不相信“假曙光”？美股小盘股创新高，投资者忙于落袋为安

Core Insights - The small-cap sector in the U.S. stock market has shown strong performance recently, with investors cashing in on profits after years of losses, particularly in the Russell 2000 index [1][4] - Despite the recent gains, investor confidence remains fragile due to past experiences of false dawns in the small-cap sector [2][4] - The Russell 2000 index is the last major U.S. stock index to reach a historical high after the recent bear market, taking four years to recover [4] Fund Flows and Market Sentiment - Approximately $5.4 billion has been withdrawn from the iShares Russell 2000 ETF this year, even as the index reaches new highs [1] - The small-cap sector has experienced its longest consecutive weekly gains in five years, driven by expectations of further interest rate cuts [4] - However, there is a general unease in the market, with high-risk assets, including small-cap stocks and cryptocurrencies, appearing overvalued [4][5] Analyst Perspectives - Analysts suggest that the recent small-cap trading related to interest rate cuts may have ended, recommending a shift back to AI-related stocks [5] - There is a notable discrepancy between the Russell 2000 index's gains and the outflows from its associated ETF, indicating a potential rotation of funds towards large-cap stocks [7] - Investors may need to wait several months or even longer for small-cap stocks to perform on par with large-cap stocks before reallocating funds back into the small-cap sector [7] Future Outlook - For small-cap stocks to attract sustained inflows, a more favorable business environment is necessary, which would allow them to outperform large-cap stocks [7]