高盛Oppenheimer預計2025年指數回報將放緩
投資網絡報導——高盛的首席全球股票策略師彼得·奧本海默(Peter Oppenheimer)預測,2025年股票市場的回報將放緩,這是因為近期強勁的反彈已經顯著提升了估值。
在一份名為《2025年展望:阿爾法下注之年》的報告中,奧本海默強調,儘管經濟環境仍然支持,但股票市場可能難以重現近期的增長。
奧本海默表示:“我們正進入一個溫和的周期;與經濟增長同時出現的降息往往對股票是有利的。”不過,他指出,自2023年10月以來,全球股票已上漲了40%,這使得它們在面對任何失望時變得“更加脆弱”。
這一波急劇的反彈是由於對通脹達到峰值和美國聯邦儲備局的政策轉變的樂觀情緒驅動,這推高了估值,限制了進一步的上漲潛力。
奧本海默解釋道:“股票估值已經上升,幾乎沒有進一步擴展估值的空間。”他補充說,高盛預計“指數回報將主要由收益增長推動”,而不是額外的估值增長。
對於2025年,奧本海默預測以美元計算的總股票回報約為10%。然而,他警告說,近期的表現,包括納斯達克指數超過50%的上漲和英偉達(Nvidia)驚人的264%增幅,為未來的增長設定了很高的門檻。
考慮到目前的高估值和市場領導力的集中,高盛建議採取多樣化的投資策略,以增強風險調整後的回報。
奧本海默說:“我們更喜歡多樣化的行業和風格組合,並增加對阿爾法的關注,相對於貝塔。”他指出的關鍵主題包括市場擴展機會、選擇性價值投資、地理多樣化和增加的資本市場活動。
奧本海默最後總結道:“隨著新年的臨近,人們會傾向於認為時鐘重置,我們重新開始。雖然通常情況下表現是按年度計算,但也必須認識到背景的重要性。”
他強調,2025年是在經歷了非凡的市場上升之後,而不是在一段低迷估值的時期之後。
這篇報告提供了一個相當有啟發性的觀點,尤其是對於投資者來說,了解未來的市場趨勢和風險是至關重要的。奧本海默的分析提醒我們,雖然市場可能在短期內持續增長,但長期的回報更依賴於企業的基本面表現,而非單純的市場情緒或政策變化。這意味著投資者需要更加謹慎地選擇投資標的,並考慮多元化的策略,以應對可能的市場波動。
以上文章由特價GPT API根據網上資料所翻譯及撰寫,過程中沒有任何人類參與 🙂
🎬 YouTube Premium 家庭 Plan成員一位 只需 HK$148/年!
不用提供密碼、不用VPN、無需轉區
直接升級你的香港帳號 ➜ 即享 YouTube + YouTube Music 無廣告播放

![{
"intro": "Create an ultra realistic 8K UHD DSLR photo based on the attached image as a reference of facial features, maintaining 100% likeness.",
"subject": {
"identity": "A stylish beautiful woman portrayed as Cleopatra performing a sacred night-time royal dance, embodying divine seduction, power, and celestial authority.",
"angle": "Full-body high-fashion editorial portrait captured at a cinematic 3/4 angle, ultra-crisp clarity with no blur.",
"pose": {
"body_position": "She is captured mid-dance inside a temple courtyard at night, her body angled gracefully, hips grounded, torso lifted, creating a powerful and sensual silhouette.",
"movement": "Her arms are raised in slow ceremonial motion while one leg steps forward, fully revealing her feet and lower legs as part of the ritual stance.",
"expression": "A calm, hypnotic, commanding gaze directed toward the camera—quiet dominance wrapped in sensual mystery."
}
},
"appearance": {
"outfit": "An ultra-bongga Cleopatra couture gown with an all-crystal bodice that fits like jeweled armor. Thousands of hand-set crystals, diamonds, and glass stones in gold, champagne, clear, and iridescent tones form sacred Egyptian motifs—cobras, sun disks, lotus symbols—entirely through crystal placement. The neckline is daring yet elegant, supported by invisible illusion mesh. From the waist, the skirt opens into flowing sheer silk and organza panels in ivory and soft gold, designed with a high front opening that intentionally exposes her legs and feet during movement. Crystal chains and beaded fringe sway rhythmically with every step, enhancing sensual motion.",
"accessories": "A dramatic Egyptian ceremonial headpiece with gold and crystal detailing, an oversized layered gold collar necklace, sculpted crystal arm cuffs, finger armor rings, a crystal-and-gold waist belt, and delicate gold anklets accentuating her bare feet.",
"hair": "Her hair is sleek, glossy, and perfectly controlled, styled to balance the weight of the crystal headpiece while allowing elegant movement.",
"makeup": "Ultra-glam, colorful Egyptian night makeup—bold elongated black kohl eyeliner, intense eyeshadow layered in turquoise, emerald, sapphire blue, violet, and metallic gold. Beneath the eyes, intricate ceremonial ink drawings in fine black and gold lines inspired by ancient Egyptian markings. Skin is luminous with molten-gold highlights, brows strong and defined, lips finished in a sensual nude-bronze satin."
},
"props": {
"ritual_elements": [
"Burning incense bowls releasing thick aromatic smoke",
"Golden sistrum placed near the dance space",
"Tall ceremonial torches lining the temple floor"
]
},
"background": {
"macro_environment": "A grand ancient Egyptian temple courtyard at night, reserved for sacred royal rituals.",
"midground_details": "Towering sandstone columns, massive statues of Isis and Hathor, carved temple walls, flowing linen drapes, and ceremonial platforms illuminated by firelight.",
"micro_elements": "Torch flames reflecting off crystal surfaces, fine dust particles glowing in the night air, incense smoke wrapping around her legs and feet, detailed stone floor textures beneath her bare feet, crystal fringe in motion, and sharply defined shadows—everything rendered in extreme detail with zero blur."
},
"lighting": {
"type": "Cinematic night lighting using torches, oil lamps, and subtle moonlight.",
"effect": "Firelight ignites the crystal bodice with prismatic sparkle while moonlight softly outlines her legs and feet, creating a dramatic, sensual, and divine atmosphere."
},
"camera": {
"camera_type": "DSLR",
"resolution": "8K UHD",
"lens": "50mm prime lens",
"aperture": "f/8 for full-body and environment sharpness",
"iso": 100,
"shutter_speed": "1/200s to freeze elegant motion clearly",
"focus": "Extreme sharp focus on crystal bodice, facial features, legs, feet, and temple details, no bokeh, no blur"
},
"style": "Ultra high-fashion editorial, night temple ritual, all-crystal couture, sexy yet sacred, ancient Egyptian royalty reimagined, cinematic realism, extremely detailed, sharp, iconic"
}](https://ssfuture.shop/wp-content/uploads/ai_gen_1766006158-167x300.png)