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现在小盘股也不便宜了
Guo Ji Jin Rong Bao·2025-09-29 12:01

Group 1 - The small-cap stock bubble is raising alarms as they have outperformed large-cap stocks in Q3 2025, driven by a rally in technology stocks [1][2] - The Russell 2000 index has seen a gain of over 10% as of September 29, 2025, surpassing the S&P 500's approximately 7% increase [2][4] - Small-cap stocks have historically performed best during periods of Federal Reserve easing and economic recovery, but their recent performance contrasts sharply with earlier in the year [4] Group 2 - The technology sector, particularly semiconductors, has led the recent surge in small-cap stocks, with notable performers like Astera and Credo seeing gains of over 100% and 60% respectively in Q3 [5][10] - Despite the strong performance, concerns arise as the rebound is driven by a limited number of growth and tech stocks, leading to questions about overall value [11] - The forward P/E ratio for the iShares Russell 2000 ETF has reached 24.64, indicating that small-cap stocks may no longer offer the value they once did [11][12] Group 3 - The iShares Russell 2000 Growth ETF has an alarming forward P/E ratio of 36.38, suggesting a bubble similar to large-cap tech stocks [12] - Some small-cap stocks, like Oklo, have seen significant price increases without generating any revenue, raising further concerns about valuation sustainability [12] - Defensive sectors such as consumer staples and healthcare are recommended for small-cap investments, as cyclical sectors may struggle without substantial interest rate cuts [14]