<p>华尔街在 2025 年又交出了一年稳健的收益，但将资金投入海外的美国投资者将会显著超越国内基准。</p>
<p>标准普尔 500 指数 – 由 <strong>先锋标准普尔 500 ETF</strong>（NYSE: VOO）跟踪 – 截至 12 月 18 日，今年迄今已上涨 15%，再次受到大型科技股强劲表现的支持。该行业持续受益于对人工智能、云投资和半导体需求的持续热情。</p>
<p>科技股大约占标准普尔 500 指数权重的三分之一，由 <strong>科技精选行业 SPDR 基金</strong>（NYSE: XLK）跟踪，今年迄今已上涨近 30%。</p>
<p>尽管如此，美国股票的表现远远落后于一些海外市场，后者在增长预期改善、估值追赶以及周期性和金融行业表现强劲的背景下，收益大幅上升。</p>
<p>“国际市场的超越是 2025 年一个被低估的故事，”<strong>黑石</strong> 首席投资官 <strong>海伦·朱尔</strong> 表示。</p>
<h2>这 20 个股票市场在今年击败了华尔街</h2>
<p><strong>韩国</strong> 和 <strong>秘鲁</strong> 的股票领跑全球收益，今年迄今均上涨超过 80%。韩国股票受益于半导体收益的急剧反弹和出口势头的改善，而秘鲁市场则因金属价格上涨而受到提振。</p>
<p>南欧市场同样表现突出。<strong>西班牙</strong> 和 <strong>希腊</strong> 的股票上涨超过 75%，而 <strong>意大利</strong> 上涨 54%。</p>
<p>资源丰富的经济体同样交出了引人注目的收益。<strong>南非</strong>、<strong>哥伦比亚</strong>、<strong>智利</strong> 和 <strong>巴西</strong> 的股票均上涨超过 45%，反映出商品价格上涨、货币稳定以及矿业和能源生产者的盈利前景改善。</p>
<p>与此同时，贸易和关税相关担忧的缓解帮助 <strong>越南、墨西哥和加拿大</strong> 等市场的表现超过标准普尔 500 指数的收益，翻倍增长。</p>
<table>
<thead>
<tr>
<th>国家</th>
<th>ETF 名称（交易所：代码）</th>
<th>年初至今收益</th>
</tr>
</thead>
<tbody>
<tr>
<td>韩国</td>
<td><strong>iShares MSCI South Korea ETF</strong> (NYSE: EWY)</td>
<td>80.96%</td>
</tr>
<tr>
<td>秘鲁</td>
<td><strong>iShares MSCI Peru ETF</strong> (NYSE: EPU)</td>
<td>80.75%</td>
</tr>
<tr>
<td>西班牙</td>
<td><strong>iShares MSCI Spain ETF</strong> (NYSE: EWP)</td>
<td>75.72%</td>
</tr>
<tr>
<td>希腊</td>
<td><strong>Global X MSCI Greece ETF</strong> (NYSE: GREK)</td>
<td>75.18%</td>
</tr>
<tr>
<td>波兰</td>
<td><strong>iShares MSCI Poland ETF</strong> (NYSE: EPOL)</td>
<td>73.41%</td>
</tr>
<tr>
<td>南非</td>
<td><strong>iShares MSCI South Africa ETF</strong> (NYSE: EZA)</td>
<td>71.92%</td>
</tr>
<tr>
<td>奥地利</td>
<td><strong>iShares MSCI Austria ETF</strong> (NYSE: EWO)</td>
<td>69.59%</td>
</tr>
<tr>
<td>哥伦比亚</td>
<td><strong>Global X MSCI Colombia ETF</strong> (NYSE: GXG)</td>
<td>64.97%</td>
</tr>
<tr>
<td>智利</td>
<td><strong>iShares MSCI Chile ETF</strong> (NYSE: ECH)</td>
<td>58.10%</td>
</tr>
<tr>
<td>越南</td>
<td><strong>VanEck Vietnam ETF</strong> (NYSE: VNM)</td>
<td>55.75%</td>
</tr>
<tr>
<td>意大利</td>
<td><strong>iShares MSCI Italy ETF</strong> (NYSE: EWI)</td>
<td>54.23%</td>
</tr>
<tr>
<td>墨西哥</td>
<td><strong>iShares MSCI Mexico ETF</strong> (NYSE: EWW)</td>
<td>52.36%</td>
</tr>
<tr>
<td>芬兰</td>
<td><strong>iShares MSCI Finland ETF</strong> (NYSE: EFNL)</td>
<td>49.49%</td>
</tr>
<tr>
<td>巴西</td>
<td><strong>iShares MSCI Brazil ETF</strong> (NYSE: EWZ)</td>
<td>45.50%</td>
</tr>
<tr>
<td>以色列</td>
<td><strong>iShares MSCI Israel ETF</strong> (NYSE: EIS)</td>
<td>45.45%</td>
</tr>
<tr>
<td>香港</td>
<td><strong>iShares MSCI Hong Kong ETF</strong> (NYSE: EWH)</td>
<td>35.70%</td>
</tr>
<tr>
<td>比利时</td>
<td><strong>iShares MSCI Belgium ETF</strong> (NYSE: EWK)</td>
<td>34.87%</td>
</tr>
<tr>
<td>加拿大</td>
<td><strong>iShares MSCI Canada ETF</strong> (NYSE: EWC)</td>
<td>34.13%</td>
</tr>
<tr>
<td>德国</td>
<td><strong>iShares MSCI Germany ETF</strong> (NYSE: EWG)</td>
<td>34.00%</td>
</tr>
<tr>
<td>瑞典</td>
<td><strong>iShares MSCI Sweden ETF</strong> (NYSE: EWD)</td>
<td>33.63%</td>
</tr>
</tbody>
</table>
<h2>接下来会发生什么</h2>
<p>根据摩根大通资产管理公司最新的投资展望，投资者应 “确保他们的投资组合不会过于集中于美国科技股，即使美国的反弹可能成功延续到 2026 年。”</p>
<p>摩根大通资产管理公司的市场策略师 <strong>凯伦·沃德</strong> 表示，全球股票表现的下一个阶段可能会偏向于那些盈利增长和估值，而不是叙事势头推动收益的市场。</p>
<p>欧洲股票相对于美国股票和其他资产类别仍然具有吸引力的估值，而中国——尽管从 2024 年初的低点反弹近 80%——可能会在盈利恢复和估值扩张的支持下继续以更温和的速度前进。</p>
<p>韩国、台湾和香港等市场在美联储降息周期中历史上表现良好，因其周期性暴露和在技术、资本品和医疗保健等长期行业的集中。</p>
<p>日本股票同样表现突出，但沃德警告称，日元波动可能会影响总回报。</p>
<p>该公司补充道，“区域多样化不仅可以降低风险；它还可以增强收益，” 特别是如果围绕美国人工智能主题的热情开始降温。</p>
<p><strong>接下来阅读：</strong></p>
<ul>
<li>特朗普说 ‘钻探，宝贝，钻探’：油公司在 55 美元原油下的回答是 ‘我们不能’</li>
</ul>
<p><em>照片来源：Shutterstock</em></p>

<p>全球股市在 2025 年表现优于华尔街，韩国、秘鲁和欧洲的涨幅显著。标准普尔 500 指数年初至今上涨了 15%，主要受科技股推动。然而，以韩国和秘鲁为首的国际市场上涨超过 80%。欧洲和资源丰富的经济体也实现了可观的增长。摩根大通建议在 2026 年将投资组合多元化，超越美国科技股，以获得更好的回报</p>

<p>Wall Street has delivered another year of solid gains in 2025, but U.S.-based investors who poured money overseas would have significantly outperformed domestic benchmarks.</p>
<div class="lb-trans"><p>华尔街在 2025 年又交出了一年稳健的收益，但将资金投入海外的美国投资者将会显著超越国内基准。</p>
</div><p>The S&amp;P 500 – tracked by the <strong>Vanguard S&amp;P 500 ETF</strong> (NYSE: VOO) – has risen 15% year-to-date through Dec. 18, supported once again by strength in large-cap technology stocks. The sector has continued to benefit from sustained enthusiasm around artificial intelligence, cloud investment, and semiconductor demand.</p>
<div class="lb-trans"><p>标准普尔 500 指数 – 由 <strong>先锋标准普尔 500 ETF</strong>（NYSE: VOO）跟踪 – 截至 12 月 18 日，今年迄今已上涨 15%，再次受到大型科技股强劲表现的支持。该行业持续受益于对人工智能、云投资和半导体需求的持续热情。</p>
</div><p>Tech stocks, which account for roughly one-third of the S&amp;P 500's weight and are tracked by the <strong>Technology Select Sector SPDR Fund</strong> (NYSE: XLK), have rallied nearly 30% year to date.</p>
<div class="lb-trans"><p>科技股大约占标准普尔 500 指数权重的三分之一，由 <strong>科技精选行业 SPDR 基金</strong>（NYSE: XLK）跟踪，今年迄今已上涨近 30%。</p>
</div><p>Even so, U.S. equities have lagged far behind a number of overseas markets, where returns have surged amid improving growth expectations, valuation catch-up, and stronger performance from cyclical and financial sectors.</p>
<div class="lb-trans"><p>尽管如此，美国股票的表现远远落后于一些海外市场，后者在增长预期改善、估值追赶以及周期性和金融行业表现强劲的背景下，收益大幅上升。</p>
</div><p>“International outperformance was an underappreciated story of 2025,” said <strong>Helen Jewell</strong> chief investment officer at BlackRock.</p>
<div class="lb-trans"><p>“国际市场的超越是 2025 年一个被低估的故事，”<strong>黑石</strong> 首席投资官 <strong>海伦·朱尔</strong> 表示。</p>
</div><h2>These 20 Equity Markets Crushed Wall Street This Year</h2>
<div class="lb-trans"><h2>这 20 个股票市场在今年击败了华尔街</h2>
</div><p>Equities in <strong>South Korea</strong> and <strong>Peru</strong> lead global returns, both rising more than 80% year to date. Korean stocks have benefited from a sharp rebound in semiconductor earnings and improving export momentum, while Peru's market has been lifted by higher metals prices.</p>
<div class="lb-trans"><p><strong>韩国</strong> 和 <strong>秘鲁</strong> 的股票领跑全球收益，今年迄今均上涨超过 80%。韩国股票受益于半导体收益的急剧反弹和出口势头的改善，而秘鲁市场则因金属价格上涨而受到提振。</p>
</div><p>Southern Europe has also been a standout. <strong>Spanish</strong> and <strong>Greek</strong> equities are up more than 75%, while <strong>Italy</strong> has gained 54%.</p>
<div class="lb-trans"><p>南欧市场同样表现突出。<strong>西班牙</strong> 和 <strong>希腊</strong> 的股票上涨超过 75%，而 <strong>意大利</strong> 上涨 54%。</p>
</div><p>Resource-rich economies delivered equally eye-catching returns. <strong>South Africa</strong>, <strong>Colombia</strong>, <strong>Chile</strong>, and <strong>Brazil</strong> all posted gains well above 45%, reflecting rising commodity prices, currency stabilization, and improved earnings outlooks for miners and energy producers.</p>
<div class="lb-trans"><p>资源丰富的经济体同样交出了引人注目的收益。<strong>南非</strong>、<strong>哥伦比亚</strong>、<strong>智利</strong> 和 <strong>巴西</strong> 的股票均上涨超过 45%，反映出商品价格上涨、货币稳定以及矿业和能源生产者的盈利前景改善。</p>
</div><p>Meanwhile, easing trade and tariff-related concerns helped markets such as <strong>Vietnam, Mexico, and Canada</strong> outperform the S&amp;P 500's gains by more than doubling them.</p>
<div class="lb-trans"><p>与此同时，贸易和关税相关担忧的缓解帮助 <strong>越南、墨西哥和加拿大</strong> 等市场的表现超过标准普尔 500 指数的收益，翻倍增长。</p>
</div><table>
<thead>
<tr>
<th>Country</th>
<th>ETF Name (Exchange: Ticker)</th>
<th>Year-to-date returns</th>
</tr>
</thead>
<tbody>
<tr>
<td>South Korea</td>
<td><strong>iShares MSCI South Korea ETF</strong> (NYSE: EWY)</td>
<td>80.96%</td>
</tr>
<tr>
<td>Peru</td>
<td><strong>iShares MSCI Peru ETF</strong> (NYSE: EPU)</td>
<td>80.75%</td>
</tr>
<tr>
<td>Spain</td>
<td><strong>iShares MSCI Spain ETF</strong> (NYSE: EWP)</td>
<td>75.72%</td>
</tr>
<tr>
<td>Greece</td>
<td><strong>Global X MSCI Greece ETF</strong> (NYSE: GREK)</td>
<td>75.18%</td>
</tr>
<tr>
<td>Poland</td>
<td><strong>iShares MSCI Poland ETF</strong> (NYSE: EPOL)</td>
<td>73.41%</td>
</tr>
<tr>
<td>South Africa</td>
<td><strong>iShares MSCI South Africa ETF</strong> (NYSE: EZA)</td>
<td>71.92%</td>
</tr>
<tr>
<td>Austria</td>
<td><strong>iShares MSCI Austria ETF</strong> (NYSE: EWO)</td>
<td>69.59%</td>
</tr>
<tr>
<td>Colombia</td>
<td><strong>Global X MSCI Colombia ETF</strong> (NYSE: GXG)</td>
<td>64.97%</td>
</tr>
<tr>
<td>Chile</td>
<td><strong>iShares MSCI Chile ETF</strong> (NYSE: ECH)</td>
<td>58.10%</td>
</tr>
<tr>
<td>Vietnam</td>
<td><strong>VanEck Vietnam ETF</strong> (NYSE: VNM)</td>
<td>55.75%</td>
</tr>
<tr>
<td>Italy</td>
<td><strong>iShares MSCI Italy ETF</strong> (NYSE: EWI)</td>
<td>54.23%</td>
</tr>
<tr>
<td>Mexico</td>
<td><strong>iShares MSCI Mexico ETF</strong> (NYSE: EWW)</td>
<td>52.36%</td>
</tr>
<tr>
<td>Finland</td>
<td><strong>iShares MSCI Finland ETF</strong> (NYSE: EFNL)</td>
<td>49.49%</td>
</tr>
<tr>
<td>Brazil</td>
<td><strong>iShares MSCI Brazil ETF</strong> (NYSE: EWZ)</td>
<td>45.50%</td>
</tr>
<tr>
<td>Israel</td>
<td><strong>iShares MSCI Israel ETF</strong> (NYSE: EIS)</td>
<td>45.45%</td>
</tr>
<tr>
<td>Hong Kong</td>
<td><strong>iShares MSCI Hong Kong ETF</strong> (NYSE: EWH)</td>
<td>35.70%</td>
</tr>
<tr>
<td>Belgium</td>
<td><strong>iShares MSCI Belgium ETF</strong> (NYSE: EWK)</td>
<td>34.87%</td>
</tr>
<tr>
<td>Canada</td>
<td><strong>iShares MSCI Canada ETF</strong> (NYSE: EWC)</td>
<td>34.13%</td>
</tr>
<tr>
<td>Germany</td>
<td><strong>iShares MSCI Germany ETF</strong> (NYSE: EWG)</td>
<td>34.00%</td>
</tr>
<tr>
<td>Sweden</td>
<td><strong>iShares MSCI Sweden ETF</strong> (NYSE: EWD)</td>
<td>33.63%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>国家</th>
<th>ETF 名称（交易所：代码）</th>
<th>年初至今收益</th>
</tr>
</thead>
<tbody>
<tr>
<td>韩国</td>
<td><strong>iShares MSCI South Korea ETF</strong> (NYSE: EWY)</td>
<td>80.96%</td>
</tr>
<tr>
<td>秘鲁</td>
<td><strong>iShares MSCI Peru ETF</strong> (NYSE: EPU)</td>
<td>80.75%</td>
</tr>
<tr>
<td>西班牙</td>
<td><strong>iShares MSCI Spain ETF</strong> (NYSE: EWP)</td>
<td>75.72%</td>
</tr>
<tr>
<td>希腊</td>
<td><strong>Global X MSCI Greece ETF</strong> (NYSE: GREK)</td>
<td>75.18%</td>
</tr>
<tr>
<td>波兰</td>
<td><strong>iShares MSCI Poland ETF</strong> (NYSE: EPOL)</td>
<td>73.41%</td>
</tr>
<tr>
<td>南非</td>
<td><strong>iShares MSCI South Africa ETF</strong> (NYSE: EZA)</td>
<td>71.92%</td>
</tr>
<tr>
<td>奥地利</td>
<td><strong>iShares MSCI Austria ETF</strong> (NYSE: EWO)</td>
<td>69.59%</td>
</tr>
<tr>
<td>哥伦比亚</td>
<td><strong>Global X MSCI Colombia ETF</strong> (NYSE: GXG)</td>
<td>64.97%</td>
</tr>
<tr>
<td>智利</td>
<td><strong>iShares MSCI Chile ETF</strong> (NYSE: ECH)</td>
<td>58.10%</td>
</tr>
<tr>
<td>越南</td>
<td><strong>VanEck Vietnam ETF</strong> (NYSE: VNM)</td>
<td>55.75%</td>
</tr>
<tr>
<td>意大利</td>
<td><strong>iShares MSCI Italy ETF</strong> (NYSE: EWI)</td>
<td>54.23%</td>
</tr>
<tr>
<td>墨西哥</td>
<td><strong>iShares MSCI Mexico ETF</strong> (NYSE: EWW)</td>
<td>52.36%</td>
</tr>
<tr>
<td>芬兰</td>
<td><strong>iShares MSCI Finland ETF</strong> (NYSE: EFNL)</td>
<td>49.49%</td>
</tr>
<tr>
<td>巴西</td>
<td><strong>iShares MSCI Brazil ETF</strong> (NYSE: EWZ)</td>
<td>45.50%</td>
</tr>
<tr>
<td>以色列</td>
<td><strong>iShares MSCI Israel ETF</strong> (NYSE: EIS)</td>
<td>45.45%</td>
</tr>
<tr>
<td>香港</td>
<td><strong>iShares MSCI Hong Kong ETF</strong> (NYSE: EWH)</td>
<td>35.70%</td>
</tr>
<tr>
<td>比利时</td>
<td><strong>iShares MSCI Belgium ETF</strong> (NYSE: EWK)</td>
<td>34.87%</td>
</tr>
<tr>
<td>加拿大</td>
<td><strong>iShares MSCI Canada ETF</strong> (NYSE: EWC)</td>
<td>34.13%</td>
</tr>
<tr>
<td>德国</td>
<td><strong>iShares MSCI Germany ETF</strong> (NYSE: EWG)</td>
<td>34.00%</td>
</tr>
<tr>
<td>瑞典</td>
<td><strong>iShares MSCI Sweden ETF</strong> (NYSE: EWD)</td>
<td>33.63%</td>
</tr>
</tbody>
</table>
</div><h2>What To Expect Next</h2>
<div class="lb-trans"><h2>接下来会发生什么</h2>
</div><p>According to J.P. Morgan Asset Management's latest Investment Outlook, investors should &#34;ensure their portfolios are not overly concentrated in U.S. tech, even if the U.S. rally could successfully extend into 2026.&#34;</p>
<div class="lb-trans"><p>根据摩根大通资产管理公司最新的投资展望，投资者应 “确保他们的投资组合不会过于集中于美国科技股，即使美国的反弹可能成功延续到 2026 年。”</p>
</div><p><strong>Karen Ward</strong>, market strategist at J.P. Morgan Asset Management, said the next phase of global equity performance is likely to favor markets where earnings growth and valuations, rather than narrative momentum, drive returns.</p>
<div class="lb-trans"><p>摩根大通资产管理公司的市场策略师 <strong>凯伦·沃德</strong> 表示，全球股票表现的下一个阶段可能会偏向于那些盈利增长和估值，而不是叙事势头推动收益的市场。</p>
</div><p>European equities remain attractively valued relative to U.S. stocks and other asset classes, while China — despite rallying nearly 80% from its early-2024 lows — could continue advancing at a more moderate pace, supported by earnings recovery and valuation expansion.</p>
<div class="lb-trans"><p>欧洲股票相对于美国股票和其他资产类别仍然具有吸引力的估值，而中国——尽管从 2024 年初的低点反弹近 80%——可能会在盈利恢复和估值扩张的支持下继续以更温和的速度前进。</p>
</div><p>Markets such as South Korea, Taiwan and Hong Kong have historically performed well during Federal Reserve rate-cutting cycles, given their cyclical exposure and concentration in long-duration sectors including technology, capital goods and healthcare.</p>
<div class="lb-trans"><p>韩国、台湾和香港等市场在美联储降息周期中历史上表现良好，因其周期性暴露和在技术、资本品和医疗保健等长期行业的集中。</p>
</div><p>Japanese equities also stand out, but Ward warns that yen volatility could affect total returns.</p>
<div class="lb-trans"><p>日本股票同样表现突出，但沃德警告称，日元波动可能会影响总回报。</p>
</div><p>The firm added that &#34;regional diversification does not just mitigate risk; it can also be return-enhancing,&#34; particularly if enthusiasm around U.S. artificial intelligence themes begins to cool.</p>
<div class="lb-trans"><p>该公司补充道，“区域多样化不仅可以降低风险；它还可以增强收益，” 特别是如果围绕美国人工智能主题的热情开始降温。</p>
</div><p><strong>Read Next:</strong></p>
<div class="lb-trans"><p><strong>接下来阅读：</strong></p>
</div><ul>
<li>Trump Said ‘Drill, Baby, Drill’: Oil Companies’ Answer At $55 Crude, ‘We Can’t’</li>
</ul>
<div class="lb-trans"><ul>
<li>特朗普说 ‘钻探，宝贝，钻探’：油公司在 55 美元原油下的回答是 ‘我们不能’</li>
</ul>
</div><p><em>Photo: Shutterstock</em></p>
<div class="lb-trans"><p><em>照片来源：Shutterstock</em></p>
</div>

华尔街在 2025 年被这 20 个股票市场击败