美股分裂成两大阵营！AI股与其他类股多空拉锯投资人被甩得晕头转向

美国股市分裂成两大阵营的态势愈来愈明显，市场走势宛如跷跷板，一端是人工智慧(AI)概念股，另一端则是其他类股。

标普500指数周四(22日)下跌逾1%，创7月以来最差表现，但同一天仍有超过300档标普500成分股收涨。根据道琼市场数据，大盘指数与成分股之间出现如此剧烈的分歧走势，前一次发生在2025年1月。

市场戏剧性变化也反映出AI交易热潮正面临压力。CNN的「恐惧与贪婪指数」发出强烈的恐惧讯号，而10年期美国公债殖利率则创下矽谷银行(SVB)倒闭以来最大单日跌幅。

然而，通用磨坊(General Mills)(GIS-US)与金宝汤(Campbell’s)(CPB-US)等民生消费必需品类股周四分别大涨8%及8.7%，仍不足弥补热门AI概念股的跌势。

费城半导体指数(SOX)当天收黑6.72%，与6月高点相比回落逾26%，正式遁入「熊市」。投资人今年稍早大举买进被视为AI产业「瓶颈」受惠者的股票，曾推动费半指数在短短数个月内翻倍，如今却已大幅回档。

AI股与其他类股像跷跷板市场轮动加剧

Nationwide首席市场策略师Mark Hackett表示，这只是美股日益分裂成两大阵营的最新例证，2026年的交易走势开始像跷跷板，一端是AI概念股，另一端则是其他所有类股，「领涨类股出现如此频繁的变化，实属罕见。」

美国银行资产管理集团(U.S. Bank Asset Management Group)投资长Dan Farley指出，投资人在两大阵营之间反复转换，持续的来回震荡让一部分人感到晕头转向。

Farley以形容这种情况「就像坐上游乐园的旋转飞椅一样，人会被甩来甩去」。

指数与成分股走势分歧创纪录

美股多头行情已持续四年，市场对AI提升劳动生产力与企业获利的期待，推升标普500指数与科技股为主的那斯达克综合指数，使两大指数的权重愈来愈集中于被视为AI建置受惠者的企业。

标普500指数成分股的平均表现，与市场认为的AI受惠股愈来愈脱节。目前标普500市值最大的10家公司，合计约占整体指数市值的40%，由于标普500采市值加权，个股市值愈大，对指数每日涨跌的影响也愈大。

以截至周四收盘的行情来看，标普500等权重指数有望收涨，但被视为AI交易核心的费半指数则可能收跌。若周五行情没有大幅逆转，两大指数将连续第八周走势相反，创下可追溯至1990年代中期以来最长纪录。

资金仍留在市场但分析师警告恐出现同步卖压

瑞穗美洲(Mizuho Americas)股票交易部门执行董事Farzin Azarm认为，这种分歧未必全是坏事，投资人并非把资金撤出市场，而是持续在不同类股之间调整配置。

Azarm说：「类股轮动正在加速，但投资人实际上只是在市场内部重新调动资金。」

大型机构投资人、例如避险基金，也正在加速这项趋势。高盛(Goldman Sachs)主要券商业务部门近期数据显示，避险基金客户已大幅降低整体杠杆部位。

Azarm说：「去杠杆的幅度相当大，但在我看来，这其实是个好现象。」

不过，也有市场人士抱持较悲观的看法。BTIG分析师Jonathan Krinsky周四指出，2026年指数表现与市场广度之间的分歧达到极端程度。

今年超过30%的交易日中，标普500指数的涨跌方向与多数成分股相反，远高于1996年以来任何一个完整年度的纪录。若过往经验仍具参考价值，指数成分股之间如此极端的表现分歧，恐怕难以无止境地持续下去。

Krinsky写道：「我们认为，这种持续不断的类股轮动终将停止，届时市场可能出现相关性更高、各类股同步下跌的卖压。」

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"status": "0", "listView": "list.html", "articleView": "article.html", "seoTitle": "", "seoKeywords": "", "seoDescription": "", "type": "0", "dataConfig": null, "level": 1 }, "article": { "id": 21659, "cid": 25, "subCid": null, "title": "美股分裂成两大阵营！AI股与其他类股多空拉锯投资人被甩得晕头转向", "shortTitle": "美股分裂成两大阵营！AI股与其他类股多空拉锯投资人被甩得晕", "tagId": "", "attr": "", "articleView": null, "source": null, "author": "网络", "description": "标普500周四跌逾1%，费半重挫6.72%自6月高点回落逾26%，正式进入熊市。
AI股与民生消费股走势分裂，市场像跷跷板；标普500与费半恐连8周反向。
分析师指资金仍在市场内轮动，但若类股轮动停滞，恐转为同步卖压。", "img": "https://cimg.cnyes.cool/prod/news/6636398/l/f65beceae3c2934a9bd887def89f94de.jpg", "content": "<p>美国股市分裂成两大阵营的态势愈来愈明显，市场走势宛如跷跷板，一端是人工智慧(AI)概念股，另一端则是其他类股。</p>\n<p style=\"text-align:center;\"><img src=\"https://cimg.cnyes.cool/prod/news/6636398/l/f65beceae3c2934a9bd887def89f94de.jpg\" alt=\"美股分裂成两大阵营！AI股与其他类股多空拉锯投资人被甩得晕头转向\" style=\"width:50%;height:auto;border-radius:6px;margin:15px auto;display:block;\"></p>\n\n\n<p>标普500指数周四(22日)下跌逾1%，创7月以来最差表现，但同一天仍有超过300档标普500成分股收涨。根据道琼市场数据，大盘指数与成分股之间出现如此剧烈的分歧走势，前一次发生在2025年1月。</p>\n\n<p>市场戏剧性变化也反映出AI交易热潮正面临压力。CNN的「恐惧与贪婪指数」发出强烈的恐惧讯号，而10年期美国公债殖利率则创下矽谷银行(SVB)倒闭以来最大单日跌幅。</p>\n\n<p>然而，通用磨坊(General Mills)(GIS-US)与金宝汤(Campbell’s)(CPB-US)等民生消费必需品类股周四分别大涨8%及8.7%，仍不足弥补热门AI概念股的跌势。</p>\n\n<p>费城半导体指数(SOX)当天收黑6.72%，与6月高点相比回落逾26%，正式遁入「熊市」。投资人今年稍早大举买进被视为AI产业「瓶颈」受惠者的股票，曾推动费半指数在短短数个月内翻倍，如今却已大幅回档。</p>\n\n<h6>AI股与其他类股像跷跷板市场轮动加剧</h6>\n\n<p>Nationwide首席市场策略师Mark Hackett表示，这只是美股日益分裂成两大阵营的最新例证，2026年的交易走势开始像跷跷板，一端是AI概念股，另一端则是其他所有类股，「领涨类股出现如此频繁的变化，实属罕见。」</p>\n\n<p>美国银行资产管理集团(U.S. Bank Asset Management Group)投资长Dan Farley指出，投资人在两大阵营之间反复转换，持续的来回震荡让一部分人感到晕头转向。</p>\n\n<p>Farley以形容这种情况「就像坐上游乐园的旋转飞椅一样，人会被甩来甩去」。</p>\n\n<h6>指数与成分股走势分歧创纪录</h6>\n\n<p>美股多头行情已持续四年，市场对AI提升劳动生产力与企业获利的期待，推升标普500指数与科技股为主的那斯达克综合指数，使两大指数的权重愈来愈集中于被视为AI建置受惠者的企业。</p>\n\n<p>标普500指数成分股的平均表现，与市场认为的AI受惠股愈来愈脱节。目前标普500市值最大的10家公司，合计约占整体指数市值的40%，由于标普500采市值加权，个股市值愈大，对指数每日涨跌的影响也愈大。</p>\n\n<p>以截至周四收盘的行情来看，标普500等权重指数有望收涨，但被视为AI交易核心的费半指数则可能收跌。若周五行情没有大幅逆转，两大指数将连续第八周走势相反，创下可追溯至1990年代中期以来最长纪录。</p>\n\n<h6>资金仍留在市场但分析师警告恐出现同步卖压</h6>\n\n<p>瑞穗美洲(Mizuho Americas)股票交易部门执行董事Farzin Azarm认为，这种分歧未必全是坏事，投资人并非把资金撤出市场，而是持续在不同类股之间调整配置。</p>\n\n<p>Azarm说：「类股轮动正在加速，但投资人实际上只是在市场内部重新调动资金。」</p>\n\n<p>大型机构投资人、例如避险基金，也正在加速这项趋势。高盛(Goldman Sachs)主要券商业务部门近期数据显示，避险基金客户已大幅降低整体杠杆部位。</p>\n\n<p>Azarm说：「去杠杆的幅度相当大，但在我看来，这其实是个好现象。」</p>\n\n<p>不过，也有市场人士抱持较悲观的看法。BTIG分析师Jonathan Krinsky周四指出，2026年指数表现与市场广度之间的分歧达到极端程度。</p>\n\n<p>今年超过30%的交易日中，标普500指数的涨跌方向与多数成分股相反，远高于1996年以来任何一个完整年度的纪录。若过往经验仍具参考价值，指数成分股之间如此极端的表现分歧，恐怕难以无止境地持续下去。</p>\n\n<p>Krinsky写道：「我们认为，这种持续不断的类股轮动终将停止，届时市场可能出现相关性更高、各类股同步下跌的卖压。」</p>\n<div class=\"related-articles seo-links\">\n <h4>相关阅读</h4>\n <ul>\n <li><a href=\"/new/mg/article-10635.html\" title=\"〈美股盘后〉川普要求伊朗赔偿油价飙英特尔领跌晶片股费半重挫近3%\">〈美股盘后〉川普要求伊朗赔偿油价飙英特尔领跌晶片股费半重挫近3%</a></li>\n <li><a href=\"/new/mg/article-5762.html\" title=\"苹果不敌欧盟！法院驳回DMA挑战 App Store与iOS仍列守门人\">苹果不敌欧盟！法院驳回DMA挑战 App Store与iOS仍列守门人</a></li>\n <li><a href=\"/new/mg/article-27.html\" title=\"标普500卖讯浮现？分析师：VIX居高不下辉达财报也救不了美股\">标普500卖讯浮现？分析师：VIX居高不下辉达财报也救不了美股</a></li>\n <li><a href=\"/new/mg/article-6178.html\" title=\"美股重点新闻摘要2026年7月11日\">美股重点新闻摘要2026年7月11日</a></li>\n <li><a href=\"/new/mg/article-13864.html\" title=\"辉达今年在美投入近兆美元！黄仁勋：AI如水电等基础设施每个国家都要建设\">辉达今年在美投入近兆美元！黄仁勋：AI如水电等基础设施每个国家都要建设</a></li>\n <li><a href=\"/new/mg/article-4566.html\" title=\"上岗前先上学！谷歌、宾士投资的Apptronik建「机器人实训园」二代Apollo进驻采集数据\">上岗前先上学！谷歌、宾士投资的Apptronik建「机器人实训园」二代Apollo进驻采集数据</a></li>\n </ul>\n</div>", "status": 0, "pv": 7, "link": "https://news.cnyes.com/news/id/6636398", "createdAt": "2026-10-23T16:00:03.000Z", "updatedAt": "2026-10-23T20:39:35.000Z" }, "position": [ { "id": 15, "pid": 0, "name": "热点新闻", "pinyin": "new", "path": "/new", "orderBy": 0, "target": "0", "status": "0", "listView": "list.html", "articleView": "article.html", "seoTitle": "", "seoKeywords": "", "seoDescription": "", "type": "0", "dataConfig": null, "children": [ { "id": 25, "pid": 15, "name": "美股", "pinyin": "mg", "path": "/new/mg", "orderBy": 0, "target": "0", "status": "0", "listView": "list.html", "articleView": "article.html", "seoTitle": "", "seoKeywords": "", "seoDescription": "", "type": "0", "dataConfig": null, "level": 1 }, { "id": 26, "pid": 15, "name": "港股", "pinyin": "hk", "path": "/new/hk", "orderBy": 0, "target": "0", "status": "0", "listView": "list.html", "articleView": "article.html", "seoTitle": "", "seoKeywords": "", "seoDescription": "", "type": "0", "dataConfig": null, "level": 1 }, { "id": 27, "pid": 15, "name": "台股", "pinyin": "tw", "path": "/new/tw", "orderBy": 0, "target": "0", "status": "0", "listView": "list.html", "articleView": "article.html", "seoTitle": "", "seoKeywords": "", "seoDescription": "", "type": "0", "dataConfig": null, "level": 1 }, { "id": 28, "pid": 15, "name": "科技", "pinyin": "AI", "path": "/new/AI", "orderBy": 0, "target": "0", "status": "0", "listView": "list.html", "articleView": "article.html", "seoTitle": "", "seoKeywords": "", "seoDescription": "", "type": "0", "dataConfig": null, "level": 1 } ], "level": 1 }, { "id": 25, "pid": 15, "name": "美股", "pinyin": "mg", "path": "/new/mg", "orderBy": 0, "target": "0", "status": "0", "listView": "list.html", "articleView": "article.html", "seoTitle": "", "seoKeywords": "", "seoDescription": "", "type": "0", "dataConfig": null, "level": 1 } ], "_locals": {}, "cache": false }

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指数与成分股走势分歧创纪录

资金仍留在市场 但分析师警告恐出现同步卖压

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