内部分化。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">HCA\u003Cspan style=\"font-family: DengXian;\">下调指引，\u003C\u002Fspan>THC\u003Cspan style=\"font-family: DengXian;\">上调指引——医院板块各说各话。生命科学这边，\u003C\u002Fspan>DHR\u003Cspan style=\"font-family: DengXian;\">因为生物工艺疲软大跌，\u003C\u002Fspan>TMO\u003Cspan style=\"font-family: DengXian;\">却超预期并上调指引。同板块不同命，选股比选赛道重要。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">六、月末养老金调仓？不是事儿\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">预计月末美国养老金仅净卖出\u003C\u002Fspan>10\u003Cspan style=\"font-family: DengXian;\">亿美元美股。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">这个规模处于过去三年所有买卖预估的第\u003C\u002Fspan>3\u003Cspan style=\"font-family: DengXian;\">百分位数——基本可以忽略不计。别指望这个带来什么大波动。\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">高盛这份周报的核心信息：\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">市场怕了——避险主导，资金在往能源和防御资产跑\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">AI\u003Cspan style=\"font-family: DengXian;\">动量崩盘可能结束了——周二暴力反弹是个强烈信号，高盛认为可以逢低加仓\u003C\u002Fspan>AI\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">科技股财报超预期没用——市场在等巨头们的指引，之前几家的\u003C\u002Fspan>beat-and-fade\u003Cspan style=\"font-family: DengXian;\">让市场更紧张了\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">消费股可能是预期差来源——大家都觉得消费不行了，反而容易出惊喜\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">\u003Cspan style=\"font-family: DengXian;\">买点保护——\u003C\u002Fspan>VIX call spreads \u003Cspan style=\"font-family: DengXian;\">和标普\u003C\u002Fspan>puts\u003Cspan style=\"font-family: DengXian;\">，防一手黑天鹅\u003C\u002Fspan>\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-family: DengXian; font-size: large;\">高盛的态度大概是：别悲观到割肉，但也别莽到直接冲，用期权结构控好风险再上车。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003C\u002Fp>","https:\u002F\u002Fwww.tradesmax.com\u002Fimages\u002Fa_Stock\u002FS\u002FSPY\u002FSPY.jpg","2026-07-25T15:34:24","2026.07.25","2026\u002F07\u002F25",55827,[22],"SPY","Article",0,"免费","success",{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":28,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},[22],"\u002Fcol\u002Fstocknews",{"visible":5,"marketingHtml":31,"services":32,"recentDocuments":41},"\u003Cfigure class=\"image\">\u003Ca href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\" target=\"_blank\" rel=\"noopener noreferrer\">\u003Cimg style=\"display:block;margin-left:auto;margin-right:auto;\" src=\"\u002Fimg\u002Fstockwewebfiles\u002Fweb-202408-stk\u002F1586109431mceclip0.jpg\">\u003C\u002Fa>\u003C\u002Ffigure>\u003Cdiv class=\"text-center\">\u003Ch2 class=\"card-title mx-auto\">\u003Cbr>\u003Ca target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\u002F\u002Fstockwe.com\u002Fdoc\u002Fdcio537efad5\">案例介绍：英伟达深度研究报告\u003C\u002Fa>\u003C\u002Fh2>\u003C\u002Fdiv>",[33,37],{"productId":34,"serviceName":35,"priceText":36},"prod_PPxdDdK87QaiLv","月付","$12.95美元",{"productId":38,"serviceName":39,"priceText":40},"prod_PPxeMs3bix1da5","年付","$149.00美元",[],{"links":43,"images":71,"summaryHtml":76,"aboutTitle":77,"aboutHtml":78,"copyrightHtml":79},[44,47,50,53,56,59,62,65,68],{"label":45,"url":46},"深度报告","\u002Fcol\u002FdepthReport",{"label":48,"url":49},"VIP会员","\u002Fvip",{"label":51,"url":52},"期权推荐","\u002FOption",{"label":54,"url":55},"低价暴涨股","\u002FPenny",{"label":57,"url":58},"AI智能体","\u002FAiAgent",{"label":60,"url":61},"常见问题","https:\u002F\u002Fstockwe.com\u002FFAQ",{"label":63,"url":64},"美股课程","\u002Fcol\u002Fvideos",{"label":66,"url":67},"免责声明","\u002Fdisclaimer",{"label":69,"url":70},"联系我们","\u002FContactUs",[72,73,74,75],"\u002Fimg\u002Fstockwebsiteblob\u002Fweb-202509-stk\u002FUploaderzic2tuwsol2_2025_09_11_18_21_07.gif","\u002Fimg\u002Fstockwebsiteblob\u002Fweb-202509-stk\u002FUploadercakzdvydksw_2025_09_03_09_00_56.png","\u002Fimg\u002Fstockwebsiteblob\u002Fweb-202509-stk\u002FUploadergtjyagwvoyk_2025_09_14_08_32_05.png","\u002Fimg\u002Fstockwebsiteblob\u002Fweb-202509-stk\u002FUploader3u0tt4jhlqh_2025_09_23_22_30_48.png","邮箱: buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" target=\"_blank\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"edit":87,"editVideo":88,"courseContent":89,"more":90,"buyNow":91,"subscribeNow":92,"encoding":93,"paidContent":94},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","编辑","编辑视频","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]