中文摘要：
高盛集团（Goldman Sachs）表示，越来越多的美国投资者正在加大对日本股市的投资，尤其集中于科技和人工智能板块。受日元走强以及日本首相高市早苗的刺激政策推动，今年以来以美元计价的日本股市表现远超美国市场。高盛日本股票策略主管布鲁斯·柯克（Bruce Kirk）称，美国资金流入的速度为“安倍经济学”以来最快。日经225指数今年以美元计价上涨约30%，而标普500指数仅上涨14%。高盛认为，这一趋势可能标志着日本股市进入新的阶段，驱动力将从价值股转向成长股。尽管日经已进入超买区间，但分析人士预计短期整固后资金仍将持续流入。
全文（中英对照）:
Goldman Sees US Investors Flocking to Japan as Nikkei Surges
高盛称美国投资者涌入日本市场 日经飙升吸引资金
US investors are increasingly buying Japanese stocks focused on tech and artificial intelligence, lured by the country’s outsized returns compared with US stocks, according to Goldman Sachs Group Inc.
据高盛集团称，美国投资者正越来越多地买入日本股票，尤其集中在科技和人工智能板块，被日本股市相较美国市场更高的回报率所吸引。
“The increase in US flows is now moving at the fastest pace we’ve seen since Abenomics,” said Bruce Kirk, the bank’s chief Japan equity strategist.
高盛日本股票策略主管布鲁斯·柯克表示：“美国资金流入的速度已达到自‘安倍经济学’以来的最高水平。”
US investor active participation in Japanese equities is at the highest level since October 2022, Kirk said, adding that he gets frequent requests for meetings.
柯克称，美国投资者对日本股市的活跃参与度已达到自2022年10月以来的最高点，并补充说他经常收到会议请求。
The inflow of US funds reflects the strong performance of Japanese equities in dollar terms this year.
美国资金的流入反映出今年以来日本股市以美元计价的强劲表现。
They have been helped by a 2.5% gain in the yen and renewed optimism driven by the pro-stimulus policies of Prime Minister Sanae Takaichi.
日元上涨2.5%以及首相高市早苗的刺激政策重燃的市场乐观情绪，都推动了这一趋势。
The benchmark Nikkei 225 index has climbed about 30% in dollar terms this year, far outpacing the S&P 500 index’s 14% gain.
以美元计，日经225指数今年上涨约30%，远超标普500指数的14%涨幅。
Rising participation from US funds could mark a turning point for Japan’s equity market, signaling a potential shift in drivers to growth-oriented shares from value stocks.
美国资金的增加可能标志着日本股市的一个转折点，驱动力可能从价值股转向成长股。
Driven by pro-investor initiatives from the Tokyo Stock Exchange and the government, value stocks have outperformed growth stocks for four consecutive years since 2021.
在东京证券交易所和日本政府推动的“亲投资者政策”下，自2021年以来价值股已连续四年跑赢成长股。
“It’s very significant that you’ve got more US participation coming and they tend to gravitate toward tech and AI-related themes,” Kirk said in an interview on Nov. 6.
柯克在11月6日接受采访时表示：“更多美国投资者的加入非常重要，他们通常倾向于投资科技和人工智能相关主题。”
Kirk sees further upside in foreign fund inflows as global investors’ net positions in Japanese equities remain light compared with the peak of Abenomics, leaving room for further buying.
柯克认为，随着全球投资者在日本股票中的净持仓仍低于“安倍经济学”时期的高点，未来外国资金流入仍有上升空间。
Global investors’ continued diversification needs will likely sustain that trend, he said.
他说，全球投资者持续的资产多元化需求可能会支撑这一趋势。
Foreign investors bought a net 384 billion yen ($2.5 billion) of Japanese equities in cash and futures in the last two weeks of October, according to data released by Japan Exchange Group.
根据日本交易所集团发布的数据，外国投资者在10月最后两周净买入3840亿日元（约合25亿美元）的日本股票和期货。
Even so, given that the Nikkei entered overbought territory in late October, Kirk said he would not be surprised to see the market consolidate.
尽管如此，考虑到日经指数在10月底进入超买区间，柯克表示，他不会惊讶于市场出现阶段性盘整。