中信证券：短期无论美联储9月加息与否，美股估值均面临压力

智通财经08-03

【中信证券：短期无论美联储9月加息与否，美股估值均面临压力】中信证券研报称，美股短期不确定性与长期机遇并存，加息落地后方见曙光。错过此轮加息时点后，短期无论美联储9月加息与否，美股估值均面临压力，但中长期看，加息落地有望释放估值压制，叠加“生产力与就业工作组”对AI的积极取向，美股AI叙事有望长期延续。7月29日FOMC连续第五次按兵不动，三位票委投票支持加息25bps，联储内部分歧公开化，市场呈...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohunote.com/m/news/2656834964?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-08-03 08:48","share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","id":"2656834964","market":"us","top_or_hot":-1,"title":"中信证券：短期无论美联储9月加息与否，美股估值均面临压力","media":"智通财经","content":"<div>\n<p>【中信证券：短期无论美联储9月加息与否，美股估值均面临压力】中信证券研报称，美股短期不确定性与长期机遇并存，加息落地后方见曙光。错过此轮加息时点后，短期无论美联储9月加息与否，美股估值均面临压力，但中长期看，加息落地有望释放估值压制，叠加“生产力与就业工作组”对AI的积极取向，美股AI叙事有望长期延续。7月29日FOMC连续第五次按兵不动，三位票委投票支持加息25bps，联储内部分歧公开化，市场呈...</p>\n\n<a href=\"https://www.zhitongcaijing.com/immediately.html?type=usstock\">网页链接</a>\n\n</div>\n","source":"live_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>中信证券：短期无论美联储9月加息与否，美股估值均面临压力</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n中信证券：短期无论美联储9月加息与否，美股估值均面临压力\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-08-03 08:48 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.zhitongcaijing.com/immediately.html?type=usstock><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>【中信证券：短期无论美联储9月加息与否，美股估值均面临压力】中信证券研报称，美股短期不确定性与长期机遇并存，加息落地后方见曙光。错过此轮加息时点后，短期无论美联储9月加息与否，美股估值均面临压力，但中长期看，加息落地有望释放估值压制，叠加“生产力与就业工作组”对AI的积极取向，美股AI叙事有望长期延续。7月29日FOMC连续第五次按兵不动，三位票委投票支持加息25bps，联储内部分歧公开化，市场呈...</p>\n\n<a href=\"https://www.zhitongcaijing.com/immediately.html?type=usstock\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IQSU","symbol_name":"NYLIM Candriam U.S. Large Cap Equity ETF","start_time":0,"source_url":"https://www.zhitongcaijing.com/immediately.html?type=usstock","article_id":"2656834964","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2656834964","pubTimestamp":1785718128,"columns":[],"sourceInfo":{"source_id":"live_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"【中信证券：短期无论美联储9月加息与否，美股估值均面临压力】中信证券研报称，美股短期不确定性与长期机遇并存，加息落地后方见曙光。错过此轮加息时点后，短期无论美联储9月加息与否，美股估值均面临压力，但中","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"IQSU":"NYLIM Candriam U.S. Large Cap Equity ETF","BCUS":"Bancreek US Large Cap ETF","JPST":"JPMorgan Ultra-Short Income ETF","XLRI":"The Real Estate Select Sector SPDR Premium Income Fund","AINT":"FINQ Dollar Neutral U.S. Large Cap AI-Managed Equity ETF","JGRW":"JENSEN QUALITY GROWTH ETF","LRGF":"iShares U.S. Equity Factor ETF","CIVG":"Corgi 1-5 Year Investment Grade Corporate Bond ETF","FUNL":"CornerCap Fundametrics Large-Cap ETF","SPGP":"Invesco S&P 500 GARP ETF","IVV":"标普500ETF-iShares","HBTA":"HORIZON EXPEDITION PLUS ETF","TIP":"通胀债券指数ETF-iShares Barclays","DFUS":"Dimensional U.S. Equity ETF","TUSA":"First Trust Total US Market AlphaDEX ETF","TLTW":"iShares 20+ Year Treasury Bond Buywrite Strategy ETF","TYO":"3倍做空7-10年期国债ETF-Direxion","SHY":"债券指数ETF-iShares Barclays 1-3年国债","TPUT":"T. Rowe Price Capital Appreciation Market Opportunities ETF","ITOT":"安硕核心标普全美股市ETF-iShares","BSV":"短期国债指数ETF-Vanguard","UPSD":"Aptus Large Cap Upside ETF","XUSP":"Innovator Uncapped Accelerated U.S. Equity ETF","SHV":"Ishares Trust Trust Ishares 0-1 YEAR Treasury BOND ETF","FDMO":"Fidelity Momentum Factor ETF","GOVT":"iShares安硕核心美国国债ETF","IEF":"债券指数ETF-iShares Barclays 7-10年","SSUS":"Day Hagan Smart Sector ETF","USHY":"iShares Broad USD High Yield Corporate Bond ETF","TBIL":"US Treasury 3 Month Bill ETF","BOXX":"ALPHA ARCHITECT 1-3 MONTH BOX ETF","RAUS":"RACWI US ETF","MINT":"PIMCO Enhanced Short Maturity Exchange-Traded Fund","TLT":"20+年以上美国国债ETF-iShares","BEEZ":"Honeytree U.S. Equity ETF","CAPE":"Shiller CAPE U.S. Equities ETF","EMPB":"Efficient Market Portfolio Plus ETF","VGIT":"中期国债ETF-Vanguard","XBIL":"US Treasury 6 Month Bill ETF","LQD":"债券指数ETF-iShares iBoxx投资级公司债","FEAC":"Fidelity Enhanced US All-Cap Equity ETF","EBUF":"Innovator Emerging Markets 10 Buffer ETF - Quarterly","QTAP":"Innovator Growth Accelerated Plus ETF - April","MYCN":"SPDR SSGA My2034 Corporate Bond ETF","HYG":"债券指数ETF-iShares iBoxx高收益公司债","PBDC":"Putnam Bdc Income ETF","IEI":"iShares Barclays 3-7 Year Trea","VOTE":"TCW Transform 500 ETF","VGLT":"美国长期国债ETF-Vanguard","DALI":"First Trust Dorsey Wright DALI Equity ETF"},"translate_title":"CITIC Securities: Short-term U.S. stock valuation is under pressure regardless of whether the Federal Reserve raises interest rates in September or not","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TYO":1.5,"IEF":1.5,"TLT":1.5,"DALI":1.5,"VGLT":1.5,"XBIL":1.5,"FEAC":1.5,"BEEZ":1.5,"QTAP":1.5,"TPUT":1.5,"IEI":1.5,"VGIT":1.5,"JPST":1.5,"SSUS":1.5,"HBTA":1.5,"BOXX":1.5,"TLTW":1.5,"TBIL":1.5,"IVV":1.5,"LQD":1.5,"RAUS":1.5,"ITOT":1.5,"FDMO":1.5,"DFUS":1.5,"UPSD":1.5,"TIP":1.5,"SPGP":1.5,"LRGF":1.5,"XUSP":1.5,"MYCN":1.5,"BSV":1.5,"FUNL":1.5,"TUSA":1.5,"CIVG":1.5,"IQSU":1.5,"HYG":1.5,"EBUF":1.5,"USHY":1.5,"PBDC":1.5,"XLRI":1.5,"VOTE":1.5,"GOVT":1.5,"SHV":1.5,"CAPE":1.5,"AINT":1.5,"JGRW":1.5,"EMPB":1.5,"MINT":1.5,"SHY":1.5,"BCUS":1.5},"content_text":"【中信证券：短期无论美联储9月加息与否，美股估值均面临压力】中信证券研报称，美股短期不确定性与长期机遇并存，加息落地后方见曙光。错过此轮加息时点后，短期无论美联储9月加息与否，美股估值均面临压力，但中长期看，加息落地有望释放估值压制，叠加“生产力与就业工作组”对AI的积极取向，美股AI叙事有望长期延续。7月29日FOMC连续第五次按兵不动，三位票委投票支持加息25bps，联储内部分歧公开化，市场呈“短端鸽、长端鹰”的割裂反应，通胀预期上行压制美元并为日本财务省干预汇市提供窗口，CSP云业务的高增速一定程度上缓解了AI三重资本开支可持续性担忧。短期利率敏感行业、高估值低增长板块及小盘股承压，下一个流动性预期转向窗口关注8月末Jackson Hole大会或9月议息会议。","kind":"live","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":true,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.50.1","shortVersion":"4.50.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2656834964","isCrawlerRequest":true}