---
title: "策略師：對美股科技泡沫的擔憂過度了"
description: "Pepperstone Group 的資深研究策略師 Michael Brown 認為，對美股科技泡沫的擔憂過度。他指出，推動標普 500 指數漲幅的科技七巨頭當前估值與過去五年平均值相當，且這些股票在此期間總回報率超過 300%。在盈利增長強勁、經濟基本面韌性及貨幣政策寬鬆的背景下，市場整體仍將延續上行趨勢。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/260154405.md"
published_at: "2025-10-07T11:29:33.000Z"
---

# 策略師：對美股科技泡沫的擔憂過度了

> Pepperstone Group 的資深研究策略師 Michael Brown 認為，對美股科技泡沫的擔憂過度。他指出，推動標普 500 指數漲幅的科技七巨頭當前估值與過去五年平均值相當，且這些股票在此期間總回報率超過 300%。在盈利增長強勁、經濟基本面韌性及貨幣政策寬鬆的背景下，市場整體仍將延續上行趨勢。

Pepperstone Group 的資深研究策略師 Michael Brown 認為，對科技泡沫的擔憂過度了。他表示，近年來推動標普 500 指數大部分漲幅的科技七巨頭當前估值與過去五年的平均值基本相當。“若有人現在告訴我這些股票已高估五年之久，那麼必須指出：這七隻股票在此期間總回報率超過 300%，且未來數月仍有進一步上漲空間，” Brown 表示。“事實上，在盈利增長依然強勁、經濟基本面保持韌性、貨幣政策環境日益寬鬆的背景下，市場整體仍將延續上行趨勢 —— 這仍是當前阻力最小的路徑。”

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