市场观察
美股整体的宏观与板块面貌：利率、油价、资金在板块之间的流动，以及本站内部人数据的板块视角。每个交易日更新，只做公开数据的汇总，不是买卖建议。
市場觀察
美股整體的總體經濟與板塊面貌：利率、油價、資金在板塊之間的流動，以及本站內部人資料的板塊視角。每個交易日更新，只做公開資料的彙總，不是買賣建議。
Market watch
The macro and sector picture of the whole US stock market: rates, oil, how money moves between sectors, and this site's insider data seen by sector. Updated every trading day; a summary of public data, not trading advice.
宏观仪表盘
六个最影响整体估值的指标。不需要每天看，每周看一次变化方向就够了。
總經儀表板
六個最影響整體估值的指標。不需要每天看，每週看一次變化方向就夠了。
Macro dashboard
Six indicators that move valuations across the market. No need to check daily; the weekly direction is enough.
板块轮动
11个板块的表现，对照近30天内部人的有效买卖（已排除10b5-1计划、期权行权、税务代扣等，与内部人动向页口径一致）。点表头可以排序。
板塊輪動
11個板塊的表現，對照近30天內部人的有效買賣（已排除10b5-1計畫、選擇權行權、稅務代扣等，與內部人動向頁口徑一致）。點表頭可以排序。
Sector rotation
How the 11 sectors are doing, next to effective insider buying and selling over the last 30 days (10b5-1 plans, option exercises, tax withholding and similar excluded, as on the insider page). Click a column header to sort.
文章
对单一主题的长篇研究笔记，每篇附资料来源。
文章
對單一主題的長篇研究筆記，每篇附資料來源。
Articles
Long-form research notes on a single theme, each with its sources.
High rates, high oil and AI spending: the US stock market at the end of 2026
Three forces are driving US stocks at once this year: a 10-year Treasury yield near 5%, stubbornly high oil prices, and AI capital spending. This note covers the short-term signals to watch, four long-term scenarios and the main risks, and explains how to use each indicator on the Market Watch page.
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