<p><strong>美国银行</strong>(BAC 1.08%) 的股价在更广泛的股市抛售中，距离其 52 周高点下跌约 14%。对美国经济的担忧以及特朗普政府实施的贸易关税的影响，标志着投资者情绪的决定性转变。</p>
<p>然而，你可能还不想立即撤回对这家银行巨头的关注。该公司仍然盈利丰厚，并且在长期内有良好的条件为股东创造价值。</p>
<p>现在是买入抄底的时候，还是兑现收益？让我们讨论一下现在该如何处理美国银行的股票。</p>
<h2>买入并持有美国银行的理由</h2>
<p>来自关键指标的混合经济信号迫使投资者重新评估年初的一些过高预期。围绕贸易政策的头条新闻，关于关税的程度和持续时间的信息混杂，未能提供帮助。从历史上看，市场不喜欢这种不可预测性，这也帮助解释了 <strong>标准普尔 500 指数</strong> 从近期高点下跌约 8% 的原因。</p>
<p>尽管如此，保持大局观至关重要。除了股价下跌，实际经济几乎没有变化，对于大多数公司来说，业务依然如常。</p>
<p>还有一些积极的发展。最新的消费者物价指数（CPI）数据显示，2 月份的年通胀率低于预期：2.8%，低于 1 月份的 3%。这令人鼓舞，因为通胀降温可能为美联储提供降低利率的灵活性，从而支持经济活动并提升贷款需求。</p>
<p>由于美国银行是美国最大的金融机构之一，其股价与这些条件的发展密切相关。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTEwODEvYmFuay1vZi1hbWVyaWNhLXN0b2NrLW91dGxvb2stMjAyNS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTEwODEvYmFuay1vZi1hbWVyaWNhLXN0b2NrLW91dGxvb2stMjAyNS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>该银行在 2024 年创下了记录，首次超过 1000 亿美元的净收入，所有业务部门的强劲手续费收入和每股收益（EPS）较 2023 年增长 4% 是其亮点。去年的关键主题包括该银行的数字创新，移动银行的日益普及和人工智能（AI）能力的整合帮助提高了效率，降低了成本，并增强了客户参与度。</p>
<p>在第四季度的财报中（截至 12 月 31 日），首席执行官布莱恩·莫伊尼汉对前景表示信心，认为银行的基础比以往任何时候都更强：</p>
<blockquote>
<p>我们以强劲的第四季度结束了 2024 年。每个收入来源都在增加，我们在存款和贷款方面实现了超过行业的增长。我们相信这种广泛的势头使美国银行在 2025 年处于非常有利的位置。</p>
</blockquote>
<p>相信美国经济将突破这最新一轮 “担忧之墙” 的投资者，有充分的理由买入并持有美国银行的股票。</p>
<h2>卖出美国银行的理由</h2>
<p>尽管对近期股市疲软可能是暂时的持乐观态度，但经济状况恶化的可能性不能被忽视。如果消费者支出减弱，导致失业率上升和企业盈利下降，这将直接影响美国银行。我们尚未达到这一点，但这是投资者需要权衡的风险。</p>
<p>另一个值得谨慎的挑战是，即使在回调后，股票也并不一定显得便宜。估值指标——包括 12.5 的市盈率（P/E）和 1.1 的市净率（P/B）——都接近五年的平均水平，表明该股票既没有显著高估也没有低估，但仍可能进一步下跌。</p>
<p>相信 2025 年对银行来说将是挑战的投资者可能会考虑卖出股票，或者至少暂时避免持有。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a697b31a39df5a214c633d6c45dab5fc.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a697b31a39df5a214c633d6c45dab5fc.png"/></p>
<p>BAC 市盈率数据来源于 YCharts。</p>
<h2>决策时刻：观望策略</h2>
<p>鉴于短期的不确定性，美国银行的股票提供 2.6% 的股息收益率，并且在前景中有足够的顺风因素来证明继续持有的合理性。也就是说，对于仍在观望的投资者来说，可能没有必要急于出手购买股票，因为稍微耐心等待可能会在波动持续的情况下提供更具吸引力的低价买入机会。</p>
<p>无论如何，美国银行仍然是经济的风向标，所有投资者都应该关注。</p>

美国银行

<p>美国银行（Bank of America，股票代码：BAC）的股价从 52 周高点下跌了约 14%，原因是市场对美国经济和贸易关税的担忧。尽管如此，该银行仍然保持盈利，并且在长期股东价值方面处于良好位置。最近的消费者物价指数（CPI）数据显示通胀放缓，这可能使美联储能够降低利率，从而使银行受益。然而，潜在的经济恶化带来了风险。该股票的估值指标表明，它既不是便宜货，也没有被高估。建议投资者采取观望态度，暂时持有该股票，同时关注市场状况</p>

<p>Shares of <strong>Bank of America</strong>(BAC 1.08%) are down approximately 14% from their 52-week high amid the broader stock market sell-off. Concern over the U.S. economy and the impact of trade tariffs being implemented by the Trump administration have marked a decisive shift in investor sentiment.</p>
<div class="lb-trans"><p><strong>美国银行</strong>(BAC 1.08%) 的股价在更广泛的股市抛售中，距离其 52 周高点下跌约 14%。对美国经济的担忧以及特朗普政府实施的贸易关税的影响，标志着投资者情绪的决定性转变。</p>
</div><p>Nevertheless, you might not want to withdraw your interest in this banking titan just yet. The company remains highly profitable and is well positioned to create shareholder value over the long run.</p>
<div class="lb-trans"><p>然而，你可能还不想立即撤回对这家银行巨头的关注。该公司仍然盈利丰厚，并且在长期内有良好的条件为股东创造价值。</p>
</div><p>Is now the time to buy the dip, or cash out? Let's discuss what to do with Bank of America stock now.</p>
<div class="lb-trans"><p>现在是买入抄底的时候，还是兑现收益？让我们讨论一下现在该如何处理美国银行的股票。</p>
</div><h2>The case to buy and hold Bank of America</h2>
<div class="lb-trans"><h2>买入并持有美国银行的理由</h2>
</div><p>Mixed economic signals from key indicators have compelled investors to reassess some of their loftiest expectations from the start of the year. The headlines surrounding trade policy, with mixed messaging about the extent and duration of tariffs, haven't helped. Historically, markets dislike this type of unpredictability, which helps explain why the <strong>S&amp;P 500</strong> index has declined about 8% from its recent peak.</p>
<div class="lb-trans"><p>来自关键指标的混合经济信号迫使投资者重新评估年初的一些过高预期。围绕贸易政策的头条新闻，关于关税的程度和持续时间的信息混杂，未能提供帮助。从历史上看，市场不喜欢这种不可预测性，这也帮助解释了 <strong>标准普尔 500 指数</strong> 从近期高点下跌约 8% 的原因。</p>
</div><p>Still, it's crucial to keep the bigger picture in mind. Beyond some lower stock prices, little has changed in the real economy, and it's business as usual for most companies.</p>
<div class="lb-trans"><p>尽管如此，保持大局观至关重要。除了股价下跌，实际经济几乎没有变化，对于大多数公司来说，业务依然如常。</p>
</div><p>There are also some positive developments. The latest Consumer Price Index (CPI) data for February showed a lower-than-expected annual rate of inflation: 2.8%, down from January's 3% pace. This is encouraging because cooling inflation could provide the Federal Reserve with the flexibility to cut interest rates, which in turn could support economic activity and boost demand for loans.</p>
<div class="lb-trans"><p>还有一些积极的发展。最新的消费者物价指数（CPI）数据显示，2 月份的年通胀率低于预期：2.8%，低于 1 月份的 3%。这令人鼓舞，因为通胀降温可能为美联储提供降低利率的灵活性，从而支持经济活动并提升贷款需求。</p>
</div><p>Because Bank of America is one of the largest financial institutions in the United States, its stock price is closely tied to how these conditions unfold.</p>
<div class="lb-trans"><p>由于美国银行是美国最大的金融机构之一，其股价与这些条件的发展密切相关。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTEwODEvYmFuay1vZi1hbWVyaWNhLXN0b2NrLW91dGxvb2stMjAyNS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F811081%2Fbank-of-america-stock-outlook-2025.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>The bank had a record year in 2024, surpassing $100 billion in net revenue for the first time, highlighted by strong fee income across all business segments and a 4% increase in earnings per share (EPS) from 2023. Key themes from last year include the bank's digital innovation, where the increasing adoption of mobile banking and the integration of artificial intelligence (AI) capabilities have helped improve efficiency, reduce costs, and enhance client engagement.</p>
<div class="lb-trans"><p>该银行在 2024 年创下了记录，首次超过 1000 亿美元的净收入，所有业务部门的强劲手续费收入和每股收益（EPS）较 2023 年增长 4% 是其亮点。去年的关键主题包括该银行的数字创新，移动银行的日益普及和人工智能（AI）能力的整合帮助提高了效率，降低了成本，并增强了客户参与度。</p>
</div><p>During the fourth-quarter earnings report (for the period ended Dec. 31), CEO Brian Moynihan expressed confidence in the outlook, suggesting the bank's foundation was stronger than ever:</p>
<div class="lb-trans"><p>在第四季度的财报中（截至 12 月 31 日），首席执行官布莱恩·莫伊尼汉对前景表示信心，认为银行的基础比以往任何时候都更强：</p>
</div><blockquote>
<p>We finished 2024 with a strong fourth quarter. Every source of revenue increased, and we achieved better-than-industry growth in deposits and loans. We believe this broad momentum positions Bank of America very well for 2025.</p>
</blockquote>
<div class="lb-trans"><blockquote>
<p>我们以强劲的第四季度结束了 2024 年。每个收入来源都在增加，我们在存款和贷款方面实现了超过行业的增长。我们相信这种广泛的势头使美国银行在 2025 年处于非常有利的位置。</p>
</blockquote>
</div><p>Investors convinced that the U.S. economy will push through this latest iteration of the proverbial &#34;wall of worry&#34; have ample reasons to buy and hold Bank of America stock.</p>
<div class="lb-trans"><p>相信美国经济将突破这最新一轮 “担忧之墙” 的投资者，有充分的理由买入并持有美国银行的股票。</p>
</div><h2>The case to sell Bank of America</h2>
<div class="lb-trans"><h2>卖出美国银行的理由</h2>
</div><p>Despite room for optimism that the recent stock market weakness may be temporary, the possibility that economic conditions could deteriorate cannot be dismissed. A scenario in which consumer spending weakens, leading to rising unemployment and diminished corporate earnings, would directly impact Bank of America. We're not there yet, but it's a risk investors need to weigh.</p>
<div class="lb-trans"><p>尽管对近期股市疲软可能是暂时的持乐观态度，但经济状况恶化的可能性不能被忽视。如果消费者支出减弱，导致失业率上升和企业盈利下降，这将直接影响美国银行。我们尚未达到这一点，但这是投资者需要权衡的风险。</p>
</div><p>Another challenge warranting caution is that the stock doesn't necessarily scream that it's a bargain, even after the pullback. Valuation metrics -- including a price-to-earnings ratio (P/E) of 12.5 and a price-to-book value (P/B) of 1.1 -- are both near their five-year running averages, suggesting the stock is neither significantly overvalued nor undervalued, but could still fall further.</p>
<div class="lb-trans"><p>另一个值得谨慎的挑战是，即使在回调后，股票也并不一定显得便宜。估值指标——包括 12.5 的市盈率（P/E）和 1.1 的市净率（P/B）——都接近五年的平均水平，表明该股票既没有显著高估也没有低估，但仍可能进一步下跌。</p>
</div><p>Investors who believe 2025 will prove challenging for the bank might consider selling the stock or at least avoiding it for now.</p>
<div class="lb-trans"><p>相信 2025 年对银行来说将是挑战的投资者可能会考虑卖出股票，或者至少暂时避免持有。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a697b31a39df5a214c633d6c45dab5fc.png" alt="" original-src="https://media.ycharts.com/charts/a697b31a39df5a214c633d6c45dab5fc.png"/></p>
<p>BAC PE Ratio data by YCharts.</p>
<div class="lb-trans"><p>BAC 市盈率数据来源于 YCharts。</p>
</div><h2>Decision time: A wait-and-see approach</h2>
<div class="lb-trans"><h2>决策时刻：观望策略</h2>
</div><p>Recognizing the near-term uncertainties, Bank of America stock offers a 2.6% dividend yield and enough tailwinds in its outlook to justify continuing to hold it. That said, for investors still on the sidelines, there's likely no need to rush out and load up on shares, as a bit of patience could provide a more attractive buying opportunity at a lower price if volatility persists.</p>
<div class="lb-trans"><p>鉴于短期的不确定性，美国银行的股票提供 2.6% 的股息收益率，并且在前景中有足够的顺风因素来证明继续持有的合理性。也就是说，对于仍在观望的投资者来说，可能没有必要急于出手购买股票，因为稍微耐心等待可能会在波动持续的情况下提供更具吸引力的低价买入机会。</p>
</div><p>Either way, Bank of America remains a bellwether for the economy that all investors should keep on their radar.</p>
<div class="lb-trans"><p>无论如何，美国银行仍然是经济的风向标，所有投资者都应该关注。</p>
</div>

Bank of America Stock: Buy, Sell, or Hold?

- 美国银行股价较 52 周高点下跌约 14%，因市场担忧经济前景。  
- 尽管面临不确定性，该行 2024 年净收入首次超过 1000 亿美元，展现强劲增长。  
- 投资者需谨慎，考虑经济可能恶化的风险，持股或观望均可。

美国银行的股票：是买入、卖出还是持有？