<p>華爾街在 2025 年又交出了一年穩健的收益，但將資金投入海外的美國投資者將會顯著超越國內基準。</p>
<p>標準普爾 500 指數 – 由 <strong>先鋒標準普爾 500 ETF</strong>（NYSE: VOO）跟蹤 – 截至 12 月 18 日，今年迄今已上漲 15%，再次受到大型科技股強勁表現的支持。該行業持續受益於對人工智能、雲投資和半導體需求的持續熱情。</p>
<p>科技股大約佔標準普爾 500 指數權重的三分之一，由 <strong>科技精選行業 SPDR 基金</strong>（NYSE: XLK）跟蹤，今年迄今已上漲近 30%。</p>
<p>儘管如此，美國股票的表現遠遠落後於一些海外市場，後者在增長預期改善、估值追趕以及週期性和金融行業表現強勁的背景下，收益大幅上升。</p>
<p>“國際市場的超越是 2025 年一個被低估的故事，”<strong>黑石</strong> 首席投資官 <strong>海倫·朱爾</strong> 表示。</p>
<h2>這 20 個股票市場在今年擊敗了華爾街</h2>
<p><strong>韓國</strong> 和 <strong>秘魯</strong> 的股票領跑全球收益，今年迄今均上漲超過 80%。韓國股票受益於半導體收益的急劇反彈和出口勢頭的改善，而秘魯市場則因金屬價格上漲而受到提振。</p>
<p>南歐市場同樣表現突出。<strong>西班牙</strong> 和 <strong>希臘</strong> 的股票上漲超過 75%，而 <strong>意大利</strong> 上漲 54%。</p>
<p>資源豐富的經濟體同樣交出了引人注目的收益。<strong>南非</strong>、<strong>哥倫比亞</strong>、<strong>智利</strong> 和 <strong>巴西</strong> 的股票均上漲超過 45%，反映出商品價格上漲、貨幣穩定以及礦業和能源生產者的盈利前景改善。</p>
<p>與此同時，貿易和關税相關擔憂的緩解幫助 <strong>越南、墨西哥和加拿大</strong> 等市場的表現超過標準普爾 500 指數的收益，翻倍增長。</p>
<table>
<thead>
<tr>
<th>國家</th>
<th>ETF 名稱（交易所：代碼）</th>
<th>年初至今收益</th>
</tr>
</thead>
<tbody>
<tr>
<td>韓國</td>
<td><strong>iShares MSCI South Korea ETF</strong> (NYSE: EWY)</td>
<td>80.96%</td>
</tr>
<tr>
<td>秘魯</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>希臘</td>
<td><strong>Global X MSCI Greece ETF</strong> (NYSE: GREK)</td>
<td>75.18%</td>
</tr>
<tr>
<td>波蘭</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>奧地利</td>
<td><strong>iShares MSCI Austria ETF</strong> (NYSE: EWO)</td>
<td>69.59%</td>
</tr>
<tr>
<td>哥倫比亞</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>芬蘭</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>比利時</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>德國</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>接下來會發生什麼</h2>
<p>根據摩根大通資產管理公司最新的投資展望，投資者應 “確保他們的投資組合不會過於集中於美國科技股，即使美國的反彈可能成功延續到 2026 年。”</p>
<p>摩根大通資產管理公司的市場策略師 <strong>凱倫·沃德</strong> 表示，全球股票表現的下一個階段可能會偏向於那些盈利增長和估值，而不是敍事勢頭推動收益的市場。</p>
<p>歐洲股票相對於美國股票和其他資產類別仍然具有吸引力的估值，而中國——儘管從 2024 年初的低點反彈近 80%——可能會在盈利恢復和估值擴張的支持下繼續以更温和的速度前進。</p>
<p>韓國、台灣和香港等市場在美聯儲降息週期中歷史上表現良好，因其週期性暴露和在技術、資本品和醫療保健等長期行業的集中。</p>
<p>日本股票同樣表現突出，但沃德警告稱，日元波動可能會影響總回報。</p>
<p>該公司補充道，“區域多樣化不僅可以降低風險；它還可以增強收益，” 特別是如果圍繞美國人工智能主題的熱情開始降温。</p>
<p><strong>接下來閲讀：</strong></p>
<ul>
<li>特朗普説 ‘鑽探，寶貝，鑽探’：油公司在 55 美元原油下的回答是 ‘我們不能’</li>
</ul>
<p><em>照片來源：Shutterstock</em></p>

<p>全球股市在 2025 年表現優於華爾街，韓國、秘魯和歐洲的漲幅顯著。標準普爾 500 指數年初至今上漲了 15%，主要受科技股推動。然而，以韓國和秘魯為首的國際市場上漲超過 80%。歐洲和資源豐富的經濟體也實現了可觀的增長。摩根大通建議在 2026 年將投資組合多元化，超越美國科技股，以獲得更好的回報</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>華爾街在 2025 年又交出了一年穩健的收益，但將資金投入海外的美國投資者將會顯著超越國內基準。</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>標準普爾 500 指數 – 由 <strong>先鋒標準普爾 500 ETF</strong>（NYSE: VOO）跟蹤 – 截至 12 月 18 日，今年迄今已上漲 15%，再次受到大型科技股強勁表現的支持。該行業持續受益於對人工智能、雲投資和半導體需求的持續熱情。</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>科技股大約佔標準普爾 500 指數權重的三分之一，由 <strong>科技精選行業 SPDR 基金</strong>（NYSE: XLK）跟蹤，今年迄今已上漲近 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>儘管如此，美國股票的表現遠遠落後於一些海外市場，後者在增長預期改善、估值追趕以及週期性和金融行業表現強勁的背景下，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>“國際市場的超越是 2025 年一個被低估的故事，”<strong>黑石</strong> 首席投資官 <strong>海倫·朱爾</strong> 表示。</p>
</div><h2>These 20 Equity Markets Crushed Wall Street This Year</h2>
<div class="lb-trans"><h2>這 20 個股票市場在今年擊敗了華爾街</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>韓國</strong> 和 <strong>秘魯</strong> 的股票領跑全球收益，今年迄今均上漲超過 80%。韓國股票受益於半導體收益的急劇反彈和出口勢頭的改善，而秘魯市場則因金屬價格上漲而受到提振。</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>南歐市場同樣表現突出。<strong>西班牙</strong> 和 <strong>希臘</strong> 的股票上漲超過 75%，而 <strong>意大利</strong> 上漲 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>資源豐富的經濟體同樣交出了引人注目的收益。<strong>南非</strong>、<strong>哥倫比亞</strong>、<strong>智利</strong> 和 <strong>巴西</strong> 的股票均上漲超過 45%，反映出商品價格上漲、貨幣穩定以及礦業和能源生產者的盈利前景改善。</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>與此同時，貿易和關税相關擔憂的緩解幫助 <strong>越南、墨西哥和加拿大</strong> 等市場的表現超過標準普爾 500 指數的收益，翻倍增長。</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>國家</th>
<th>ETF 名稱（交易所：代碼）</th>
<th>年初至今收益</th>
</tr>
</thead>
<tbody>
<tr>
<td>韓國</td>
<td><strong>iShares MSCI South Korea ETF</strong> (NYSE: EWY)</td>
<td>80.96%</td>
</tr>
<tr>
<td>秘魯</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>希臘</td>
<td><strong>Global X MSCI Greece ETF</strong> (NYSE: GREK)</td>
<td>75.18%</td>
</tr>
<tr>
<td>波蘭</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>奧地利</td>
<td><strong>iShares MSCI Austria ETF</strong> (NYSE: EWO)</td>
<td>69.59%</td>
</tr>
<tr>
<td>哥倫比亞</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>芬蘭</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>比利時</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>德國</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>接下來會發生什麼</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>根據摩根大通資產管理公司最新的投資展望，投資者應 “確保他們的投資組合不會過於集中於美國科技股，即使美國的反彈可能成功延續到 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>摩根大通資產管理公司的市場策略師 <strong>凱倫·沃德</strong> 表示，全球股票表現的下一個階段可能會偏向於那些盈利增長和估值，而不是敍事勢頭推動收益的市場。</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>歐洲股票相對於美國股票和其他資產類別仍然具有吸引力的估值，而中國——儘管從 2024 年初的低點反彈近 80%——可能會在盈利恢復和估值擴張的支持下繼續以更温和的速度前進。</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>韓國、台灣和香港等市場在美聯儲降息週期中歷史上表現良好，因其週期性暴露和在技術、資本品和醫療保健等長期行業的集中。</p>
</div><p>Japanese equities also stand out, but Ward warns that yen volatility could affect total returns.</p>
<div class="lb-trans"><p>日本股票同樣表現突出，但沃德警告稱，日元波動可能會影響總回報。</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>該公司補充道，“區域多樣化不僅可以降低風險；它還可以增強收益，” 特別是如果圍繞美國人工智能主題的熱情開始降温。</p>
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</div><p><em>Photo: Shutterstock</em></p>
<div class="lb-trans"><p><em>照片來源：Shutterstock</em></p>
</div>

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