China Galaxy Securities: In the medium to long term, the US stock market still has upside potential based on technological innovation and profit resilience, but the valuation is high. There is a risk of a pullback if the economy slows down.

date
11/08/2025
Galaxy Securities' research report states that major global stock markets are performing well, with weakened US non-farm data enhancing expectations of a rate cut in September, boosting US stocks and global risk appetite. US tech giants' financial reports generally exceeded expectations, especially in the areas of artificial intelligence and cloud business, demonstrating resilience and further supporting market confidence. Stable growth policies and a rebound in foreign trade are driving the Asia-Pacific region. In the medium to long term, US stocks still have the potential to rise due to technological innovation and profitability resilience, but valuations are high and there is a risk of a pullback if the economy slows down.