现在是买入优质股的最佳时机

在泡沫化的市场中，这是一个世代难逢的机遇

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按行业划分，这些被低估的优质股中有超过20%是工业股，其次是金融股和非必需消费品股。图片来源：法新社

DeeperDive is a beta AI feature. Refer to full articles for the facts.

Ruchir Sharma

Published Mon, Dec 1, 2025 · 05:58 PM

本文由AI辅助翻译

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在人工智能（AI）引发泡沫的担忧日益加剧的背景下，许多投资者感到进退两难。乐观主义者认为，AI是史上最大的技术革命，因此高股价估值是合理的；而悲观主义者则表示，这次也没什么不同，任何泡沫最终都会破裂。由于缺乏其他选择，这种困境感觉更深，因为黄金、债券和其他避险资产看起来也价格不菲。

但在全球市场中，存在一个世代难逢的机遇，无论AI热潮如何演变，它都可能带来强劲的回报。这个机遇就在于优质股，尤其是那些交易价格相对便宜的优质股。根据MSCI指数的定义，“优质股”的特点是股本回报率高、盈利增长稳定和负债水平低。

在全球范围内，大约只有五分之一的股票符合这一标准。在过去三十年中，它们持续跑赢整个市场以及成长型或价值型等其他投资策略。因此，优质股的估值通常很高。但今天的情况并非如此。

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