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如何寻找明年美股“阿尔法”行情?高盛给出投资指南

How to find the "alpha" market in U.S. stocks next year? Goldman Sachs provides an investment guide.

Zhitong Finance ·  10:21

Zhitong Finance has learned that Goldman Sachs' Analyst stated in a report that over the next six months, stocks in the Materials, Software, and Services Industries are most likely to outperform the Large Cap. Goldman Sachs strategist David Kostin mentioned in a report on December 20 that they have introduced a model for USA stocks to select those expected to exceed the Shareholding Index by 5 percentage points or more, 'to identify high conviction views with significant alpha potential.'

He stated, 'Our model incorporates macro, fundamental, and valuation data as independent variables. We run probability models for each industry separately, only including variables with statistical and economic significance. Our model does not consider changes in fiscal policy or long-term themes such as AI.'

The model rates the Materials, Software, and Services sectors the highest, and currently recommends increasing holdings in Medical Care, Utilities, and Real Estate sectors. Goldman Sachs stated, 'Our model suggests a significant defensive increase, partly because the stock market has already digested the optimism regarding economic growth.'

The Materials Industry did not participate in the cyclical upturn this year, but due to expectations of rising Gold and Silver prices, some companies are likely to profit. Goldman Sachs stated, 'Weak USA economic growth and tariffs pose risks to the industry. During the key tariff announcements in the 2018-2019 trade war, materials performed poorly. However, the lower initial valuation of the industry indicates that some pessimism has already been reflected in the prices.'

Software and Services will benefit from the 'handoff' from one phase of AI adoption to another—in this case, from building infrastructure such as Datacenter to AI-supported revenue. Goldman Sachs stated, 'For those investors who may doubt the ability of enterprises to monetize AI, the returning focus on the long-term growth of non-AI may also translate into demand for many Software and Services companies.'

编辑/jayden

The translation is provided by third-party software.


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