<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/ChatGPT-Image-Jan-20-2026-04_59_02-PM.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1536" height="1024" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/ChatGPT-Image-Jan-20-2026-04_59_02-PM.png"/></p>
<p>在全球金融危机后的十多年里，投资美国股票几乎不需要解释。</p>
<p>强势美元周期、科技主导的盈利增长、财政信誉和机构深度为美国的结构性超配提供了依据。</p>
<p>回报强劲，领导地位明确，分散投资常常显得不必要。</p>
<p>但如果这标志着一个新市场周期的开始呢？实际上，全球股票再次超越美国，而其潜在驱动因素看起来比许多投资者预期的更为持久。</p>
<h2>盈利再次发挥作用</h2>
<p>过去一年一个显著的特征是价格与利润之间的对齐。</p>
<p>华尔街预计，2026 年大型、中型和小型股票的盈利将普遍上升，而不仅仅是少数科技巨头。</p>
<p>事实上，约三分之二的上市股票交易价格高于其 200 日移动平均线，远高于长期标准。</p>
<p>这种广度在历史上通常与持久的扩张而非脆弱的反弹相吻合。</p>
<p>美国的经验说明了这一点。标准普尔 500 指数在 2025 年上涨了约 16%，而盈利增长与之保持同步。</p>
<p>在美国以外，利润增长实际上加速了。</p>
<p>根据彭博社和 MSCI 汇编的共识预测，预计新兴市场的盈利在 2026 年前将以每年约 17% 的速度增长，而美国市场约为 12%，美国等权重指数接近 8%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/image-235-1024x626.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="626" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/image-235-1024x626.png"/></p>
<p>来源：CFA 协会</p>
<p>这里的信号微妙但重要。盈利领导力不再集中在市场的最顶端。</p>
<h2>为什么全球领导地位正在轮换</h2>
<p>在 2025 年，MSCI 全球除美国外的所有国家指数上涨超过 29%，几乎是标准普尔 500 指数回报的两倍。</p>
<p>巴西和加拿大是表现最好的国家，分别上涨 48.5% 和 35.8%，德国和英国紧随其后。</p>
<p>2026 年初延续了这一模式。日本在年初至今的主要市场中领先，其次是巴西和中国，而美国则处于中间位置。</p>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/major-country-performance-stocks-2025-1024x581.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="581" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/major-country-performance-stocks-2025-1024x581.png"/></p>
<p>这种分散性非常突出。在投机时期，资本往往集中在最强和最安全的市场，压缩其他地方的回报。</p>
<p>1990 年代末和疫情后的激增都遵循了这一剧本。</p>
<p>而我们今天看到的情况则有所不同。资本正在跨地区和行业分散，这在历史上通常是中期扩张的特征，而非晚期过剩。</p>
<p>历史支持这一解读。根据长期数据，自 1900 年以来，美国股票在大约一半的时间里落后于国际市场。</p>
<p>金融危机后的时代因其持续时间和一致性而显得不寻常。</p>
<p>十五年的美国主导地位让人产生了全球多元化失去意义的印象。过去两年重新打开了这个问题。</p>
<h2>美国集中问题</h2>
<p>美国股票面临的挑战不是经济疲软，而是集中度过高。</p>
<p>到 2025 年底，美国前十大公司约占美国市场总市值的 36%，主要由大型科技公司推动。</p>
<p>估值反映了这种主导地位。美国股票的前瞻性市盈率约为 22 倍，而美国以外的发达市场约为 15 倍，新兴市场接近 13 倍。</p>
<p>资本流动反映了这种不平衡。EPFR 数据显示，本十年全球股票基金流入中超过四分之三流入了美国资产，尽管美国产生的全球企业盈利不到一半。</p>
<p>这种差距几乎没有留下失望的空间。盈利不需要下降就能施加压力。</p>
<p>它们只需要增长速度低于预期。</p>
<h2>人工智能不再是美国独有的交易</h2>
<p>在 2025 年，人工智能相关公司占美国市场回报的 50% 以上。</p>
<p>人工智能投资也通过资本支出和财富效应对美国 GDP 增长产生了重要贡献。</p>
<p>结果是一个越来越依赖单一主题的市场。该主题的持久性现在比多元化更为重要。</p>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/image-236.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="675" height="533" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/image-236.png"/></p>
<p>来源：RBC 财富管理</p>
<p>但不仅仅是美国在受益于人工智能。全球市场之所以重新获得动力，正是因为人工智能已经超越了美国的资产负债表。</p>
<p>韩国的 Kospi 在 2025 年上涨近 76%，是自 1990 年代末以来的最佳表现。日本的日经指数上涨 26%，受益于芯片制造商和硬件供应商。</p>
<p>台湾半导体上涨近 47%，而阿里巴巴上涨超过 75%，因为它依靠自己的人工智能生态系统。</p>
<p>人工智能投资周期并不限于软件。它涵盖了代工厂、内存芯片、工业自动化和电力基础设施。这些供应链遍布亚洲和部分欧洲。</p>
<p>一旦盈利增长开始反映这一现实，资本就会跟随，而人工智能的故事现在是全球性的。</p>
<h2>中国和货币信号</h2>
<p>中国在 2025 年和 2026 年初重新引起投资者关注的情况异常协调。</p>
<p>在香港上市的中国股票去年上涨超过 22%，而人民币对美元升值超过 4%，这是自 2017 年以来股票和货币首次共同上涨。</p>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/image-237-1024x501.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="501" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/image-237-1024x501.png"/></p>
<p>来源：彭博社</p>
<p>尽管盈利增长预测在 2026 年和 2027 年接近中位数的十几倍，但前瞻性估值仍然较低，约为 11 倍盈利。</p>
<p>几家全球银行现在预计人民币将进一步升值，预测集中在每美元 6.5 到 6.8 之间。</p>
<p>更强的货币改善了以美元计价的股票回报，并增强了资本流入。</p>
<p>与此同时，中国的出口表现、稳定的银行系统和对先进制造业的重新关注缓解了对经济弱点的担忧。</p>
<p>房地产和消费仍然是问题，尽管它们不再是投资者看待市场的唯一视角。</p>
<h2>美元与下一个周期阶段</h2>
<p>2025 年，美国美元下跌了大约 9%，是自 2017 年以来最糟糕的一年。从历史上看，国际股票持续超越表现的时期通常与多年的美元下行周期相一致。</p>
<p>美元经历了 13 年的牛市，得益于更高的增长、紧缩的政策和资本流入。</p>
<p>这些支持因素现在不再那么强劲。美国的债务水平更高，增长差距在缩小，利率差异也不再明确。</p>
<p>即使是稳定的美元也改变了计算方式。国际回报不再需要过于乐观的假设来与美国资产竞争。</p>
<p>它们只需要盈利增长和合理的估值。</p>
<p>新出现的局面并不是对美国市场的拒绝，而是回归平衡。</p>
<p>盈利增长正在扩散，领导地位正在轮换，资本正在重新发现那些多年来被忽视的替代投资。</p>
<p>对于那些花了十年时间观察一切趋同于一种交易的投资者来说，这可能是最重要的变化。</p>
<p>关于全球股票相对于美国股票的案例越来越难以忽视，最初出现在 Invezz 上。</p>

KT公司

<p>这篇文章讨论了投资环境的变化，强调全球股票开始超越美国股票，结束了后者十年的主导地位。关键因素包括各个行业的广泛盈利增长，新兴市场预计将实现显著的利润增长。美国市场资本集中在少数大型科技公司引发了对可持续性的担忧。此外，文章还提到人工智能投资的全球影响，韩国和日本等国家也从这一趋势中受益。总体而言，文章暗示投资策略可能会向全球多元化转变</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/ChatGPT-Image-Jan-20-2026-04_59_02-PM.png" alt="" original-src="https://invezz.com/wp-content/uploads/2026/01/ChatGPT-Image-Jan-20-2026-04_59_02-PM.png"/></p>
<p>For more than a decade after the global financial crisis, betting on US stocks required little explanation.</p>
<div class="lb-trans"><p>在全球金融危机后的十多年里，投资美国股票几乎不需要解释。</p>
</div><p>Strong dollar cycles, tech-led earnings growth, fiscal credibility, and institutional depth justified a structural US overweight.</p>
<div class="lb-trans"><p>强势美元周期、科技主导的盈利增长、财政信誉和机构深度为美国的结构性超配提供了依据。</p>
</div><p>Returns were strong, leadership was clear, and diversification often felt unnecessary.</p>
<div class="lb-trans"><p>回报强劲，领导地位明确，分散投资常常显得不必要。</p>
</div><p>But what if this is the beginning of a new market cycle? Indeed, global stocks are outperforming the US again, and the underlying drivers look more durable than many investors expected.</p>
<div class="lb-trans"><p>但如果这标志着一个新市场周期的开始呢？实际上，全球股票再次超越美国，而其潜在驱动因素看起来比许多投资者预期的更为持久。</p>
</div><h2>Earnings are doing the work again</h2>
<div class="lb-trans"><h2>盈利再次发挥作用</h2>
</div><p>A defining feature of the past year has been the alignment between prices and profits.</p>
<div class="lb-trans"><p>过去一年一个显著的特征是价格与利润之间的对齐。</p>
</div><p>Wall Street expects earnings to rise across large, mid and small-cap stocks in 2026, not just in a handful of technology giants.</p>
<div class="lb-trans"><p>华尔街预计，2026 年大型、中型和小型股票的盈利将普遍上升，而不仅仅是少数科技巨头。</p>
</div><p>In fact, roughly two-thirds of listed stocks trade above their 200-day moving averages, well above long term norms.</p>
<div class="lb-trans"><p>事实上，约三分之二的上市股票交易价格高于其 200 日移动平均线，远高于长期标准。</p>
</div><p>That type of breadth has historically coincided with durable expansions rather than fragile rallies.</p>
<div class="lb-trans"><p>这种广度在历史上通常与持久的扩张而非脆弱的反弹相吻合。</p>
</div><p>The US experience illustrates the point. The S&amp;P 500 rose about 16% in 2025, while earnings growth kept pace.</p>
<div class="lb-trans"><p>美国的经验说明了这一点。标准普尔 500 指数在 2025 年上涨了约 16%，而盈利增长与之保持同步。</p>
</div><p>Outside the US, profit growth has actually accelerated.</p>
<div class="lb-trans"><p>在美国以外，利润增长实际上加速了。</p>
</div><p>According to consensus forecasts compiled by Bloomberg and MSCI, emerging market earnings are expected to grow around 17% annually through 2026, compared with roughly 12% for the US market and closer to 8% for the US equal weight index.</p>
<div class="lb-trans"><p>根据彭博社和 MSCI 汇编的共识预测，预计新兴市场的盈利在 2026 年前将以每年约 17% 的速度增长，而美国市场约为 12%，美国等权重指数接近 8%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/image-235-1024x626.png" alt="" original-src="https://invezz.com/wp-content/uploads/2026/01/image-235-1024x626.png"/></p>
<p>Source: CFA Institute</p>
<div class="lb-trans"><p>来源：CFA 协会</p>
</div><p>The signal here is subtle but important. Earnings leadership is no longer concentrated at the very top of the market.</p>
<div class="lb-trans"><p>这里的信号微妙但重要。盈利领导力不再集中在市场的最顶端。</p>
</div><h2>Why global leadership is rotating</h2>
<div class="lb-trans"><h2>为什么全球领导地位正在轮换</h2>
</div><p>In 2025, the MSCI All Country World ex US index gained more than 29%, almost double the S&amp;P 500 return.</p>
<div class="lb-trans"><p>在 2025 年，MSCI 全球除美国外的所有国家指数上涨超过 29%，几乎是标准普尔 500 指数回报的两倍。</p>
</div><p>Brazil and Canada were the top performers with 48.5% and 35.8%, respectively, with Germany and the UK very close behind.</p>
<div class="lb-trans"><p>巴西和加拿大是表现最好的国家，分别上涨 48.5% 和 35.8%，德国和英国紧随其后。</p>
</div><p>Early 2026 has extended that pattern. Japan leads major markets year to date, followed by Brazil and China, all while the US is sitting in the middle of the pack.</p>
<div class="lb-trans"><p>2026 年初延续了这一模式。日本在年初至今的主要市场中领先，其次是巴西和中国，而美国则处于中间位置。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/major-country-performance-stocks-2025-1024x581.png" alt="" original-src="https://invezz.com/wp-content/uploads/2026/01/major-country-performance-stocks-2025-1024x581.png"/></p>
<p>This kind of dispersion stands out. During speculative periods, capital tends to crowd into the strongest and safest market, compressing returns elsewhere.</p>
<div class="lb-trans"><p>这种分散性非常突出。在投机时期，资本往往集中在最强和最安全的市场，压缩其他地方的回报。</p>
</div><p>The late 1990s and the post pandemic surge both followed that script.</p>
<div class="lb-trans"><p>1990 年代末和疫情后的激增都遵循了这一剧本。</p>
</div><p>What we see today looks different. Capital is spreading across regions and sectors, which has historically been a feature of mid cycle expansions rather than late stage excess.</p>
<div class="lb-trans"><p>而我们今天看到的情况则有所不同。资本正在跨地区和行业分散，这在历史上通常是中期扩张的特征，而非晚期过剩。</p>
</div><p>History supports this interpretation. Since 1900, US equities have lagged international markets roughly half the time, according to long run datasets.</p>
<div class="lb-trans"><p>历史支持这一解读。根据长期数据，自 1900 年以来，美国股票在大约一半的时间里落后于国际市场。</p>
</div><p>The post financial crisis era was unusual for its length and consistency.</p>
<div class="lb-trans"><p>金融危机后的时代因其持续时间和一致性而显得不寻常。</p>
</div><p>Fifteen years of US dominance created the impression that global diversification had lost its purpose. The last two years have reopened that question.</p>
<div class="lb-trans"><p>十五年的美国主导地位让人产生了全球多元化失去意义的印象。过去两年重新打开了这个问题。</p>
</div><h2>The US concentration problem</h2>
<div class="lb-trans"><h2>美国集中问题</h2>
</div><p>The challenge for US equities is not economic weakness, but concentration.</p>
<div class="lb-trans"><p>美国股票面临的挑战不是经济疲软，而是集中度过高。</p>
</div><p>By the end of 2025, the ten largest US companies represented about 36% of total US market capitalisation, driven mostly by large technology firms.</p>
<div class="lb-trans"><p>到 2025 年底，美国前十大公司约占美国市场总市值的 36%，主要由大型科技公司推动。</p>
</div><p>Valuations reflect that dominance. US stocks trade at roughly 22 times forward earnings, compared with about 15 times for developed markets outside the US and near 13 times for emerging markets.</p>
<div class="lb-trans"><p>估值反映了这种主导地位。美国股票的前瞻性市盈率约为 22 倍，而美国以外的发达市场约为 15 倍，新兴市场接近 13 倍。</p>
</div><p>Capital flows mirror this imbalance. EPFR data show that more than three-quarters of global equity fund inflows this decade have gone into US assets, even though the US generates less than half of global corporate earnings.</p>
<div class="lb-trans"><p>资本流动反映了这种不平衡。EPFR 数据显示，本十年全球股票基金流入中超过四分之三流入了美国资产，尽管美国产生的全球企业盈利不到一半。</p>
</div><p>That gap leaves little room for disappointment. Earnings do not need to fall for pressure to build.</p>
<div class="lb-trans"><p>这种差距几乎没有留下失望的空间。盈利不需要下降就能施加压力。</p>
</div><p>They only need to grow less quickly than expected.</p>
<div class="lb-trans"><p>它们只需要增长速度低于预期。</p>
</div><h2>AI is no longer a US-only trade</h2>
<div class="lb-trans"><h2>人工智能不再是美国独有的交易</h2>
</div><p>In 2025, AI-related companies accounted for more than 50% of US market returns.</p>
<div class="lb-trans"><p>在 2025 年，人工智能相关公司占美国市场回报的 50% 以上。</p>
</div><p>AI investment also contributed meaningfully to US GDP growth through capital spending and wealth effects.</p>
<div class="lb-trans"><p>人工智能投资也通过资本支出和财富效应对美国 GDP 增长产生了重要贡献。</p>
</div><p>The result is a market that increasingly depends on a single theme. The durability of that theme now carries more weight than diversification.</p>
<div class="lb-trans"><p>结果是一个越来越依赖单一主题的市场。该主题的持久性现在比多元化更为重要。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/image-236.png" alt="" original-src="https://invezz.com/wp-content/uploads/2026/01/image-236.png"/></p>
<p>Source: RBC Wealth Management</p>
<div class="lb-trans"><p>来源：RBC 财富管理</p>
</div><p>But it’s not just the US benefiting from AI. Global markets have regained momentum exactly because AI has spread beyond US balance sheets.</p>
<div class="lb-trans"><p>但不仅仅是美国在受益于人工智能。全球市场之所以重新获得动力，正是因为人工智能已经超越了美国的资产负债表。</p>
</div><p>South Korea’s Kospi surged nearly 76% in 2025, its best year since the late 1990s. Japan’s Nikkei rose 26%, lifted by chipmakers and hardware suppliers.</p>
<div class="lb-trans"><p>韩国的 Kospi 在 2025 年上涨近 76%，是自 1990 年代末以来的最佳表现。日本的日经指数上涨 26%，受益于芯片制造商和硬件供应商。</p>
</div><p>Taiwan Semiconductor gained nearly 47%, while Alibaba climbed more than 75% as it leaned into its own AI ecosystem.</p>
<div class="lb-trans"><p>台湾半导体上涨近 47%，而阿里巴巴上涨超过 75%，因为它依靠自己的人工智能生态系统。</p>
</div><p>The AI investment cycle is not confined to software. It runs through foundries, memory chips, industrial automation and power infrastructure. Those supply chains sit across Asia and parts of Europe.</p>
<div class="lb-trans"><p>人工智能投资周期并不限于软件。它涵盖了代工厂、内存芯片、工业自动化和电力基础设施。这些供应链遍布亚洲和部分欧洲。</p>
</div><p>Once earnings growth begins to reflect that reality, capital follows, and the AI story is now global.</p>
<div class="lb-trans"><p>一旦盈利增长开始反映这一现实，资本就会跟随，而人工智能的故事现在是全球性的。</p>
</div><h2>China and the currency signal</h2>
<div class="lb-trans"><h2>中国和货币信号</h2>
</div><p>China’s return to investor attention in 2025 and early 2026 has been unusually coordinated.</p>
<div class="lb-trans"><p>中国在 2025 年和 2026 年初重新引起投资者关注的情况异常协调。</p>
</div><p>Chinese equities listed in Hong Kong rose more than 22% last year, while the yuan strengthened over 4% against the dollar, the first time stocks and currency rallied together since 2017.</p>
<div class="lb-trans"><p>在香港上市的中国股票去年上涨超过 22%，而人民币对美元升值超过 4%，这是自 2017 年以来股票和货币首次共同上涨。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2026/01/image-237-1024x501.png" alt="" original-src="https://invezz.com/wp-content/uploads/2026/01/image-237-1024x501.png"/></p>
<p>Source: Bloomberg</p>
<div class="lb-trans"><p>来源：彭博社</p>
</div><p>Forward valuations remain low at around 11 times earnings, even as earnings growth forecasts climb toward the mid-teens for 2026 and 2027.</p>
<div class="lb-trans"><p>尽管盈利增长预测在 2026 年和 2027 年接近中位数的十几倍，但前瞻性估值仍然较低，约为 11 倍盈利。</p>
</div><p>Several global banks now expect further yuan strength, with forecasts clustered between 6.5 and 6.8 per dollar.</p>
<div class="lb-trans"><p>几家全球银行现在预计人民币将进一步升值，预测集中在每美元 6.5 到 6.8 之间。</p>
</div><p>A firmer currency improves dollar-based equity returns and reinforces capital inflows.</p>
<div class="lb-trans"><p>更强的货币改善了以美元计价的股票回报，并增强了资本流入。</p>
</div><p>At the same time, China’s export performance, stable banking system and renewed focus on advanced manufacturing have softened concerns about the economy’s weaker areas.</p>
<div class="lb-trans"><p>与此同时，中国的出口表现、稳定的银行系统和对先进制造业的重新关注缓解了对经济弱点的担忧。</p>
</div><p>Property and consumption remain problems, although they are no longer the only lens through which investors view the market.</p>
<div class="lb-trans"><p>房地产和消费仍然是问题，尽管它们不再是投资者看待市场的唯一视角。</p>
</div><h2>The dollar and the next phase of the cycle</h2>
<div class="lb-trans"><h2>美元与下一个周期阶段</h2>
</div><p>The US dollar fell roughly 9% in 2025, its worst year since 2017. Historically, sustained periods of international equity outperformance have aligned with multi year dollar down cycles.</p>
<div class="lb-trans"><p>2025 年，美国美元下跌了大约 9%，是自 2017 年以来最糟糕的一年。从历史上看，国际股票持续超越表现的时期通常与多年的美元下行周期相一致。</p>
</div><p>The dollar enjoyed a 13-year bull run supported by higher growth, tighter policy and capital inflows.</p>
<div class="lb-trans"><p>美元经历了 13 年的牛市，得益于更高的增长、紧缩的政策和资本流入。</p>
</div><p>Those supports are no longer as strong. US debt levels are higher, growth gaps are narrowing, and rate differentials are less clear.</p>
<div class="lb-trans"><p>这些支持因素现在不再那么强劲。美国的债务水平更高，增长差距在缩小，利率差异也不再明确。</p>
</div><p>Even a stable dollar changes the arithmetic. International returns no longer need heroic assumptions to compete with US assets.</p>
<div class="lb-trans"><p>即使是稳定的美元也改变了计算方式。国际回报不再需要过于乐观的假设来与美国资产竞争。</p>
</div><p>They only need earnings growth and reasonable valuations.</p>
<div class="lb-trans"><p>它们只需要盈利增长和合理的估值。</p>
</div><p>The emerging picture is not a rejection of US markets. It is a return to balance.</p>
<div class="lb-trans"><p>新出现的局面并不是对美国市场的拒绝，而是回归平衡。</p>
</div><p>Earnings growth is spreading, leadership is rotating, and capital is rediscovering alternatives that were ignored for years.</p>
<div class="lb-trans"><p>盈利增长正在扩散，领导地位正在轮换，资本正在重新发现那些多年来被忽视的替代投资。</p>
</div><p>For investors who spent a decade watching everything converge into one trade, that may be the most important change of all.</p>
<div class="lb-trans"><p>对于那些花了十年时间观察一切趋同于一种交易的投资者来说，这可能是最重要的变化。</p>
</div><p>The post The case for global stocks over US equities is getting harder to ignore appeared first on Invezz</p>
<div class="lb-trans"><p>关于全球股票相对于美国股票的案例越来越难以忽视，最初出现在 Invezz 上。</p>
</div>

全球股票相对于美国股票的投资理由越来越难以忽视