<p>作者：Jamie Chisholm</p>
<p>高贝塔动量股在科技股暴跌中大幅下跌</p>
<p>华尔街近期经历了一些波动的交易。照片来源：ANGELA WEISS / AFP via Getty Images</p>
<p>高盛整理的一篮子波动性动量股票在周三遭遇自 COVID 疫情以来最糟糕的一天，说明当前席卷市场的科技行业焦虑迅速将许多大赢家变成了大输家。</p>
<p>高盛团队在周三晚间发布的报告中表示：&#34;我们的 ‘高贝塔’ 或不受限制的动量篮子正朝着自 2020 年以来最糟糕的一天迈进（超过了去年一月 DeepSeek 抛售后的表现）。&#34;</p>
<p>该篮子包括 Enphase Energy (ENPH)、SanDisk (SNDK)、Lumentum Holdings (LITE) 和 Western Digital (WDC)。</p>
<p>高贝塔股票是指其波动性显著高于整体市场基准的股票。动量投资策略是购买表现强劲或超越市场的股票。</p>
<p>高盛团队表示：&#34;今天的市场波动没有明显的原因，只是市场正在追逐最强的盈利修正，而在此过程中，短期表现技术指标变得过于极端。&#34;</p>
<p>他们补充说，动量篮子的下跌 - 如下图所示 - 主要是由于过去赢家的强劲表现不佳，特别关注&#34;高贝塔的周期性高飞主题&#34;，特别提到内存、稀土和非盈利科技股。</p>
<p>&#34;我们指出动量看起来被拉伸且非常拥挤（过去一年 99 百分位，过去五年 100 百分位），&#34;他们写道。</p>
<p>来源：高盛</p>
<p>高盛警告说，赢家的大规模回撤可能会造成更多痛苦，因为投资者对该策略的暴露水平很高。</p>
<p>他们还指出，近期市场行动使动量因子的波动性接近历史高位（见下图），这妨碍了该策略年初以来的最佳开局。</p>
<p>来源：高盛</p>
<p>与之前动量的重大波动 - 如 DeepSeek 冲击或 COVID 疫苗的消息 - 不同，最新的行动更多是&#34;高波动性、技术指标拉伸和主题分散加大所致，而对一些高飞主题的预期没有变化，&#34;高盛表示。</p>
<p>&#34;然而，我们尚未看到重大恐慌或放弃的迹象，考虑到该因子的强劲表现和高位布局，我们仍然认为短期对冲在这里是有意义的，&#34;他们总结道。</p>
<p>-Jamie Chisholm</p>
<p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻通讯</p>
<p>02-05-26 0641ET</p>

Enphase 能源

ENPX

闪迪

西部数据

Lumentum控股

<p>华尔街的高贝塔动量股票经历了自 COVID 疫情以来最糟糕的一天，摩根士丹利指出，这一下降归因于缺乏强劲的盈利修正和极端的短期表现技术指标。受影响的关键股票包括 Enphase Energy、SanDisk、Lumentum Holdings 和 Western Digital。摩根士丹利警告称，过去赢家的持续表现不佳可能会导致市场进一步痛苦，尽管目前尚无恐慌迹象。他们建议由于波动性升高，短期对冲和在动量策略中的布局</p>

<p>By Jamie Chisholm</p>
<div class="lb-trans"><p>作者：Jamie Chisholm</p>
</div><p>High beta momentum names dive amid tech rout</p>
<div class="lb-trans"><p>高贝塔动量股在科技股暴跌中大幅下跌</p>
</div><p>Wall Street has suffered some volatile trading is recent days. Photo by ANGELA WEISS / AFP via Getty Images</p>
<div class="lb-trans"><p>华尔街近期经历了一些波动的交易。照片来源：ANGELA WEISS / AFP via Getty Images</p>
</div><p>A basket of volatile momentum stocks collated by Goldman Sachs suffered on Wednesday its worst session since the COVID pandemic, illustrating how the tech-sector angst currently roiling markets has swiftly turned many big winners into big losers.</p>
<div class="lb-trans"><p>高盛整理的一篮子波动性动量股票在周三遭遇自 COVID 疫情以来最糟糕的一天，说明当前席卷市场的科技行业焦虑迅速将许多大赢家变成了大输家。</p>
</div><p>&#34;Our 'high beta' or unconstrained momentum basket is on track for its worst day since 2020 (surpassing the post-DeepSeek selloff last January),&#34; said a team at Goldman led by Guillaume Soria in a note published late Wednesday.</p>
<div class="lb-trans"><p>高盛团队在周三晚间发布的报告中表示：&#34;我们的 ‘高贝塔’ 或不受限制的动量篮子正朝着自 2020 年以来最糟糕的一天迈进（超过了去年一月 DeepSeek 抛售后的表现）。&#34;</p>
</div><p>That basket includes Enphase Energy (ENPH), SanDisk (SNDK), Lumentum Holdings (LITE) and Western Digital (WDC).</p>
<div class="lb-trans"><p>该篮子包括 Enphase Energy (ENPH)、SanDisk (SNDK)、Lumentum Holdings (LITE) 和 Western Digital (WDC)。</p>
</div><p>A high-beta stock is one that is significantly more volatile than the overall market benchmark. The momentum investing strategy is buying stocks that have been showing strong performance, or outperformance.</p>
<div class="lb-trans"><p>高贝塔股票是指其波动性显著高于整体市场基准的股票。动量投资策略是购买表现强劲或超越市场的股票。</p>
</div><p>&#34;There is no smoking gun for today's move, it just happens that the market is chasing the strongest earnings revisions possible, and in the midst of that, short term performance technicals got too extreme,&#34; said the Goldman team.</p>
<div class="lb-trans"><p>高盛团队表示：&#34;今天的市场波动没有明显的原因，只是市场正在追逐最强的盈利修正，而在此过程中，短期表现技术指标变得过于极端。&#34;</p>
</div><p>They added that the dive for a momentum basket - shown in the chart below - was primarily driven by the strong underperformance of past winners, with a focus on &#34;cyclical high flying themes with high beta,&#34; citing memory, rare earth and nonprofitable tech stocks in particular.</p>
<div class="lb-trans"><p>他们补充说，动量篮子的下跌 - 如下图所示 - 主要是由于过去赢家的强劲表现不佳，特别关注&#34;高贝塔的周期性高飞主题&#34;，特别提到内存、稀土和非盈利科技股。</p>
</div><p>&#34;We flagged that Momentum looked stretched and is very crowded (99th percentile over 1yr, 100th percentile over 5 yrs),&#34; they wrote.</p>
<div class="lb-trans"><p>&#34;我们指出动量看起来被拉伸且非常拥挤（过去一年 99 百分位，过去五年 100 百分位），&#34;他们写道。</p>
</div><p>Source: Goldman Sachs</p>
<div class="lb-trans"><p>来源：高盛</p>
</div><p>Goldman warned that a larger unwind of the winners could cause more pain given high levels of investor exposure to the strategy.</p>
<div class="lb-trans"><p>高盛警告说，赢家的大规模回撤可能会造成更多痛苦，因为投资者对该策略的暴露水平很高。</p>
</div><p>They also noted noted that recent market action has left the volatility of the momentum factor near historic highs (see chart below), compromising what had been the strategy's best start to a year.</p>
<div class="lb-trans"><p>他们还指出，近期市场行动使动量因子的波动性接近历史高位（见下图），这妨碍了该策略年初以来的最佳开局。</p>
</div><p>Source: Goldman Sachs</p>
<div class="lb-trans"><p>来源：高盛</p>
</div><p>Unlike some previous big moves in momentum - such as the DeepSeek shock or news of COVID vaccines - the latest action is more a &#34;consequence of elevated vols, stretched technicals, and higher thematic dispersion with no changes in expectations for some of the higher flying themes,&#34; said Goldman.</p>
<div class="lb-trans"><p>与之前动量的重大波动 - 如 DeepSeek 冲击或 COVID 疫苗的消息 - 不同，最新的行动更多是&#34;高波动性、技术指标拉伸和主题分散加大所致，而对一些高飞主题的预期没有变化，&#34;高盛表示。</p>
</div><p>&#34;However, we have not yet seen major signs of panic or capitulation, and given the very strong run for the factor and elevated positioning, we still think short term hedging makes sense here,&#34; they concluded.</p>
<div class="lb-trans"><p>&#34;然而，我们尚未看到重大恐慌或放弃的迹象，考虑到该因子的强劲表现和高位布局，我们仍然认为短期对冲在这里是有意义的，&#34;他们总结道。</p>
</div><p>-Jamie Chisholm</p>
<div class="lb-trans"><p>-Jamie Chisholm</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>此内容由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>02-05-26 0641ET</p>
<div class="lb-trans"><p>02-05-26 0641ET</p>
</div>

股市赢家经历了六年来最糟糕的一天。高盛指出，这一变动为何显得不同寻常