<p>作者：Jamie Chisholm</p>
<p>高貝塔動量股在科技股暴跌中大幅下跌</p>
<p>華爾街近期經歷了一些波動的交易。照片來源：ANGELA WEISS / AFP via Getty Images</p>
<p>高盛整理的一籃子波動性動量股票在週三遭遇自 COVID 疫情以來最糟糕的一天，説明當前席捲市場的科技行業焦慮迅速將許多大贏家變成了大輸家。</p>
<p>高盛團隊在週三晚間發佈的報告中表示：&#34;我們的 ‘高貝塔’ 或不受限制的動量籃子正朝着自 2020 年以來最糟糕的一天邁進（超過了去年一月 DeepSeek 拋售後的表現）。&#34;</p>
<p>該籃子包括 Enphase Energy (ENPH)、SanDisk (SNDK)、Lumentum Holdings (LITE) 和 Western Digital (WDC)。</p>
<p>高貝塔股票是指其波動性顯著高於整體市場基準的股票。動量投資策略是購買表現強勁或超越市場的股票。</p>
<p>高盛團隊表示：&#34;今天的市場波動沒有明顯的原因，只是市場正在追逐最強的盈利修正，而在此過程中，短期表現技術指標變得過於極端。&#34;</p>
<p>他們補充説，動量籃子的下跌 - 如下圖所示 - 主要是由於過去贏家的強勁表現不佳，特別關注&#34;高貝塔的週期性高飛主題&#34;，特別提到內存、稀土和非盈利科技股。</p>
<p>&#34;我們指出動量看起來被拉伸且非常擁擠（過去一年 99 百分位，過去五年 100 百分位），&#34;他們寫道。</p>
<p>來源：高盛</p>
<p>高盛警告説，贏家的大規模回撤可能會造成更多痛苦，因為投資者對該策略的暴露水平很高。</p>
<p>他們還指出，近期市場行動使動量因子的波動性接近歷史高位（見下圖），這妨礙了該策略年初以來的最佳開局。</p>
<p>來源：高盛</p>
<p>與之前動量的重大波動 - 如 DeepSeek 衝擊或 COVID 疫苗的消息 - 不同，最新的行動更多是&#34;高波動性、技術指標拉伸和主題分散加大所致，而對一些高飛主題的預期沒有變化，&#34;高盛表示。</p>
<p>&#34;然而，我們尚未看到重大恐慌或放棄的跡象，考慮到該因子的強勁表現和高位佈局，我們仍然認為短期對沖在這裏是有意義的，&#34;他們總結道。</p>
<p>-Jamie Chisholm</p>
<p>此內容由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和《華爾街日報》獨立出版。</p>
<p>（完）道瓊斯新聞通訊</p>
<p>02-05-26 0641ET</p>

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<p>華爾街的高貝塔動量股票經歷了自 COVID 疫情以來最糟糕的一天，摩根士丹利指出，這一下降歸因於缺乏強勁的盈利修正和極端的短期表現技術指標。受影響的關鍵股票包括 Enphase Energy、SanDisk、Lumentum Holdings 和 Western Digital。摩根士丹利警告稱，過去贏家的持續表現不佳可能會導致市場進一步痛苦，儘管目前尚無恐慌跡象。他們建議由於波動性升高，短期對沖和在動量策略中的佈局</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>高貝塔動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>華爾街近期經歷了一些波動的交易。照片來源：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>高盛整理的一籃子波動性動量股票在週三遭遇自 COVID 疫情以來最糟糕的一天，説明當前席捲市場的科技行業焦慮迅速將許多大贏家變成了大輸家。</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>高盛團隊在週三晚間發佈的報告中表示：&#34;我們的 ‘高貝塔’ 或不受限制的動量籃子正朝着自 2020 年以來最糟糕的一天邁進（超過了去年一月 DeepSeek 拋售後的表現）。&#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>該籃子包括 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>高貝塔股票是指其波動性顯著高於整體市場基準的股票。動量投資策略是購買表現強勁或超越市場的股票。</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>高盛團隊表示：&#34;今天的市場波動沒有明顯的原因，只是市場正在追逐最強的盈利修正，而在此過程中，短期表現技術指標變得過於極端。&#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>他們補充説，動量籃子的下跌 - 如下圖所示 - 主要是由於過去贏家的強勁表現不佳，特別關注&#34;高貝塔的週期性高飛主題&#34;，特別提到內存、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;我們指出動量看起來被拉伸且非常擁擠（過去一年 99 百分位，過去五年 100 百分位），&#34;他們寫道。</p>
</div><p>Source: Goldman Sachs</p>
<div class="lb-trans"><p>來源：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>高盛警告説，贏家的大規模回撤可能會造成更多痛苦，因為投資者對該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>他們還指出，近期市場行動使動量因子的波動性接近歷史高位（見下圖），這妨礙了該策略年初以來的最佳開局。</p>
</div><p>Source: Goldman Sachs</p>
<div class="lb-trans"><p>來源：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>與之前動量的重大波動 - 如 DeepSeek 衝擊或 COVID 疫苗的消息 - 不同，最新的行動更多是&#34;高波動性、技術指標拉伸和主題分散加大所致，而對一些高飛主題的預期沒有變化，&#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，我們尚未看到重大恐慌或放棄的跡象，考慮到該因子的強勁表現和高位佈局，我們仍然認為短期對沖在這裏是有意義的，&#34;他們總結道。</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>此內容由 MarketWatch 創作，MarketWatch 由道瓊斯公司運營。MarketWatch 與道瓊斯新聞通訊和《華爾街日報》獨立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道瓊斯新聞通訊</p>
</div><p>02-05-26 0641ET</p>
<div class="lb-trans"><p>02-05-26 0641ET</p>
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股市贏家經歷了六年來最糟糕的一天。高盛指出，這一變動為何顯得不同尋常