花旗表示，由于高利率、人工智能(AI)巨额投资遭受质疑以及关税问题，美国股市在1月份经历了相当大的波动。不过，整体而言，美国股指仍小幅上涨。Source: Zhithon Finance
The growth-themed market will continue to lead the market in 2025.
Citigroup released a thematic investment strategy report on the USA stock market, emphasizing that despite the various risks the market faces, growth themes continue to perform strongly. Citigroup highlighted that growth themes will continue to lead the market into 2025.
Citigroup stated that due to high interest rates, doubts about massive investments in AI, and tariff issues, the USA stock market experienced considerable volatility in January. However, overall, the USA stock indices still saw a slight increase.
On the surface, these risks indeed seem to have caused a shift in stock market styles.$NASDAQ 100 Index (.NDX.US)$Falling behind.$S&P 500 Index (.SPX.US)$The Russell 1000 Index is currently leading growth stocks. However, upon closer inspection of the market behavior of stocks and themes, Citigroup has found that growth stocks are actually performing quite well. On an equal-weighted basis, American growth stocks outperform value stocks, and growth themes outperform cyclical and defensive themes. The performance of market cap-weighted indicators varies due to the influence of seven major technology giants.
Due to uncertainty in the macro economy and policies, Citigroup expects market volatility in the first quarter and possibly even the first half of the year. To address market fluctuations, Citigroup advocates for a balanced allocation that combines growth themes with cyclical and defensive themes.
Despite market fluctuations, Citigroup's Thematic Investment portfolio (Thematic 30) has performed well overall. Citigroup has made adjustments to the thematic portfolio, replacing$Republic Services (RSG.US)$with$Edison International (EIX.US)$. Citigroup believes that the ROE of Republic Services is expected to improve over the next two years, and its low market beta will be beneficial in coping with ongoing market volatility. Although Edison International suffered losses in the Los Angeles wildfires, Citigroup still gives the stock a "Buy" rating.
Citigroup's recommended list of thematic stocks.
Overall, Citigroup recommends that investors maintain a balanced allocation to growth, cyclicals, and defensive themes to address various risks in the first half of the year. Citigroup also advises investors to remain patient before market conditions become clear, focusing on incremental alpha opportunities rather than pursuing a more diversified investment style.
编辑/jayden
