摩根大通策略师提醒股市高位之下潜藏通胀风险

环球市场播报05-11

　　摩根大通的Grace Peters表示，全球碎片化、人工智能和通胀是当前塑造市场的三大关键力量，而中东战争等近期事件使这些趋势更加紧迫。

　　尽管股市接近高位运行，Peters认为，推动企业资本支出增加这一深层因素，使当前估值具有合理性。她指出，企业在最近一个财报季中报告称，除人工智能投资之外的资本支出增长了12%，并认为这一支出结构性转变是由国家安全需求驱动的。

　　这位摩根大通私人银行全球投资策略主管表示，“投资者不应对短期新闻反应过度，但也不应对市场表面之下正在发生的这些关键变化反应不足。”Peters解释称，资本支出的上升反映出在实体安全、能源安全以及供应链安全等领域需求的变化。

　　Peters警告称，资本支出的上升可能加剧通胀风险，建议投资者通过配置黄金等抗通胀资产来增强投资组合的韧性，同时在债券方面保持偏短久期配置。她对企业盈利增长仍持乐观态度，预计在资本支出增加以及人工智能推动利润率提升的背景下，盈利增速将超过过去几十年的水平。

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Peters表示，全球碎片化、人工智能和通胀是当前塑造市场的三大关键力量，而中东战争等近期事件使这些趋势更加紧迫。</p>\n<p>　　尽管股市接近高位运行，Peters认为，推动企业资本支出增加这一深层因素，使当前估值具有合理性。她指出，企业在最近一个财报季中报告称，除人工智能投资之外的资本支出增长了12%，并认为这一支出结构性转变是由国家安全需求驱动的。</p>\n<p>　　这位摩根大通私人银行全球投资策略主管表示，“投资者不应对短期新闻反应过度，但也不应对市场表面之下正在发生的这些关键变化反应不足。”Peters解释称，资本支出的上升反映出在实体安全、能源安全以及供应链安全等领域需求的变化。</p>\n<div><img src=\"http://n.sinaimg.cn/tech/transform/199/w526h473/20260511/a0c5-58898f72c5a3ca3eaf555033fe15674e.png\"/><span></span></div>\n<p>　　Peters警告称，资本支出的上升可能加剧通胀风险，建议投资者通过配置黄金等抗通胀资产来增强投资组合的韧性，同时在债券方面保持偏短久期配置。她对企业盈利增长仍持乐观态度，预计在资本支出增加以及人工智能推动利润率提升的背景下，盈利增速将超过过去几十年的水平。</p>\n<div></div>\n<div>\n<div><img src=\"\"/></div>\n<div>海量资讯、精准解读，尽在新浪财经APP</div>\n</div>\n<p>责任编辑：刘明亮 </p>\n</div></body></html>\n\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.sina.com.cn/stock/usstock/c/2026-05-11/doc-inhxptre2143325.shtml\">环球市场播报</a> </p>\n\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n</div>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1720051108.HKD","symbol_name":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","start_time":0,"source_url":"https://finance.sina.com.cn/stock/usstock/c/2026-05-11/doc-inhxptre2143325.shtml","article_id":"2634286536","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2634286536","pubTimestamp":1778500680,"columns":[],"sourceInfo":{"source_id":"sina","name":"sina"},"weMediaInfo":null,"summary":"摩根大通的Grace Peters表示，全球碎片化、人工智能和通胀是当前塑造市场的三大关键力量，而中东战争等近期事件使这些趋势更加紧迫。Peters解释称，资本支出的上升反映出在实体安全、能源安全以及供应链安全等领域需求的变化。　　Peters警告称，资本支出的上升可能加剧通胀风险，建议投资者通过配置黄金等抗通胀资产来增强投资组合的韧性，同时在债券方面保持偏短久期配置。","collect":0,"end_time":0,"defaultTopTitle":"sina.com.cn","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) 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