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不相信“假曙光”?美股小盘股创新高,投资者忙于落袋为安
智通财经网· 2025-09-30 10:56
智通财经APP获悉,美国股市中风险最大的板块在过去几周里表现强劲,过去四年里因小盘股而遭受过 多次损失的投资者们将这些账面收益变现。从追踪罗素 2000 指数的最大交易所交易基金(ETF)的资金流 动情况来看,投资者正在以极快的速度套取利润,而且他们的获利速度几乎与撤资速度同步。今年已有 约 54 亿美元资金从 iShares 罗素 2000 ETF中撤出,而该指数也已攀升至历史新高。 自疫情以来,小盘股的表现一直逊于大盘股。在 2022 年的熊市中遭受重创,并且在随后的广泛牛市中 也没有迅速反弹。该板块往往在经济繁荣、利率相对较低时表现更佳,因为许多公司没有盈利,需要借 款来维持运营。 不过,市场上的不安情绪却十分普遍。从小型企业股票到加密货币,再到毫无盈利前景的科技公司,这 些高风险资产的价格已经开始显得过高,而投资者也纷纷获利了结。 富国投资研究所全球股票与实物资产部门主管Sameer Samana说道:"不幸的是,此次降息的速度将会缓 慢且有计划性,而且企业盈利的基本前景仍不容乐观,这就是投资者纷纷获利离场的原因。" 研究公司Ned Davis Research指出,罗素指数的突破并未得到标普小盘股 ...
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]
鲍威尔鸽声助力,美小盘股强势反弹!美银、瑞银加入看多阵营
贝塔投资智库· 2025-08-26 04:02
瑞银方面也呼应了这一观点,包括肖恩·西蒙兹在内的策略师指出,"随着降息缓解资产负债表压力, 小盘股和低质量股票可能继续跑赢大盘"。截至上周五的三周内, 罗素2000指数累计上涨9%,同期纳 斯达克100指数(大盘科技股为主)仅上涨3.2% 。 瑞银策略师提到,自5月初触底以来, 罗素2000成分股公司的盈利修正幅度大幅上升 ,与指数反弹趋 势一致。此前数月,小盘股板块一直落后于整体股市,且自2021年11月以来从未创下历史新高。 上周五,鲍威尔的鸽派言论让交易员确信 降息"几乎已成定局",罗素2000指数单日大涨3.9%,创下4 月初以来最佳单日表现 。投资者随即做出反应,向iShares罗素2000 ETF(小盘股主要ETF)注入的资金 规模达到去年11月以来最高。在周一小幅下跌1%之前,这一小盘股基准指数相对纳斯达克100指数的 表现,创下2024年7月以来的最佳单周水平。 加拿大皇家银行资本市场(RBC Capital Markets)美国股票策略主管洛里·卡尔瓦西纳在报告中指出,"杰 克逊霍尔会议后,小盘股终于突破盘整",其观点聚焦鲍威尔在会议上的演讲。她表示,受投资者仓 位调整以及部分资金从大型科技 ...