---
title: "瑞銀下調美股評級，警告政策和估值等多重風險"
description: "瑞銀將美股評級下調至中性配置，維持對新興市場股票的超配。該行指出，美國市場面臨多重風險，包括低經營槓桿、美元下行風險、平淡的回購收益率及高估值。策略團隊表示，美國市場相對於全球市場的回撤幅度創近 15 年來最大。"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/277232015.md"
published_at: "2026-02-27T17:23:49.000Z"
---

# 瑞銀下調美股評級，警告政策和估值等多重風險

> 瑞銀將美股評級下調至中性配置，維持對新興市場股票的超配。該行指出，美國市場面臨多重風險，包括低經營槓桿、美元下行風險、平淡的回購收益率及高估值。策略團隊表示，美國市場相對於全球市場的回撤幅度創近 15 年來最大。

瑞銀將美股在其 100% 股票投資組合中的評級下調至基準，即中性配置，同時維持對新興市場股票的超配。該行指出，美國市場面臨多重不利因素，包括與其他地區相比經營槓桿低、美元存在下行風險、回購收益率表現平淡以及估值高企。 “按美元計，美國市場相對於全球市場的回撤幅度創近 15 年來最大，” Andrew Garthwaite 帶領的策略團隊在 2 月 27 日的客户報告中表示。“儘管人工智能興起、美國經濟增長遠超預期，以及美國總統特朗普撤回部分關税”

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