美股:二十年抱团史

国盛策略2021-02-18

前言:年初以来,A股市场呈现极致的大分化格局,机构抱团愈演愈烈,“抱团股”强势上涨,引发了市场畏高情绪升温。近期“抱团股”出现回调,投资者对于“龙头抱团过紧”,“抱团瓦解”的担忧开始加剧。那么抱团现象能持续多久?抱团是否会就此瓦解?抱团未来又将如何演绎?过去20年美股的经验给我们提供了借鉴。 报告正文 一、美股:机构抱团是常态 美股机构抱团是常态,机构话语权不断增强。随着美股机构发展壮大,机构持股...

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