<p>Chris McGrath/Getty Images</p>
<ul>
<li>市场尚未将特朗普政策议程的最后一项看涨因素纳入定价。</li>
</ul>
<ul>
<li>美国银行表示，放松监管有望为股票提供新的推动力。</li>
</ul>
<ul>
<li>投资者应关注消费品和金融领域的股票，作为主要受益者。</li>
</ul>
<p>特朗普总统竞选平台的一个基石尚未被股市定价。</p>
<p>尽管头条新闻集中在贸易提案和关税上，但美国银行的首席股票策略师表示，放松监管的承诺可能会在股市中引发进一步的上涨。</p>
<p>在周四的报告中，股票策略师 Savita Subramanian 表示，放松监管是 “尚未被股市定价的最后一个看涨主题”。</p>
<p>Subramanian 表示：“政策头条新闻主要被关税主导——被认为是负面增长的因素——但特朗普 2.0 的一个正面增长因素是通过降低成本和提高效率来实现的放松监管。”</p>
<p>特朗普通过在 1 月 31 日签署的一项行政命令推动了他的放松监管浪潮，该命令要求每发布一项新规，就必须取消 10 项现有规章。</p>
<p>白宫上个月表示：“该命令要求每当一个机构制定新规则、规章或指导方针时，必须确定至少 10 项现有规则、规章或指导文件予以废除。”</p>
<p>特朗普放松监管议程的另一个例子是 DOGE 努力限制消费者金融保护局等机构的职能，基本上停止了它们对银行和其他金融机构的监管工作。</p>
<p>根据 Subramanian 的说法，这一放松监管的主题表明，股市可能并不像表面上看起来那么高估。该银行强调，它跟踪的 20 个估值指标中有 19 个高于历史平均水平。</p>
<p>投资者利用特朗普放松监管计划的行动计划很明确：购买那些受到以往严格监管影响最大的行业。</p>
<p>这些行业包括金融，尤其是大型银行，以及消费品、商品、运输和资本货物领域。</p>
<p>Subramanian 表示：“那些显然最有可能受益的行业是那些受到监管最多的行业。” 她补充说，这些行业的交易价格远低于受到以往监管影响最小的行业，如信息技术和通信服务。</p>
<p>根据 Subramanian 的说法，最终的放松监管交易是做多金融股票，避免科技股票，尤其是考虑到自 2008 年金融危机以来，金融行业受到严格监管，而科技行业的监管增加最轻微。</p>

美国银行

<p>美国银行指出，特朗普政策下的放松监管可能会对股票，特别是消费品和金融行业，带来显著的提振。股票策略师 Savita Subramanian 表示，尽管 20 个估值指标中有 19 个高于历史平均水平，但这一看涨主题尚未完全反映在市场中。建议投资者关注高度监管的行业，如金融行业，这些行业的交易价格相较于技术等监管较少的行业处于折扣状态</p>

<p>Chris McGrath/Getty Images</p>
<div class="lb-trans"><p>Chris McGrath/Getty Images</p>
</div><ul>
<li>The market isn't yet pricing in one final bullish piece of Trump's policy agenda.</li>
</ul>
<div class="lb-trans"><ul>
<li>市场尚未将特朗普政策议程的最后一项看涨因素纳入定价。</li>
</ul>
</div><ul>
<li>Bank of America says deregulation is poised to provide a fresh boost to stocks.</li>
</ul>
<div class="lb-trans"><ul>
<li>美国银行表示，放松监管有望为股票提供新的推动力。</li>
</ul>
</div><ul>
<li>Investors should eye stocks in consumer discretionary and financials sectors as key beneficiaries.</li>
</ul>
<div class="lb-trans"><ul>
<li>投资者应关注消费品和金融领域的股票，作为主要受益者。</li>
</ul>
</div><p>A cornerstone of President Donald Trump's campaign platform has yet to be priced into the stock market.</p>
<div class="lb-trans"><p>特朗普总统竞选平台的一个基石尚未被股市定价。</p>
</div><p>While the headlines focus on trade proposals and tariffs, Bank of America's top stock strategist said the promise of deregulation could spark further upside in the stock market.</p>
<div class="lb-trans"><p>尽管头条新闻集中在贸易提案和关税上，但美国银行的首席股票策略师表示，放松监管的承诺可能会在股市中引发进一步的上涨。</p>
</div><p>In a Thursday note, equity strategist Savita Subramanian said deregulation is &#34;the last bullish theme&#34; that has yet to be priced into the stock market.</p>
<div class="lb-trans"><p>在周四的报告中，股票策略师 Savita Subramanian 表示，放松监管是 “尚未被股市定价的最后一个看涨主题”。</p>
</div><p>&#34;Policy headlines have been dominated by tariffs - perceived to be growth-negative - but a growth-positive component of Trump 2.0 is deregulation, via cost cutting and efficiency gains,&#34; Subramanian said.</p>
<div class="lb-trans"><p>Subramanian 表示：“政策头条新闻主要被关税主导——被认为是负面增长的因素——但特朗普 2.0 的一个正面增长因素是通过降低成本和提高效率来实现的放松监管。”</p>
</div><p>Trump spearheaded his wave of deregulation with an executive order signed on January 31 that required the elimination of 10 regulations for each new regulation issued.</p>
<div class="lb-trans"><p>特朗普通过在 1 月 31 日签署的一项行政命令推动了他的放松监管浪潮，该命令要求每发布一项新规，就必须取消 10 项现有规章。</p>
</div><p>&#34;The Order requires that whenever an agency promulgates a new rule, regulation, or guidance, it must identify at least 10 existing rules, regulations, or guidance documents to be repealed,&#34; the White House said last month.</p>
<div class="lb-trans"><p>白宫上个月表示：“该命令要求每当一个机构制定新规则、规章或指导方针时，必须确定至少 10 项现有规则、规章或指导文件予以废除。”</p>
</div><p>Another example of Trump's deregulatory agenda is DOGE's efforts to limit the functions of agencies like the Consumer Financial Protection Bureau, essentially halting their work to police banks and other financial institutions.</p>
<div class="lb-trans"><p>特朗普放松监管议程的另一个例子是 DOGE 努力限制消费者金融保护局等机构的职能，基本上停止了它们对银行和其他金融机构的监管工作。</p>
</div><p>According to Subramanian, this deregulatory theme suggests that the stock market may not be as overvalued as it looks on paper. The bank highlighted that 19 out of 20 valuation metrics it tracks are above their historical average.</p>
<div class="lb-trans"><p>根据 Subramanian 的说法，这一放松监管的主题表明，股市可能并不像表面上看起来那么高估。该银行强调，它跟踪的 20 个估值指标中有 19 个高于历史平均水平。</p>
</div><p>The action plan for investors to take advantage of Trump's deregulation plans is clear: buy sectors that have been most impacted by prior periods of strict regulation.</p>
<div class="lb-trans"><p>投资者利用特朗普放松监管计划的行动计划很明确：购买那些受到以往严格监管影响最大的行业。</p>
</div><p>Those include financials, especially large banks, as well as consumer, commodities, transport, and capital goods sectors.</p>
<div class="lb-trans"><p>这些行业包括金融，尤其是大型银行，以及消费品、商品、运输和资本货物领域。</p>
</div><p>&#34;Industries that presumably stand to gain most are those that are most regulated,&#34; Subramanian said, adding that these same groups trade at steep discounts to sectors that have been least impacted by prior years of regulation, like information technology and communication services.</p>
<div class="lb-trans"><p>Subramanian 表示：“那些显然最有可能受益的行业是那些受到监管最多的行业。” 她补充说，这些行业的交易价格远低于受到以往监管影响最小的行业，如信息技术和通信服务。</p>
</div><p>The ultimate deregulation trade, according to Subramanian, is to go long financial stocks and avoid technology stocks, especially considering that financials were heavily regulated since the 2008 Financial Crisis, while technology saw the &#34;lightest increase in regulations.&#34;</p>
<div class="lb-trans"><p>根据 Subramanian 的说法，最终的放松监管交易是做多金融股票，避免科技股票，尤其是考虑到自 2008 年金融危机以来，金融行业受到严格监管，而科技行业的监管增加最轻微。</p>
</div>

Stock investors may be overlooking this key bullish theme "Industries that presumably stand to gain most are those that are most regulated," BofA's Savita Subramanian said.

- 美银指出，特朗普的放松监管政策尚未被市场充分反映。  
- 投资者应关注消费品和金融领域的股票作为主要受益者。  
- 放松监管可能为股市带来进一步上涨的机会。

股票投资者可能忽视了这个关键的看涨主题：“那些可能受益最大的行业是那些受到最严格监管的行业，” 美国银行的萨维塔·苏布拉马尼安说