新冠疫苗問世後價值股最受益?
一年前，在輝瑞(PFE.US)/BioNTech SE(BNTX.US)新冠疫苗潛在突破帶來的樂觀情緒推動下，市場轉向押注價值型股票的表現將優於成長型股票。然而如今看來，此番押注只能說是勉強奏效。
數據顯示，自2020年11月以來，MSCI全球價值指數僅比MSCI全球成長指數高出3個百分點。此外，就在上個月，成長股表現擊敗了價值股，錄得11年來最好的月度回報率。
在新冠疫苗潛在突破的消息發佈後的一段時間內，衆多策略師認爲，經濟復甦加速和債券收益率上升將推動市場輪動，資金將涌向價值股並使其表現優於大盤。
然而，策略師們低估了谷歌母公司Alphabet(GOOGL.US)、英偉達(NVDA.US)等公司的盈利彈性，這對投資者有着持續的吸引力。投資者擔心的是，全球供應緊縮和疫情反彈將抑制經濟增長並使利率在更長時間內保持在較低水平。
盛寶銀行(Saxo Bank)股票策略主管Peter Garnry表示:“價值股的漲勢在今年5月停止，此後一直停滯不前。”“我認爲，長期來看，成長股的表現將繼續優於價值股。因爲我認爲，除非大宗商品價格和利率從目前水平大幅上升，否則短期內利潤差距不會縮小。”
作爲轉向價值股的一部分，許多券商此前還建議投資者從增長更爲強勁的美國股市轉投價格較低的歐洲股市。然而，這並沒有帶來回報，儘管歐洲銀行和能源板塊飆升，該地區的表現仍遜於美國市場。
對此，一些策略師表示，價值股漲勢仍有支撐，高盛集團、摩根大通和巴克萊最近重申了它們對價值股的偏好：摩根大通週一建議投資者購買英國股票，因爲這是一個長期受挫的市場，其股票交易價格較全球同行低38%。
值得注意的是，並非所有成長股都表現良好。雖然這兩種投資風格的表現幾乎一致，但疫苗的到來和經濟重新開放無疑給估值較高的股票帶來壓力。就在上週，由於有跡象表明疫情帶來的推動力已經消退，聯網健身自行車製造商Peloton(PTON.US)的股價遭受重創;遠程辦公軟件製造商TeamViewer AG、在線零售商Asos Plc和Boohoo Group Plc最近在歐洲市場面臨着類似的命運。
另一方面，默沙東(MRK.US)和輝瑞在新冠藥物開發方面取得的進展重新提振了旅遊和休閒類股票，其中許多股票尚未恢復到疫情前的高點。而這讓一些價值股投資者備受鼓舞，他們認爲價值股已準備好迎接下一輪漲勢。
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