<p>在 2026 年初，我们推出了因子轮换模型。下面的模型摘要已在 SimpleVisor 上发布：</p>
<blockquote>
<p><em>我们在 1 月 2 日推出了一种新模型，称为因子轮换模型。从历史上看，价值因子和成长因子相对于标普 500 的表现呈现出强烈的负相关性。Michael Lebowitz 在他的文章中概述了这一概念：<strong>相对轮换 - 解锁隐藏潜力第一部分。</strong> 虽然文章使用了简化的例子，但突显了我们新因子轮换模型背后的理念。</em></p>
<p><em>该模型完全配置于股票，旨在通过在价值和成长暴露之间进行战略轮换，长期超越标普 500。交易信号由我们专有的基于规则的量化模型生成。</em></p>
<p><em>该模型有两个主要配置状态：超配价值/低配成长或超配成长/低配价值。模型目标是这两个因子之间的 80/20 配置分配。交易信号可能持续一个月或超过一年。</em></p>
</blockquote>
<p>下图左侧显示，大盘成长股年初至今下跌 2.58%，而大盘价值股上涨 6.60%。第二张图比较了大盘成长股（MGK）与大盘价值股（VTV）的价格比率，显示出这种关系现在相当超卖。因此，我们的因子轮换模型中的专有计算在周三触发了交易信号，增加了成长股的配置，减少了价值股的配置。</p>
<p>正如我们在周三的 SimpleVisor 交易摘要中提到的，我们使用了 15 年的市场活动对模型进行了回测。在这段时间内，共有 43 个轮换交易信号，其中最短为 16 天，最长为 453 天。重要的是，最近的信号并没有告诉我们成长股会像去年大部分时间那样长期超越，或者价值股在今年会是表现更好的因子。然而，我们知道的是，能够在合适的时机在价值和成长之间进行轮换的投资者，远比那些投资于标普 500 的投资者要好。在周三之前，该模型的配置偏向于价值，导致其相对于标普 500 超出 3%。</p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/growth-or-value.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/growth-or-value.png"/></p>
<h3><strong>今天关注的内容</strong></h3>
<p><strong>收益</strong></p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/image-56.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/image-56.png"/></p>
<p><strong>经济</strong></p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/image-57.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/image-57.png"/></p>
<h3><strong>市场交易更新</strong></h3>
<p><strong><em>昨天，</em></strong> 我们讨论了 SaaS 行业市场的极度超卖状态。观察更广泛的市场，大型股最近承受了相当大的压力，因为市场叙事转向对这些公司投资未来回报的担忧。</p>
<p>正如我们之前提到的，估值在进入今年时一直是个问题，我们多次指出，如果未来收益预期被下调，市场将不得不重新定价股票，以与较低的未来估值假设保持一致。这就是过去一个月发生的事情。如图所示，大型成长股（MGK）已经急剧下跌。</p>
<p>从技术角度来看，MGK 正在挑战自去年三月以来的 200 日移动平均线。从背景来看，之前的抛售是由于对关税及其对收入影响的担忧。此外，相对强度接近通常与价格反转相吻合的非常超卖水平。</p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/image-1.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/image-1.jpg"/></p>
<p>此外，当观察从大型成长股到价值股的风险规避轮换时，这种轮换相当迅速。随着该比率现在接近更超卖的水平，从价值回到大型股的轮换变得更加可能。</p>
<p>虽然现在还为时已早，不宜积极买入这些公司，但过去两天的这一过程的重点在于认识到我们去年底广泛讨论的价值轮换现在已经发生。这个交易正在延续，尤其是现在零售投资者正在涌入。如图所示，价值与成长比率的先前超买状态通常导致反转。</p>
<p><em>(点击图片放大)</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/image.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/image.jpg"/></p>
<p>当前的价值轮换会持续更长时间吗？绝对会。这就是为什么我们希望继续在投资组合中保持价值方面的曝光。然而，自年初以来，成长股的价格显著下降，某个时刻将提供一个引人注目的入场点来增加持仓。</p>
<p>目前，耐心将赢得比赛。最重要的是不要惊慌，开始追逐一个非常延续、超买并已成为零售 “热潮” 的轮换交易。</p>
<p>据此交易。</p>
<h3><strong>因子轮换的圣杯</strong></h3>
<p>在 2023 年，我们向读者介绍了相对轮换的概念。文章_<strong>相对轮换，解锁隐藏潜力，</strong>_分享了一些图表，真正揭示了为什么在行业、因子甚至股票之间进行轮换是非常有意义的。让我们回顾一下这些图表，以更好地理解我们的新因子轮换模型。</p>
<p>下图的第一张图表展示了高股息 ETF（VYM）和大盘股 ETF（MGK）的价格。乍一看，它们之间的相关性相当不错，价格在相似的时间内上涨和下跌，尽管幅度不同。然而，如果我们将每个 ETF 相对于标普 500 的相对表现进行图表化，而不是价格，我们会得到完全不同的图形。正如第二张图所示，相对于标普 500 的超额收益几乎是彼此的镜像。因此，如果你能在转折点之间轮换这两个 ETF，你的投资组合将显著优于市场，正如我们在第三张图中所示。</p>
<p>我们提醒注意，这一策略具有挑战性。正确地把握轮换时机极其困难，而且，持续评估超额收益之间强烈负相关性是否依然稳健至关重要。</p>
<p><img src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/vym-mgk-1024x683.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/vym-mgk-1024x683.png"/></p>
<p><img src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/excess-returns-1024x683.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/excess-returns-1024x683.png"/></p>
<p><img src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/cumulative-returns-1536x800-1-1024x533.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/cumulative-returns-1536x800-1-1024x533.png"/></p>
<h3><strong>挑战者裁员与 JOLTS 数据指向劳动力市场疲软</strong></h3>
<p>根据挑战者裁员报告，雇主在一月份宣布裁员 108,435 人。这比十二月份增加了两倍多，是自 2009 年以来一月份的最高总数。此外，招聘计划疲软，仅宣布了 5,306 个职位——创下历史最低的一月份水平。</p>
<p>支持招聘计划评估的是 JOLTs 报告。如下所示，BLS JOLTS 职位空缺数量降至 650 万，低于预期超过 50 万。此外，职位空缺数量低于疫情前的几年水平。</p>
<p><img src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/jolts.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/jolts.png"/></p>
<h3><strong>今日推文</strong></h3>
<p><img src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/labor-market.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/labor-market.png"/></p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>礼来公司股票因 GLP-1 而上涨</p>
<p>ISM 制造业支持通货膨胀预期</p>
<p>私人信贷基金逐渐失宠</p>

标普 500 价值 ETF - Vanguard

标普 500 增长 ETF - Vanguard

标普 500 ETF - iShares

<p>因子轮换模型于 2026 年 1 月 2 日推出，旨在通过根据专有交易信号在价值股和成长股之间进行轮换，以超越标普 500。目前，大型成长股年初至今下跌 2.58%，而大型价值股上涨 6.60%。该模型显示，战略性轮换可以带来比静态标普 500 投资更好的表现。近期市场状况表明可能会重新转向成长股，但由于市场仍然波动且超买，建议保持谨慎</p>

<p>At the start of 2026, we introduced our Factor Rotation Model. The model summary below was posted in SimpleVisor:</p>
<div class="lb-trans"><p>在 2026 年初，我们推出了因子轮换模型。下面的模型摘要已在 SimpleVisor 上发布：</p>
</div><blockquote>
<p><em>We launched a new model on January 2nd called the Factor Rotation Model. Historically, the performance of value and growth factors relative to the S&amp;P 500 exhibits a strong negative correlation. Michael Lebowitz provided an overview of this concept in his piece: <strong>Relative Rotation – Unlocking the Hidden Potential Part 1.</strong> While the article uses a simplified example, it highlights the philosophy behind our new Factor Rotation Model.</em></p>
<p><em>The model is fully allocated to equities, aiming to outperform the S&amp;P 500 over the long term by strategically rotating between value and growth exposures. Trading signals are generated by our proprietary, rules-based quantitative model.</em></p>
<p><em>The model has two primary allocation states: overweight value/underweight growth or overweight growth/underweight value. The model targets an 80/20 allocation split between the two factors. Trading signals may persist for as little as one month or longer than one year.</em></p>
</blockquote>
<div class="lb-trans"><blockquote>
<p><em>我们在 1 月 2 日推出了一种新模型，称为因子轮换模型。从历史上看，价值因子和成长因子相对于标普 500 的表现呈现出强烈的负相关性。Michael Lebowitz 在他的文章中概述了这一概念：<strong>相对轮换 - 解锁隐藏潜力第一部分。</strong> 虽然文章使用了简化的例子，但突显了我们新因子轮换模型背后的理念。</em></p>
<p><em>该模型完全配置于股票，旨在通过在价值和成长暴露之间进行战略轮换，长期超越标普 500。交易信号由我们专有的基于规则的量化模型生成。</em></p>
<p><em>该模型有两个主要配置状态：超配价值/低配成长或超配成长/低配价值。模型目标是这两个因子之间的 80/20 配置分配。交易信号可能持续一个月或超过一年。</em></p>
</blockquote>
</div><p>The graph on the left below shows that large-cap growth stocks are down 2.58% year to date, while large-cap value stocks are up 6.60%. The second graph, comparing the price ratio of large-cap growth stocks (MGK) to large-cap value stocks (VTV), shows the relationship is now fairly oversold. Thus, the proprietary calculations within our factor rotation model triggered trade signals on Wednesday, adding to growth stocks and reducing value stocks.</p>
<div class="lb-trans"><p>下图左侧显示，大盘成长股年初至今下跌 2.58%，而大盘价值股上涨 6.60%。第二张图比较了大盘成长股（MGK）与大盘价值股（VTV）的价格比率，显示出这种关系现在相当超卖。因此，我们的因子轮换模型中的专有计算在周三触发了交易信号，增加了成长股的配置，减少了价值股的配置。</p>
</div><p>As we noted on Wednesday in the SimpleVisor transaction summary, we used 15 years of market activity to back-test the model. In this time span, there were 43 rotation trade signals, of which the shortest was 16 days, and the longest was 453 days. Importantly, the most recent signal is not telling us growth stocks will outperform for a long stretch as they did for much of last year, or if value will be the better-performing factor this year. What we do know, however, is that investors who can rotate between value and growth at the right times are much better off than those who invest in the S&amp;P 500. Prior to Wednesday, the model was positioned toward value, resulting in 3% outperformance versus the S&amp;P 500.</p>
<div class="lb-trans"><p>正如我们在周三的 SimpleVisor 交易摘要中提到的，我们使用了 15 年的市场活动对模型进行了回测。在这段时间内，共有 43 个轮换交易信号，其中最短为 16 天，最长为 453 天。重要的是，最近的信号并没有告诉我们成长股会像去年大部分时间那样长期超越，或者价值股在今年会是表现更好的因子。然而，我们知道的是，能够在合适的时机在价值和成长之间进行轮换的投资者，远比那些投资于标普 500 的投资者要好。在周三之前，该模型的配置偏向于价值，导致其相对于标普 500 超出 3%。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/growth-or-value.png" alt="" original-src="https://realinvestmentadvice.com/wp-content/uploads/2026/02/growth-or-value.png"/></p>
<h3><strong>What To Watch Today</strong></h3>
<div class="lb-trans"><h3><strong>今天关注的内容</strong></h3>
</div><p><strong>Earnings</strong></p>
<div class="lb-trans"><p><strong>收益</strong></p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/image-56.png" alt="" original-src="https://realinvestmentadvice.com/wp-content/uploads/2026/02/image-56.png"/></p>
<p><strong>Economy</strong></p>
<div class="lb-trans"><p><strong>经济</strong></p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/image-57.png" alt="" original-src="https://realinvestmentadvice.com/wp-content/uploads/2026/02/image-57.png"/></p>
<h3><strong>Market Trading Update</strong></h3>
<div class="lb-trans"><h3><strong>市场交易更新</strong></h3>
</div><p><strong><em>Yesterday,</em></strong> we discussed the market’s very oversold condition in the SaaS sector. Looking at the broader market, mega-cap stocks have been under considerable pressure lately as market narratives gravitate toward concerns about the future ROI of investments these companies are making.</p>
<div class="lb-trans"><p><strong><em>昨天，</em></strong> 我们讨论了 SaaS 行业市场的极度超卖状态。观察更广泛的市场，大型股最近承受了相当大的压力，因为市场叙事转向对这些公司投资未来回报的担忧。</p>
</div><p>As we have noted previously, valuations were always an issue going into this year, and we noted several times that if forward earnings expectations are revised lower, the market would have to reprice stocks lower to align with lower future valuation assumptions. That is what has been happening over the last month. As shown, the mega-cap growth stocks, as represented by MGK, have declined rather sharply.</p>
<div class="lb-trans"><p>正如我们之前提到的，估值在进入今年时一直是个问题，我们多次指出，如果未来收益预期被下调，市场将不得不重新定价股票，以与较低的未来估值假设保持一致。这就是过去一个月发生的事情。如图所示，大型成长股（MGK）已经急剧下跌。</p>
</div><p>From a technical basis, MGK is challenging its 200-Day Moving Average for the first time since last March. From a contextual standpoint, the previous selloff was driven by concerns about tariffs and their impact on revenues. Furthermore, relative strength is approaching very oversold levels that have typically coincided with price reversals.</p>
<div class="lb-trans"><p>从技术角度来看，MGK 正在挑战自去年三月以来的 200 日移动平均线。从背景来看，之前的抛售是由于对关税及其对收入影响的担忧。此外，相对强度接近通常与价格反转相吻合的非常超卖水平。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/image-1.jpg" alt="" original-src="https://realinvestmentadvice.com/wp-content/uploads/2026/02/image-1.jpg"/></p>
<p>Furthermore, when looking at the risk-off rotation from mega-cap growth stocks to value stocks, that rotation has been quite rapid. With that ratio now approaching more oversold levels, a rotation from value back to mega-cap stocks is becoming more likely.</p>
<div class="lb-trans"><p>此外，当观察从大型成长股到价值股的风险规避轮换时，这种轮换相当迅速。随着该比率现在接近更超卖的水平，从价值回到大型股的轮换变得更加可能。</p>
</div><p>While it is too soon to aggressively buy these companies, the point of this exercise over the last two days is to recognize that the rotation to value we discussed extensively late last year has now occurred. That trade is being extended, particularly now that retail investors are piling into it. As shown, previous overbought conditions in the Value-to-Growth ratio have typically led to reversals.</p>
<div class="lb-trans"><p>虽然现在还为时已早，不宜积极买入这些公司，但过去两天的这一过程的重点在于认识到我们去年底广泛讨论的价值轮换现在已经发生。这个交易正在延续，尤其是现在零售投资者正在涌入。如图所示，价值与成长比率的先前超买状态通常导致反转。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(点击图片放大)</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/image.jpg" alt="" original-src="https://realinvestmentadvice.com/wp-content/uploads/2026/02/image.jpg"/></p>
<p>Could the current value rotation continue longer? Absolutely. Such is why we want to continue to have exposure on the value side of our portfolio. However, growth stocks have become significantly cheaper since the beginning of the year, and at some point will provide a compelling entry point to add to holdings.</p>
<div class="lb-trans"><p>当前的价值轮换会持续更长时间吗？绝对会。这就是为什么我们希望继续在投资组合中保持价值方面的曝光。然而，自年初以来，成长股的价格显著下降，某个时刻将提供一个引人注目的入场点来增加持仓。</p>
</div><p>For now, patience will win the game. The most important part is not to panic and begin chasing a rotation trade that is very extended, overbought, and has become a retail “meme.”</p>
<div class="lb-trans"><p>目前，耐心将赢得比赛。最重要的是不要惊慌，开始追逐一个非常延续、超买并已成为零售 “热潮” 的轮换交易。</p>
</div><p>Trade accordingly.</p>
<div class="lb-trans"><p>据此交易。</p>
</div><h3><strong>The Holy Grail Of Factor Rotation</strong></h3>
<div class="lb-trans"><h3><strong>因子轮换的圣杯</strong></h3>
</div><p>In 2023, we introduced the concept of relative rotation to our readers. The article, <em><strong>Relative Rotation, Unlocking The Hidden Potential,</strong></em> shared a few graphs that really get to the heart of why rotating between sectors, factors, or even stocks makes a lot of sense. Let’s review them to better understand our new Factor Rotation Model.</p>
<div class="lb-trans"><p>在 2023 年，我们向读者介绍了相对轮换的概念。文章_<strong>相对轮换，解锁隐藏潜力，</strong>_分享了一些图表，真正揭示了为什么在行业、因子甚至股票之间进行轮换是非常有意义的。让我们回顾一下这些图表，以更好地理解我们的新因子轮换模型。</p>
</div><p>The first graph below charts the prices of the high-dividend ETF (VYM) and the large-cap stock ETF (MGK). At first blush, they tend to be decently correlated, rising and falling at similar times, albeit at different rates. However, if we chart the relative performance of each ETF versus the S&amp;P 500 instead of price, we get a completely different graph. As the second graph shows, the excess returns relative to the S&amp;P 500 are nearly mirror images of each other. Thus, if you can rotate between the two ETFs at the turning points, your portfolio will do significantly better than the market, as we show in the third graph.</p>
<div class="lb-trans"><p>下图的第一张图表展示了高股息 ETF（VYM）和大盘股 ETF（MGK）的价格。乍一看，它们之间的相关性相当不错，价格在相似的时间内上涨和下跌，尽管幅度不同。然而，如果我们将每个 ETF 相对于标普 500 的相对表现进行图表化，而不是价格，我们会得到完全不同的图形。正如第二张图所示，相对于标普 500 的超额收益几乎是彼此的镜像。因此，如果你能在转折点之间轮换这两个 ETF，你的投资组合将显著优于市场，正如我们在第三张图中所示。</p>
</div><p>We caution that the strategy is challenging. Correctly, timing the rotations is incredibly difficult, and, furthermore, it is of utmost importance to continually assess whether the strong negative correlation between the excess returns remains robust.</p>
<div class="lb-trans"><p>我们提醒注意，这一策略具有挑战性。正确地把握轮换时机极其困难，而且，持续评估超额收益之间强烈负相关性是否依然稳健至关重要。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/vym-mgk-1024x683.png" alt="" original-src="https://realinvestmentadvice.com/wp-content/uploads/2026/02/vym-mgk-1024x683.png"/></p>
<p><img src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/excess-returns-1024x683.png" alt="" original-src="https://realinvestmentadvice.com/wp-content/uploads/2026/02/excess-returns-1024x683.png"/></p>
<p><img src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/cumulative-returns-1536x800-1-1024x533.png" alt="" original-src="https://realinvestmentadvice.com/wp-content/uploads/2026/02/cumulative-returns-1536x800-1-1024x533.png"/></p>
<h3><strong>Challenger Job Cuts And JOLTS Point To Labor Market Weakness</strong></h3>
<div class="lb-trans"><h3><strong>挑战者裁员与 JOLTS 数据指向劳动力市场疲软</strong></h3>
</div><p>According to the Challenger Job Cuts report, employers announced 108,435 layoffs in January. That is up over 2x from December and is the highest January total since 2009. Moreover, hiring plans were weak, with just 5,306 announced — the lowest January level on record.</p>
<div class="lb-trans"><p>根据挑战者裁员报告，雇主在一月份宣布裁员 108,435 人。这比十二月份增加了两倍多，是自 2009 年以来一月份的最高总数。此外，招聘计划疲软，仅宣布了 5,306 个职位——创下历史最低的一月份水平。</p>
</div><p>Supporting the hiring plans assessment was the JOLTs report. As shown below, the BLS JOLTS job openings number fell to 6.5 million, over half a million below expectations. Further, the number of openings is below that of the few years leading up to the pandemic.</p>
<div class="lb-trans"><p>支持招聘计划评估的是 JOLTs 报告。如下所示，BLS JOLTS 职位空缺数量降至 650 万，低于预期超过 50 万。此外，职位空缺数量低于疫情前的几年水平。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/jolts.png" alt="" original-src="https://realinvestmentadvice.com/wp-content/uploads/2026/02/jolts.png"/></p>
<h3><strong>Tweet of the Day</strong></h3>
<div class="lb-trans"><h3><strong>今日推文</strong></h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://realinvestmentadvice.com/wp-content/uploads/2026/02/labor-market.png" alt="" original-src="https://realinvestmentadvice.com/wp-content/uploads/2026/02/labor-market.png"/></p>
<hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的文章：</em></p>
</div><p>Eli Lilly Shares Boosted BY GLP-1s</p>
<div class="lb-trans"><p>礼来公司股票因 GLP-1 而上涨</p>
</div><p>ISM Manufacturing Supports Reflationary Forecasts</p>
<div class="lb-trans"><p>ISM 制造业支持通货膨胀预期</p>
</div><p>Private Credit Funds Falling Out Of Favor</p>
<div class="lb-trans"><p>私人信贷基金逐渐失宠</p>
</div>

Value Or Growth Is Not A Debate, Its An Opportunity

- 2026 年初推出 “因子轮换模型”，旨在超越 S&P 500。  
- 模型基于价值与成长因子的负相关性，并首先进行了 15 年回测。  
- 最新信号显示可考虑再次轮换至成长股，需谨慎操作。

价值与增长不是一个争论的话题，而是一个机会