<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2020/06/11/19/51/mockup-5288033_960_720.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://cdn.pixabay.com/photo/2020/06/11/19/51/mockup-5288033_960_720.jpg"/></p>
<p><em>图片来源：Pixabay</em></p>
<p>我们首先来看一下近期表现的基准指数 ETF 和股票</p>
<h3>ETF 表现</h3>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>代码</strong></td>
<td><strong>名称</strong></td>
<td><strong>VE 评级</strong></td>
<td><strong>最后收盘日期</strong></td>
<td><strong>最后收盘价格</strong></td>
<td><strong>上周价格</strong></td>
<td><strong>变动</strong></td>
</tr>
<tr>
<td>QQQM</td>
<td>Invesco NASDAQ 100 ETF</td>
<td>4</td>
<td>2026-02-06</td>
<td>251.01</td>
<td>257.82</td>
<td>-2.64%</td>
</tr>
<tr>
<td>SCHD</td>
<td>Schwab 美国股息股票 ETF</td>
<td>2</td>
<td>2026-02-06</td>
<td>31.47</td>
<td>30</td>
<td>4.90%</td>
</tr>
<tr>
<td>SPYM</td>
<td>State Street SPDR S&amp;P 500 ETF</td>
<td>4</td>
<td>2026-02-06</td>
<td>81.27</td>
<td>81.84</td>
<td>-0.70%</td>
</tr>
<tr>
<td>VB</td>
<td>Vanguard 小型股指数基金 ETF</td>
<td>2</td>
<td>2026-02-06</td>
<td>277.35</td>
<td>271.74</td>
<td>2.06%</td>
</tr>
<tr>
<td>XLB</td>
<td>State Street 材料选择行业 SPDR ETF</td>
<td>3</td>
<td>2026-02-06</td>
<td>51.51</td>
<td>49.65</td>
<td>3.75%</td>
</tr>
<tr>
<td>XLC</td>
<td>State Street 通信服务选择行业 SPDR ETF</td>
<td>2</td>
<td>2026-02-06</td>
<td>115.76</td>
<td>119.67</td>
<td>-3.27%</td>
</tr>
<tr>
<td>XLE</td>
<td>State Street 能源选择行业 SPDR ETF</td>
<td>3</td>
<td>2026-02-06</td>
<td>53.25</td>
<td>50.05</td>
<td>6.39%</td>
</tr>
<tr>
<td>XLF</td>
<td>State Street 金融选择行业 SPDR ETF</td>
<td>2</td>
<td>2026-02-06</td>
<td>54.26</td>
<td>54.03</td>
<td>0.43%</td>
</tr>
<tr>
<td>XLI</td>
<td>State Street 工业选择行业 SPDR ETF</td>
<td>4</td>
<td>2026-02-06</td>
<td>173.18</td>
<td>167.53</td>
<td>3.37%</td>
</tr>
<tr>
<td>XLK</td>
<td>State Street 科技选择行业 SPDR ETF</td>
<td>5</td>
<td>2026-02-06</td>
<td>141.13</td>
<td>145.26</td>
<td>-2.84%</td>
</tr>
<tr>
<td>XLP</td>
<td>State Street 消费品选择行业 SPDR 收入 ETF</td>
<td>2</td>
<td>2026-02-06</td>
<td>87.94</td>
<td>84.5</td>
<td>4.07%</td>
</tr>
<tr>
<td>XLRE</td>
<td>State Street 房地产选择行业 SPDR ETF</td>
<td>1</td>
<td>2026-02-06</td>
<td>41.99</td>
<td>40.96</td>
<td>2.51%</td>
</tr>
<tr>
<td>XLU</td>
<td>State Street 公用事业选择行业 SPDR ETF</td>
<td>2</td>
<td>2026-02-06</td>
<td>43.35</td>
<td>42.62</td>
<td>1.71%</td>
</tr>
<tr>
<td>XLV</td>
<td>State Street 医疗保健选择行业 SPDR ETF</td>
<td>3</td>
<td>2026-02-06</td>
<td>157.71</td>
<td>155.69</td>
<td>1.30%</td>
</tr>
<tr>
<td>XLY</td>
<td>State Street 消费品选择行业 SPDR 收入 ETF</td>
<td>1</td>
<td>2026-02-06</td>
<td>117.99</td>
<td>121.97</td>
<td>-3.26%</td>
</tr>
</tbody>
</table>
<p>当前 ValuEngine 对所有覆盖股票和 ETF 的报告可以在此查看</p>
<h3><strong>全球前三大股票表现者</strong></h3>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>代码</strong></td>
<td><strong>名称</strong></td>
<td><strong>VE 评级</strong></td>
<td><strong>最后收盘日期</strong></td>
<td><strong>最后收盘价格</strong></td>
<td><strong>30 天前价格</strong></td>
<td><strong>差异</strong></td>
</tr>
<tr>
<td>KMTUY</td>
<td>小松株式会社</td>
<td>4</td>
<td>2026-02-06</td>
<td>46.28</td>
<td>34.54</td>
<td>33.99%</td>
</tr>
<tr>
<td>STX</td>
<td>希捷科技控股公司</td>
<td>4</td>
<td>2026-02-06</td>
<td>429.32</td>
<td>321.48</td>
<td>33.54%</td>
</tr>
<tr>
<td>MT</td>
<td>阿塞洛米塔尔公司</td>
<td>5</td>
<td>2026-02-06</td>
<td>61.3</td>
<td>47.85</td>
<td>28.11%</td>
</tr>
</tbody>
</table>
<h3><strong>美国前三大股票表现者</strong></h3>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>代码</strong></td>
<td><strong>名称</strong></td>
<td><strong>VE 评级</strong></td>
<td><strong>最后收盘日期</strong></td>
<td><strong>最后收盘价格</strong></td>
<td><strong>30 天前价格</strong></td>
<td><strong>差异</strong></td>
</tr>
<tr>
<td>LITE</td>
<td>Lumentum Holdings Inc</td>
<td>5</td>
<td>2026-02-06</td>
<td>551.99</td>
<td>339.87</td>
<td>62.41%</td>
</tr>
<tr>
<td>SNDK</td>
<td>SanDisk 公司</td>
<td>4</td>
<td>2026-02-06</td>
<td>597.95</td>
<td>389.27</td>
<td>53.61%</td>
</tr>
<tr>
<td>GLW</td>
<td>康宁公司</td>
<td>4</td>
<td>2026-02-06</td>
<td>122.16</td>
<td>87.88</td>
<td>39.01%</td>
</tr>
</tbody>
</table>
<p><strong>策略说明：</strong></p>
<p>你对上周股市表现的看法取决于你使用哪个指数 ETF 作为你的晴雨表。从丰盛到匮乏再到回归，SPYM——State Street SPDRs 的最低费用 S&amp;P 500 ETF——经历了一周过山车般的波动，堪比麦克白独白的结尾。它 “充满了声音和愤怒，却毫无意义。”</p>
<p>在总体指数水平大致不变的情况下，各种风格、规模和地域之间的剧烈轮动持续进行。价值股的表现远超成长股，而大型科技股越来越成为小型价值股和非美国股票的资金来源。结果是，尽管某些行业、国际市场和商品实现了稳健的增长，但广泛的美国基准指数却经历了波动但最终无方向的一周——这进一步强化了这样的观点：这仍然是一个股票挑选者和配置者的市场，而不是一个简单的指数驱动市场。</p>
<p>对于大型成长投资者来说，上周的表现更糟糕，因为 Invesco Nasdaq-100 ETF (QQQ) 下跌了大约 2%，而 Vanguard Growth ETF (VUG) 下跌了 2.7%，而 Vanguard Value ETF 上涨了超过 3%。简而言之，这是一个专注于与收益相关的价值机会的股票市场，而不是收益增长——一个经典的股票挑选者市场。</p>
<p>在其他市场中，iShares 新兴市场 ETF (EEM) 和 iShares MSCI EAFE ETF (EFA) 均上涨超过 1.5%，而 SPDR 黄金迷你股份 (GLDM) 上涨了 2.1%。从 SPY 和 QQQ 的角度来看，“卖出美国” 的交易继续与价值和规模轮动交易并行，大型纳斯达克 100 成分股越来越多地被用作资金来源。</p>
<p>我们现在已经过了财报季的中点，尽管还远未结束。本周有 79 家 S&amp;P 500 公司计划发布财报。其中最受关注的名字之一是评级为 5（强烈买入）的股票——<strong>Robinhood Markets (HOOD)</strong>，这是我们评级最高的经纪商。还有五家公司计划发布财报，评级为 4（买入），包括医疗保健公司 Moderna (MRNA)、Gilead Sciences (GILD) 和 CVS Health (CVS)，以及福特汽车 (F) 和半导体设备制造商应用材料 (AMAT)。</p>
<p>GILD 是 <strong>Invesco Nasdaq 生物科技 ETF (IBBQ)</strong> 中第二大持仓，这是我们唯一评级为 5（强烈买入）的医疗保健相关 ETF。值得注意的是，IBBQ 中的另外三只生物科技股票也获得了 5 的评级：<strong>阿斯利康 (AZN)、阿根克斯 (ARGX)</strong> 和 Insmed (INSM)。前两者与 “卖出美国” 的配置主题特别契合。</p>
<p>目前与 ValuEngine 评级相符的最有效的 “卖出美国” ETF 是 <strong>AdvisorShares Dorsey Wright ADR ETF (AADR)</strong>。该 ETF 本身的评级为 5，其十个最大持仓的评级也均为 5。巴西航空航天和国防公司 <strong>Embraer (ERJ)</strong> 是该 ETF 的最大持仓。此外，材料类的敞口也相当显著，Gold Fields (GFI) 在该组中占据最大配置。</p>
<p>关于大型美国成长股将持续作为其他投资资金来源的时间，意见不一。对于那些认为这一趋势仍处于早期阶段的人来说，以下几只高评级的 ETF 和股票尤为突出。</p>
<hr/>
<p><em>更多来自此作者的文章：</em></p>
<p>一月以对美元的重新稳定感知结束</p>
<p>&#34;卖出美国&#34; - 本周成为焦点的交易趋势</p>
<p>每周策略更新和 ETF 回顾</p>

2 倍做多 Robinhood ETF - Leverage Shares

AdvisorShares Dorsey Wright美国存托凭证ETF

HOOD

2 倍做多 HOOD ETF - T-Rex

<p>基准指数 ETF 的近期表现显示出风格、规模和地区之间的显著轮动。价值股表现优于成长股，大型科技股为小型股和非美国股票提供了资金。市场仍然波动但缺乏方向，偏向于选股者。国际市场和商品出现了显著的涨幅。财报季持续进行，本周有 79 家标准普尔 500 指数公司发布财报，包括 Robinhood 和几家医疗保健公司。AdvisorShares Dorsey Wright ADR ETF 被强调为追求 “卖出美国” 策略的强劲选择，所有主要持股均获得高评级</p>

<p><img src="https://imageproxy.pbkrs.com/https://cdn.pixabay.com/photo/2020/06/11/19/51/mockup-5288033_960_720.jpg" alt="" original-src="https://cdn.pixabay.com/photo/2020/06/11/19/51/mockup-5288033_960_720.jpg"/></p>
<p><em>Image Source: Pixabay</em></p>
<div class="lb-trans"><p><em>图片来源：Pixabay</em></p>
</div><p>We begin with a look of recent performance for featured benchmark index ETFs and stocks</p>
<div class="lb-trans"><p>我们首先来看一下近期表现的基准指数 ETF 和股票</p>
</div><h3>ETF Performance</h3>
<div class="lb-trans"><h3>ETF 表现</h3>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Ticker</strong></td>
<td><strong>Name</strong></td>
<td><strong>VE Rating</strong></td>
<td><strong>Last Close Date</strong></td>
<td><strong>Last Close Price</strong></td>
<td><strong>Last Week Price</strong></td>
<td><strong>Change</strong></td>
</tr>
<tr>
<td>QQQM</td>
<td>Invesco NASDAQ 100 ETF</td>
<td>4</td>
<td>02-06-2026</td>
<td>251.01</td>
<td>257.82</td>
<td>-2.64%</td>
</tr>
<tr>
<td>SCHD</td>
<td>Schwab US Dividend Equity ETF</td>
<td>2</td>
<td>02-06-2026</td>
<td>31.47</td>
<td>30</td>
<td>4.90%</td>
</tr>
<tr>
<td>SPYM</td>
<td>State Street SPDR Portfolio S&amp;P 500 ETF</td>
<td>4</td>
<td>02-06-2026</td>
<td>81.27</td>
<td>81.84</td>
<td>-0.70%</td>
</tr>
<tr>
<td>VB</td>
<td>Vanguard Small-Cap Index Fund ETF</td>
<td>2</td>
<td>02-06-2026</td>
<td>277.35</td>
<td>271.74</td>
<td>2.06%</td>
</tr>
<tr>
<td>XLB</td>
<td>State Street Materials Select Sector SPDR ETF</td>
<td>3</td>
<td>02-06-2026</td>
<td>51.51</td>
<td>49.65</td>
<td>3.75%</td>
</tr>
<tr>
<td>XLC</td>
<td>State Street Com Svc Sel Sec SPDR ETF</td>
<td>2</td>
<td>02-06-2026</td>
<td>115.76</td>
<td>119.67</td>
<td>-3.27%</td>
</tr>
<tr>
<td>XLE</td>
<td>State Street Energy Select Sector SPDR ETF</td>
<td>3</td>
<td>02-06-2026</td>
<td>53.25</td>
<td>50.05</td>
<td>6.39%</td>
</tr>
<tr>
<td>XLF</td>
<td>State Street Financial Sel Sec SPDR ETF</td>
<td>2</td>
<td>02-06-2026</td>
<td>54.26</td>
<td>54.03</td>
<td>0.43%</td>
</tr>
<tr>
<td>XLI</td>
<td>State Street Industrial Select Sector SPDR ETF</td>
<td>4</td>
<td>02-06-2026</td>
<td>173.18</td>
<td>167.53</td>
<td>3.37%</td>
</tr>
<tr>
<td>XLK</td>
<td>State Street Technology Select Sector SPDR ETF</td>
<td>5</td>
<td>02-06-2026</td>
<td>141.13</td>
<td>145.26</td>
<td>-2.84%</td>
</tr>
<tr>
<td>XLP</td>
<td>State Street Cons Staples Sel Sec SPDR Inc ETF</td>
<td>2</td>
<td>02-06-2026</td>
<td>87.94</td>
<td>84.5</td>
<td>4.07%</td>
</tr>
<tr>
<td>XLRE</td>
<td>State Street Real Estate Select Sector SPDR ETF</td>
<td>1</td>
<td>02-06-2026</td>
<td>41.99</td>
<td>40.96</td>
<td>2.51%</td>
</tr>
<tr>
<td>XLU</td>
<td>State Street Utilities Select Sector SPDR ETF</td>
<td>2</td>
<td>02-06-2026</td>
<td>43.35</td>
<td>42.62</td>
<td>1.71%</td>
</tr>
<tr>
<td>XLV</td>
<td>State Street Health Care Select Sector SPDR ETF</td>
<td>3</td>
<td>02-06-2026</td>
<td>157.71</td>
<td>155.69</td>
<td>1.30%</td>
</tr>
<tr>
<td>XLY</td>
<td>State Street Cons Disc Sel Sect SPDR Income ETF</td>
<td>1</td>
<td>02-06-2026</td>
<td>117.99</td>
<td>121.97</td>
<td>-3.26%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>代码</strong></td>
<td><strong>名称</strong></td>
<td><strong>VE 评级</strong></td>
<td><strong>最后收盘日期</strong></td>
<td><strong>最后收盘价格</strong></td>
<td><strong>上周价格</strong></td>
<td><strong>变动</strong></td>
</tr>
<tr>
<td>QQQM</td>
<td>Invesco NASDAQ 100 ETF</td>
<td>4</td>
<td>2026-02-06</td>
<td>251.01</td>
<td>257.82</td>
<td>-2.64%</td>
</tr>
<tr>
<td>SCHD</td>
<td>Schwab 美国股息股票 ETF</td>
<td>2</td>
<td>2026-02-06</td>
<td>31.47</td>
<td>30</td>
<td>4.90%</td>
</tr>
<tr>
<td>SPYM</td>
<td>State Street SPDR S&amp;P 500 ETF</td>
<td>4</td>
<td>2026-02-06</td>
<td>81.27</td>
<td>81.84</td>
<td>-0.70%</td>
</tr>
<tr>
<td>VB</td>
<td>Vanguard 小型股指数基金 ETF</td>
<td>2</td>
<td>2026-02-06</td>
<td>277.35</td>
<td>271.74</td>
<td>2.06%</td>
</tr>
<tr>
<td>XLB</td>
<td>State Street 材料选择行业 SPDR ETF</td>
<td>3</td>
<td>2026-02-06</td>
<td>51.51</td>
<td>49.65</td>
<td>3.75%</td>
</tr>
<tr>
<td>XLC</td>
<td>State Street 通信服务选择行业 SPDR ETF</td>
<td>2</td>
<td>2026-02-06</td>
<td>115.76</td>
<td>119.67</td>
<td>-3.27%</td>
</tr>
<tr>
<td>XLE</td>
<td>State Street 能源选择行业 SPDR ETF</td>
<td>3</td>
<td>2026-02-06</td>
<td>53.25</td>
<td>50.05</td>
<td>6.39%</td>
</tr>
<tr>
<td>XLF</td>
<td>State Street 金融选择行业 SPDR ETF</td>
<td>2</td>
<td>2026-02-06</td>
<td>54.26</td>
<td>54.03</td>
<td>0.43%</td>
</tr>
<tr>
<td>XLI</td>
<td>State Street 工业选择行业 SPDR ETF</td>
<td>4</td>
<td>2026-02-06</td>
<td>173.18</td>
<td>167.53</td>
<td>3.37%</td>
</tr>
<tr>
<td>XLK</td>
<td>State Street 科技选择行业 SPDR ETF</td>
<td>5</td>
<td>2026-02-06</td>
<td>141.13</td>
<td>145.26</td>
<td>-2.84%</td>
</tr>
<tr>
<td>XLP</td>
<td>State Street 消费品选择行业 SPDR 收入 ETF</td>
<td>2</td>
<td>2026-02-06</td>
<td>87.94</td>
<td>84.5</td>
<td>4.07%</td>
</tr>
<tr>
<td>XLRE</td>
<td>State Street 房地产选择行业 SPDR ETF</td>
<td>1</td>
<td>2026-02-06</td>
<td>41.99</td>
<td>40.96</td>
<td>2.51%</td>
</tr>
<tr>
<td>XLU</td>
<td>State Street 公用事业选择行业 SPDR ETF</td>
<td>2</td>
<td>2026-02-06</td>
<td>43.35</td>
<td>42.62</td>
<td>1.71%</td>
</tr>
<tr>
<td>XLV</td>
<td>State Street 医疗保健选择行业 SPDR ETF</td>
<td>3</td>
<td>2026-02-06</td>
<td>157.71</td>
<td>155.69</td>
<td>1.30%</td>
</tr>
<tr>
<td>XLY</td>
<td>State Street 消费品选择行业 SPDR 收入 ETF</td>
<td>1</td>
<td>2026-02-06</td>
<td>117.99</td>
<td>121.97</td>
<td>-3.26%</td>
</tr>
</tbody>
</table>
</div><p>Current ValuEngine reports on all covered stocks and ETFs can be viewed at HERE</p>
<div class="lb-trans"><p>当前 ValuEngine 对所有覆盖股票和 ETF 的报告可以在此查看</p>
</div><h3><strong>Top 3 Stock Performers (Global)</strong></h3>
<div class="lb-trans"><h3><strong>全球前三大股票表现者</strong></h3>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
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</tr>
</thead>
<tbody>
<tr>
<td><strong>Ticker</strong></td>
<td><strong>Name</strong></td>
<td><strong>VE Rating</strong></td>
<td><strong>Last Close Date</strong></td>
<td><strong>Last Close Price</strong></td>
<td><strong>Price 30 Days Ago</strong></td>
<td><strong>Difference</strong></td>
</tr>
<tr>
<td>KMTUY</td>
<td>Komatsu Ltd</td>
<td>4</td>
<td>02-06-2026</td>
<td>46.28</td>
<td>34.54</td>
<td>33.99%</td>
</tr>
<tr>
<td>STX</td>
<td>Seagate Technology Holdings PLC</td>
<td>4</td>
<td>02-06-2026</td>
<td>429.32</td>
<td>321.48</td>
<td>33.54%</td>
</tr>
<tr>
<td>MT</td>
<td>ArcelorMittal SA</td>
<td>5</td>
<td>02-06-2026</td>
<td>61.3</td>
<td>47.85</td>
<td>28.11%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
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<th></th>
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<tr>
<td><strong>代码</strong></td>
<td><strong>名称</strong></td>
<td><strong>VE 评级</strong></td>
<td><strong>最后收盘日期</strong></td>
<td><strong>最后收盘价格</strong></td>
<td><strong>30 天前价格</strong></td>
<td><strong>差异</strong></td>
</tr>
<tr>
<td>KMTUY</td>
<td>小松株式会社</td>
<td>4</td>
<td>2026-02-06</td>
<td>46.28</td>
<td>34.54</td>
<td>33.99%</td>
</tr>
<tr>
<td>STX</td>
<td>希捷科技控股公司</td>
<td>4</td>
<td>2026-02-06</td>
<td>429.32</td>
<td>321.48</td>
<td>33.54%</td>
</tr>
<tr>
<td>MT</td>
<td>阿塞洛米塔尔公司</td>
<td>5</td>
<td>2026-02-06</td>
<td>61.3</td>
<td>47.85</td>
<td>28.11%</td>
</tr>
</tbody>
</table>
</div><h3><strong>Top 3 Stock Performers (US)</strong></h3>
<div class="lb-trans"><h3><strong>美国前三大股票表现者</strong></h3>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>Ticker</strong></td>
<td><strong>Name</strong></td>
<td><strong>VE Rating</strong></td>
<td><strong>Last Close Date</strong></td>
<td><strong>Last Close Price</strong></td>
<td><strong>Price 30 Days Ago</strong></td>
<td><strong>Difference</strong></td>
</tr>
<tr>
<td>LITE</td>
<td>Lumentum Holdings Inc</td>
<td>5</td>
<td>02-06-2026</td>
<td>551.99</td>
<td>339.87</td>
<td>62.41%</td>
</tr>
<tr>
<td>SNDK</td>
<td>SanDisk Corp</td>
<td>4</td>
<td>02-06-2026</td>
<td>597.95</td>
<td>389.27</td>
<td>53.61%</td>
</tr>
<tr>
<td>GLW</td>
<td>Corning Inc</td>
<td>4</td>
<td>02-06-2026</td>
<td>122.16</td>
<td>87.88</td>
<td>39.01%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td><strong>代码</strong></td>
<td><strong>名称</strong></td>
<td><strong>VE 评级</strong></td>
<td><strong>最后收盘日期</strong></td>
<td><strong>最后收盘价格</strong></td>
<td><strong>30 天前价格</strong></td>
<td><strong>差异</strong></td>
</tr>
<tr>
<td>LITE</td>
<td>Lumentum Holdings Inc</td>
<td>5</td>
<td>2026-02-06</td>
<td>551.99</td>
<td>339.87</td>
<td>62.41%</td>
</tr>
<tr>
<td>SNDK</td>
<td>SanDisk 公司</td>
<td>4</td>
<td>2026-02-06</td>
<td>597.95</td>
<td>389.27</td>
<td>53.61%</td>
</tr>
<tr>
<td>GLW</td>
<td>康宁公司</td>
<td>4</td>
<td>2026-02-06</td>
<td>122.16</td>
<td>87.88</td>
<td>39.01%</td>
</tr>
</tbody>
</table>
</div><p><strong>Strategy Note:</strong></p>
<div class="lb-trans"><p><strong>策略说明：</strong></p>
</div><p>Your perspective on how the stock market performed last week depended on which index ETF you used as your barometer. From feast to famine and back again, SPYM — the lowest fee S&amp;P 500 ETF from State Street SPDRs — had a roller coaster week worthy of the end of the MacBeth soliloquy. It was “full of sound and fury, signifying nothing.”</p>
<div class="lb-trans"><p>你对上周股市表现的看法取决于你使用哪个指数 ETF 作为你的晴雨表。从丰盛到匮乏再到回归，SPYM——State Street SPDRs 的最低费用 S&amp;P 500 ETF——经历了一周过山车般的波动，堪比麦克白独白的结尾。它 “充满了声音和愤怒，却毫无意义。”</p>
</div><p>Beneath largely unchanged headline index levels, sharp rotations continued across style, size, and geography. Value stocks outperformed growth by a wide margin, while large-cap technology names increasingly served as sources of funds for smaller-cap, value-oriented, and non-US equities. The result was a volatile but ultimately directionless week for broad US benchmarks, even as select sectors, international markets, and commodities delivered solid gains—reinforcing the view that this remains a stock-picker’s and allocator’s market rather than a simple index-driven one.</p>
<div class="lb-trans"><p>在总体指数水平大致不变的情况下，各种风格、规模和地域之间的剧烈轮动持续进行。价值股的表现远超成长股，而大型科技股越来越成为小型价值股和非美国股票的资金来源。结果是，尽管某些行业、国际市场和商品实现了稳健的增长，但广泛的美国基准指数却经历了波动但最终无方向的一周——这进一步强化了这样的观点：这仍然是一个股票挑选者和配置者的市场，而不是一个简单的指数驱动市场。</p>
</div><p>It was a far worse week for large-cap growth investors as the Invesco Nasdaq-100 ETF (QQQ) lost roughly 2% and Vanguard Growth ETF (VUG) declined 2.7%, while Vanguard Value ETF gained more than 3%. In short, it was a market of stocks focused on value opportunities tied to earnings rather than earnings growth — a classic stock-picker’s market.</p>
<div class="lb-trans"><p>对于大型成长投资者来说，上周的表现更糟糕，因为 Invesco Nasdaq-100 ETF (QQQ) 下跌了大约 2%，而 Vanguard Growth ETF (VUG) 下跌了 2.7%，而 Vanguard Value ETF 上涨了超过 3%。简而言之，这是一个专注于与收益相关的价值机会的股票市场，而不是收益增长——一个经典的股票挑选者市场。</p>
</div><p>In other markets, both iShares Emerging Markets ETF (EEM) and iShares MSCI EAFE ETF (EFA) gained more than 1.5%, while SPDR Gold MiniShares (GLDM) advanced 2.1%. Viewed through the lenses of SPY and QQQ, the “Sell America” trade continues to work alongside the value-and-size rotation trade, with large Nasdaq-100 constituents increasingly used as sources of funds.</p>
<div class="lb-trans"><p>在其他市场中，iShares 新兴市场 ETF (EEM) 和 iShares MSCI EAFE ETF (EFA) 均上涨超过 1.5%，而 SPDR 黄金迷你股份 (GLDM) 上涨了 2.1%。从 SPY 和 QQQ 的角度来看，“卖出美国” 的交易继续与价值和规模轮动交易并行，大型纳斯达克 100 成分股越来越多地被用作资金来源。</p>
</div><p>We are now past the halfway point of earnings season, though it is far from over. Seventy-nine S&amp;P 500 companies are scheduled to report this week. Among the most closely followed names is one 5-rated (Strong Buy) stock — <strong>Robinhood Markets (HOOD)</strong>, our highest-rated broker-dealer. Five additional companies scheduled to report carry 4 (Buy) ratings, including health-care firms Moderna (MRNA), Gilead Sciences (GILD), and CVS Health (CVS), along with Ford Motor (F) and semiconductor equipment maker Applied Materials (AMAT).</p>
<div class="lb-trans"><p>我们现在已经过了财报季的中点，尽管还远未结束。本周有 79 家 S&amp;P 500 公司计划发布财报。其中最受关注的名字之一是评级为 5（强烈买入）的股票——<strong>Robinhood Markets (HOOD)</strong>，这是我们评级最高的经纪商。还有五家公司计划发布财报，评级为 4（买入），包括医疗保健公司 Moderna (MRNA)、Gilead Sciences (GILD) 和 CVS Health (CVS)，以及福特汽车 (F) 和半导体设备制造商应用材料 (AMAT)。</p>
</div><p>GILD is the second-largest holding in the <strong>Invesco Nasdaq Biotech ETF (IBBQ)</strong>, our only Health-Care-related ETF rated 5 (Strong Buy). Notably, three other biotech stocks within IBBQ also carry 5 ratings: <strong>AstraZeneca (AZN), Argenx (ARGX)</strong>, and Insmed (INSM). The first two align particularly well with a “Sell America” allocation theme.</p>
<div class="lb-trans"><p>GILD 是 <strong>Invesco Nasdaq 生物科技 ETF (IBBQ)</strong> 中第二大持仓，这是我们唯一评级为 5（强烈买入）的医疗保健相关 ETF。值得注意的是，IBBQ 中的另外三只生物科技股票也获得了 5 的评级：<strong>阿斯利康 (AZN)、阿根克斯 (ARGX)</strong> 和 Insmed (INSM)。前两者与 “卖出美国” 的配置主题特别契合。</p>
</div><p>The most efficient “Sell America” ETF currently aligned with ValuEngine ratings is the <strong>AdvisorShares Dorsey Wright ADR ETF (AADR)</strong>. The ETF itself is rated 5, and each of its ten largest holdings also carries a 5 rating. Brazilian aerospace and defense firm <strong>Embraer (ERJ)</strong> represents the ETF’s largest position. Materials exposure is significant as well, with Gold Fields (GFI) holding the largest allocation among that group.</p>
<div class="lb-trans"><p>目前与 ValuEngine 评级相符的最有效的 “卖出美国” ETF 是 <strong>AdvisorShares Dorsey Wright ADR ETF (AADR)</strong>。该 ETF 本身的评级为 5，其十个最大持仓的评级也均为 5。巴西航空航天和国防公司 <strong>Embraer (ERJ)</strong> 是该 ETF 的最大持仓。此外，材料类的敞口也相当显著，Gold Fields (GFI) 在该组中占据最大配置。</p>
</div><p>Opinions vary on how long large U.S. growth stocks will continue to serve as sources of funds for other investments. For those who believe this trend is still in its early stages, several highly rated ETFs and stocks stand out below.</p>
<div class="lb-trans"><p>关于大型美国成长股将持续作为其他投资资金来源的时间，意见不一。对于那些认为这一趋势仍处于早期阶段的人来说，以下几只高评级的 ETF 和股票尤为突出。</p>
</div><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>January Ends With Perceived Renewed Stability For The US Dollar</p>
<div class="lb-trans"><p>一月以对美元的重新稳定感知结束</p>
</div><p>&#34;Sell America&#34; - A Trading Trend That Took Center Stage This Week</p>
<div class="lb-trans"><p>&#34;卖出美国&#34; - 本周成为焦点的交易趋势</p>
</div><p>Weekly Strategy Update And ETF Review</p>
<div class="lb-trans"><p>每周策略更新和 ETF 回顾</p>
</div>

轮换和国际轮换成为关注的中心 - 一些值得深思的观点