<p>标准普尔 600 小型股指数年初至今仅上涨 2.0%，但小型股的走势正在向上，指数自 7 月以来回报率为 5.8%。</p>
<p>这一趋势是全球性的，目前有利的经济指标组合正在支持小型股。</p>
<p>“货币动态的变化，包括美元走弱和全球收益率上升，正在推动国际股票的上涨，” Shelton Capital Management 的首席投资官兼投资组合经理 Derek Izuel 表示。“随着国际基准现在超过美国，估值差距仍然很大，促使投资者倾向于国际小型股。目前，小型股在估值和多样化方面提供了显著的上行空间，并且具有超额收益的潜力。”</p>
<h2><em>现在最值得购买的股票是…</em></h2>
<p><em>新的 Benzinga 排名准确显示了股票的排名——根据对投资者最重要的五个关键因素进行评分。每天都有一只股票名列前茅。今天哪只股票领先？点击这里揭示今天排名最高的股票。</em></p>
<p>公共政策也对小型股产生影响，美联储计划继续降息对小型股来说是个好消息。</p>
<p>“投资者无需再寻找其他理由来看好小型股，联邦储备和货币政策就是一个原因，” 克雷顿大学海德商学院金融学教授 Robert R. Johnson 表示。“美联储似乎正在进入宽松周期。历史上，利率下降对股票，尤其是小型股来说都是利好。”</p>
<p>Johnson 指出，从 1966 年到 2023 年，当美联储降息时，标准普尔 500 指数的回报率为 16.4%，而当美联储加息时仅为 6.2%。当美联储加息时，通货膨胀明显高于降息时（4.4% 对 3.1%），因此股票投资者的实际回报差异更大。</p>
<p>“通常情况下，小型股在利率下降的环境中表现优于大型股，” Johnson 说。“当利率下降时，最大的五分之一股票的回报率为 15.8%，而最小的五分之一股票的回报率为 30.9%。”</p>
<h2>现在值得支持的 3 只小型股</h2>
<p>在一些有利因素的推动下，小型股领域为追求利润的投资者提供了许多选择。在所有条件相同的情况下，这三只股票应该位于该列表的顶部。</p>
<h3>Aehr Test Systems</h3>
<p><strong>年初至今表现：55.7%</strong></p>
<p>位于加利福尼亚州弗里蒙特的半导体设备供应商 <strong>Aehr Test System</strong>（NASDAQ:AEHR）专注于芯片行业的测试和烧录领域。随着半导体和先进封装需求的上升，AEHR 在 2025 年底时机正好。该公司轻松超越了第一季度的目标预期，并在获得几项关键合同后，在人工智能和半导体测试市场展现出强劲的势头。</p>
<p>尽管如此，AEHR 面临来自大型 OEM 的激烈竞争，并且受到半导体资本设备周期的周期性影响，这需要密切关注。然而，其一年内股价的激增表明，Aehr 在 2026 年之前走在正确的轨道上。</p>
<h3>Travelzoo</h3>
<p><strong>年初至今表现：-49.7%</strong></p>
<p>投资者可能低估了 <strong>Travelzoo</strong>（NASDAQ:TZOO），但盈利前景向好，现金流健康，一旦消费者摆脱经济焦虑，开始更多地旅行，该公司有望反弹。</p>
<p>以每股 10 美元的价格，Travelzoo 的股票是利用全球旅行预期回报的小成本。该股票可能是低利润、高风险的投资，但在消费者钱包再次打开时，它有很大的上行空间。</p>
<h3>Jazz Pharmaceuticals</h3>
<p><strong>年初至今表现：-9.8%</strong></p>
<p><strong>Jazz Pharmaceuticals</strong>（NASDAQ:JAZZ）是一家总部位于爱尔兰都柏林的生物制药公司，属于较少投机、相对安全的小型股类别。</p>
<p>该公司最近完成了一项关于 HER2 癌症治疗的有前景的研究，通常涉及化疗、靶向治疗以及有时的手术和放疗的组合。Jazz 最近还获得了 FDA 对广泛期小细胞肺癌（ES-SCLC）新组合疗法的批准。</p>
<p>在财务上，JAZZ 得到了股票市场分析师的强力支持，Truist、Leerink Partners 和美银证券（目标价 230 美元）在过去一个月内均对该股票发出了买入评级。</p>
<p>Jazz 是一项有前景的管线投资，市场上已有越来越多的商业药物，并且未来临床应用的潜力巨大。像任何生物制药股票一样，投资者需要考虑临床试验失败和监管审查；然而，到目前为止，Jazz 在这些领域主要表现良好。</p>
<h2>对小型股进行尽职调查</h2>
<p>首次投资小型股的投资者应以额外的警惕和耐心来接近这一领域。</p>
<p>“首先在流动性较低的情况下使用限价单，1-2% 的买卖差价是常见的，” 位于纽约市的 B2B Broker 首席商务官 John Murillo 表示。“多样化是关键：持有 8-12 只股票的组合或使用像 iShares Core S&amp;P Small-Cap ETF（IJR）这样的 ETF 有助于缓冲特定风险。”</p>
<p>此外，长期思维至关重要，时间跨度至少为三年（如果是战略投资，而非战术投资），因为小型股通常会经历 25% 或更高的年度回撤。“只有在允许收益复合的情况下，回报才往往偏向正面，” Murillo 补充道。</p>
<p>最后，要对小型股保持纪律。“目标是重新平衡，而不是追逐动量，” Murillo 说。“削减翻倍的头寸，并考虑在优质股票低于历史估值基准时增加投资。”</p>
<p><em>来自我们专家贡献者的编辑内容旨在为公众提供信息，而非个性化的投资建议。编辑/贡献者呈现他们的个人观点和策略，这些观点和策略并未被 Benzinga 明示或暗示地批准或认可。</em></p>
<p><em>照片：Shutterstock</em></p>

Aehr测试系统

TZOO

<p>标准普尔 600 小型股指数自 7 月以来上涨了 5.8%，这得益于有利的经济指标和美元走弱。专家建议小型股具备增长潜力，特别是在美联储放宽货币政策的背景下。推荐的三只小型股包括 Aehr 测试系统，年初至今表现为 55.7%；Travelzoo，尽管表现为-49.7% 但被低估；以及 Jazz Pharmaceuticals，下降 9.8% 但近期获得 FDA 批准，显示出潜力。投资者被建议进行多元化投资，并保持长期视角</p>

<p>The S&amp;P 600 Small Cap Index is only up 2.0% year-to-date, but the small-cap trajectory is trending to the upside, with the index returning 5.8% since July.</p>
<div class="lb-trans"><p>标准普尔 600 小型股指数年初至今仅上涨 2.0%，但小型股的走势正在向上，指数自 7 月以来回报率为 5.8%。</p>
</div><p>That trend is a worldwide one, with a favorable mix of economic indicators currently working in favor of small-cap stocks.</p>
<div class="lb-trans"><p>这一趋势是全球性的，目前有利的经济指标组合正在支持小型股。</p>
</div><p>“Shifts in currency dynamics, including the weakening U.S. dollar and higher global yields, are driving international equity gains,” said Derek Izuel, chief investment officer and portfolio manager at Shelton Capital Management. “As international benchmarks now outpace the U.S., the valuation gap remains wide, prompting investors to lean into international small caps. Right now, small caps offer significant upsides in both valuation and diversification, and they have alpha potential.”</p>
<div class="lb-trans"><p>“货币动态的变化，包括美元走弱和全球收益率上升，正在推动国际股票的上涨，” Shelton Capital Management 的首席投资官兼投资组合经理 Derek Izuel 表示。“随着国际基准现在超过美国，估值差距仍然很大，促使投资者倾向于国际小型股。目前，小型股在估值和多样化方面提供了显著的上行空间，并且具有超额收益的潜力。”</p>
</div><h2><em>The #1 Best Stock To Buy Now Is…</em></h2>
<div class="lb-trans"><h2><em>现在最值得购买的股票是…</em></h2>
</div><p><em>The new Benzinga Rankings show you exactly how stocks stack up—scoring them across five key factors that matter most to investors. Every day, one stock rises to the top. Which one is leading today? Click here to reveal the top-ranked stocks today.</em></p>
<div class="lb-trans"><p><em>新的 Benzinga 排名准确显示了股票的排名——根据对投资者最重要的五个关键因素进行评分。每天都有一只股票名列前茅。今天哪只股票领先？点击这里揭示今天排名最高的股票。</em></p>
</div><p>Public policy also weighs in with small-cap stocks, with the Fed’s plan to keep cutting rates good news for smaller stocks.</p>
<div class="lb-trans"><p>公共政策也对小型股产生影响，美联储计划继续降息对小型股来说是个好消息。</p>
</div><p>“Investors need to look no further than to the Federal Reserve and monetary policy for a reason to be bullish on small-cap stocks,” said Robert R. Johnson, professor of finance, Heider College of Business at Creighton University. “The Fed appears to be entering an easing cycle. Historically, falling interest rates have been a tailwind for stocks, but particularly for small stocks.”</p>
<div class="lb-trans"><p>“投资者无需再寻找其他理由来看好小型股，联邦储备和货币政策就是一个原因，” 克雷顿大学海德商学院金融学教授 Robert R. Johnson 表示。“美联储似乎正在进入宽松周期。历史上，利率下降对股票，尤其是小型股来说都是利好。”</p>
</div><p>Johnson notes that, from 1966 through 2023, the S&amp;P 500 returned 16.4% when the Fed was lowering interest rates and only 6.2% when the Fed was hiking rates. Inflation was also markedly higher when the Fed was hiking rates versus lowering rates (4.4% versus 3.1%), so the difference in real returns to stock investors was even greater.</p>
<div class="lb-trans"><p>Johnson 指出，从 1966 年到 2023 年，当美联储降息时，标准普尔 500 指数的回报率为 16.4%，而当美联储加息时仅为 6.2%。当美联储加息时，通货膨胀明显高于降息时（4.4% 对 3.1%），因此股票投资者的实际回报差异更大。</p>
</div><p>“Typically, small stocks outperformed large stocks in a falling interest rate environment,” Johnson said. “The largest quintile of stocks returned 15.8% when rates were falling, while the smallest quintile of stocks returned 30.9% when rates were falling.”</p>
<div class="lb-trans"><p>“通常情况下，小型股在利率下降的环境中表现优于大型股，” Johnson 说。“当利率下降时，最大的五分之一股票的回报率为 15.8%，而最小的五分之一股票的回报率为 30.9%。”</p>
</div><h2>3 Small-Cap Stocks To Back Right Now</h2>
<div class="lb-trans"><h2>现在值得支持的 3 只小型股</h2>
</div><p>With some wind in its sails, the small-cap sector has plenty of options for profit-minded portfolio players. All things being equal, these three stocks should be at the top of that list.</p>
<div class="lb-trans"><p>在一些有利因素的推动下，小型股领域为追求利润的投资者提供了许多选择。在所有条件相同的情况下，这三只股票应该位于该列表的顶部。</p>
</div><h3>Aehr Test Systems</h3>
<div class="lb-trans"><h3>Aehr Test Systems</h3>
</div><p><strong>Year-to-date performance: 55.7%</strong></p>
<div class="lb-trans"><p><strong>年初至今表现：55.7%</strong></p>
</div><p>Fremont, California, semiconductor equipment provider <strong>Aehr Test System</strong>(NASDAQ:AEHR) specializes in the test-and-burn corner of the chip sector. With semiconductor and advanced packaging demand on the rise, AEHR is in the right place at the right time in late 2025. The company easily cleared its Q1 target estimates and, after landing a few key contracts, is showing robust momentum in the AI and semiconductor testing market.</p>
<div class="lb-trans"><p>位于加利福尼亚州弗里蒙特的半导体设备供应商 <strong>Aehr Test System</strong>（NASDAQ:AEHR）专注于芯片行业的测试和烧录领域。随着半导体和先进封装需求的上升，AEHR 在 2025 年底时机正好。该公司轻松超越了第一季度的目标预期，并在获得几项关键合同后，在人工智能和半导体测试市场展现出强劲的势头。</p>
</div><p>That said, AEHR faces stiff competition from larger OEMs and is exposed to the cyclicality of the semiconductor capital equipment cycle, which warrants close attention. Yet its one-year surge in share price growth suggests Aehr is on the right track heading into 2026.</p>
<div class="lb-trans"><p>尽管如此，AEHR 面临来自大型 OEM 的激烈竞争，并且受到半导体资本设备周期的周期性影响，这需要密切关注。然而，其一年内股价的激增表明，Aehr 在 2026 年之前走在正确的轨道上。</p>
</div><h3>Travelzoo</h3>
<div class="lb-trans"><h3>Travelzoo</h3>
</div><p><strong>Year-to-date performance: -49.7%</strong></p>
<div class="lb-trans"><p><strong>年初至今表现：-49.7%</strong></p>
</div><p>Investors may be undervaluing <strong>Travelzoo</strong>(NASDAQ:TZOO), yet earnings prospects are up, cash flow is healthy, and it is poised to pop once consumers shed their economic angst and start traveling again in greater numbers.</p>
<div class="lb-trans"><p>投资者可能低估了 <strong>Travelzoo</strong>（NASDAQ:TZOO），但盈利前景向好，现金流健康，一旦消费者摆脱经济焦虑，开始更多地旅行，该公司有望反弹。</p>
</div><p>At $10 a share, Travelzoo stock is a small price to pay for leveraging the expected return on global travel. The stock may be a low-margin, high-risk play, but it has plenty of upside when consumer wallets open again.</p>
<div class="lb-trans"><p>以每股 10 美元的价格，Travelzoo 的股票是利用全球旅行预期回报的小成本。该股票可能是低利润、高风险的投资，但在消费者钱包再次打开时，它有很大的上行空间。</p>
</div><h3>Jazz Pharmaceuticals</h3>
<div class="lb-trans"><h3>Jazz Pharmaceuticals</h3>
</div><p><strong>Year-to-date performance: -9.8%</strong></p>
<div class="lb-trans"><p><strong>年初至今表现：-9.8%</strong></p>
</div><p><strong>Jazz Pharmaceuticals</strong>(NASDAQ:JAZZ), a Dublin, Ireland-based biopharma company, falls into the less speculative, safer small-cap stock category.</p>
<div class="lb-trans"><p><strong>Jazz Pharmaceuticals</strong>（NASDAQ:JAZZ）是一家总部位于爱尔兰都柏林的生物制药公司，属于较少投机、相对安全的小型股类别。</p>
</div><p>The company recently completed a promising study on HER2 cancer treatments, whichtypically involves a combination of chemotherapy, targeted therapies, and sometimes surgery and radiation. Jazz also recently received FDA approval for a new combination therapy for extensive-stage small cell lung cancer (ES-SCLC).</p>
<div class="lb-trans"><p>该公司最近完成了一项关于 HER2 癌症治疗的有前景的研究，通常涉及化疗、靶向治疗以及有时的手术和放疗的组合。Jazz 最近还获得了 FDA 对广泛期小细胞肺癌（ES-SCLC）新组合疗法的批准。</p>
</div><p>Financially, JAZZ has solid backing from stock market analysts, with Truist, Leerink Partners, and Bank of America Securities (which has a $230 target price) all issuing buy calls on the stock in the past month.</p>
<div class="lb-trans"><p>在财务上，JAZZ 得到了股票市场分析师的强力支持，Truist、Leerink Partners 和美银证券（目标价 230 美元）在过去一个月内均对该股票发出了买入评级。</p>
</div><p>Jazz is a promising pipeline play, with a growing number of commercial drugs already on the market and significant upside for future clinical applications. Like any biopharmaceutical stock, investors will need to factor in clinical trial failures and regulatory reviews; however, so far, Jazz has been mainly on the upside in these categories.</p>
<div class="lb-trans"><p>Jazz 是一项有前景的管线投资，市场上已有越来越多的商业药物，并且未来临床应用的潜力巨大。像任何生物制药股票一样，投资者需要考虑临床试验失败和监管审查；然而，到目前为止，Jazz 在这些领域主要表现良好。</p>
</div><h2>Do Your Due Diligence On Small-Cap Stocks</h2>
<div class="lb-trans"><h2>对小型股进行尽职调查</h2>
</div><p>First-time small-cap investors should approach the domain with extra vigilance and patience.</p>
<div class="lb-trans"><p>首次投资小型股的投资者应以额外的警惕和耐心来接近这一领域。</p>
</div><p>“Start by using limit orders where liquidity is thinner, and bid/ask spreads of 1–2% are common,” said John Murillo, chief business officer at B2B Broker in New York City. “Diversification is key: holding a basket of 8–12 stocks or using an ETF like iShares Core S&amp;P Small-Cap ETF (IJR) helps buffer against idiosyncratic shocks.”</p>
<div class="lb-trans"><p>“首先在流动性较低的情况下使用限价单，1-2% 的买卖差价是常见的，” 位于纽约市的 B2B Broker 首席商务官 John Murillo 表示。“多样化是关键：持有 8-12 只股票的组合或使用像 iShares Core S&amp;P Small-Cap ETF（IJR）这样的 ETF 有助于缓冲特定风险。”</p>
</div><p>Additionally, a long-term mindset is essential, with a time horizon of at least three years (if it’s a strategic, rather than tactical, investment), as small caps often experience annual drawdowns of 25% or more. “Returns tend to skew positive only when earnings compounding is allowed to play out,” Murillo added.</p>
<div class="lb-trans"><p>此外，长期思维至关重要，时间跨度至少为三年（如果是战略投资，而非战术投资），因为小型股通常会经历 25% 或更高的年度回撤。“只有在允许收益复合的情况下，回报才往往偏向正面，” Murillo 补充道。</p>
</div><p>Lastly, stay disciplined with small-cap stocks. “Aim to rebalance instead of chasing momentum,” Murillo said. “Trim positions that double, and consider adding when quality names trade below historical valuation benchmarks.”</p>
<div class="lb-trans"><p>最后，要对小型股保持纪律。“目标是重新平衡，而不是追逐动量，” Murillo 说。“削减翻倍的头寸，并考虑在优质股票低于历史估值基准时增加投资。”</p>
</div><p><em>Editorial content from our expert contributors is intended to be information for the general public and not individualized investment advice. Editors/contributors are presenting their individual opinions and strategies, which are neither expressly nor impliedly approved or endorsed by Benzinga.</em></p>
<div class="lb-trans"><p><em>来自我们专家贡献者的编辑内容旨在为公众提供信息，而非个性化的投资建议。编辑/贡献者呈现他们的个人观点和策略，这些观点和策略并未被 Benzinga 明示或暗示地批准或认可。</em></p>
</div><p><em>Photo: Shutterstock</em></p>
<div class="lb-trans"><p><em>照片：Shutterstock</em></p>
</div>

3 Small Cap Stocks To Play As The Bantamweights Break Out On Wall Street

- S&P 600 小型股指数年初至今上涨 2.0%，自 7 月以来回报 5.8%。  
- 小型股受益于货币动态变化和美联储降息政策。  
- 投资者应关注小型股的多样化和长期投资策略。  

3 只小盘股在华尔街崭露头角时可供投资