<p>羅素 2000 指數在 2026 年以火花四射的方式開局，衝擊新高，並從華爾街長期主導的科技精英——所謂的 “七大奇蹟” 中搶走了風頭。</p>
<p>截至 1 月 15 日，小型股基準——由 <strong>iShares Russell 2000 ETF</strong>（NYSE: IWM）跟蹤——在過去 10 個交易日中每個交易日都創下了盤中記錄新高。</p>
<p>在同一時期，小型股每天都超過大型股，超越了由 <strong>SPDR S&amp;P 500 ETF Trust</strong>（NYSE: SPY）跟蹤的基準。</p>
<p>要找到這樣的連勝紀錄，投資者需要追溯到 2008 年 6 月。</p>
<p>截至目前，羅素 2000 指數上漲超過 7%，大幅超過標準普爾 500 指數的温和 1.5% 漲幅。與此同時，<strong>Roundhill Magnificent Seven ETF</strong>（NYSE: MAGS）今年表現平平。</p>
<h2>羅素 2000 是 2026 年的早期明星——小型股超越標準普爾 500 指數，創下自 2008 年以來最長連勝紀錄</h2>
<p><img src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2026/01/15144540/image-259-1024x542.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://editorial-assets.benzinga.com/wp-content/uploads/2026/01/15144540/image-259-1024x542.png"/></p>
<h2>為什麼小型股現在在上漲？</h2>
<p>關鍵驅動因素是宏觀環境的改善。強於預期的經濟數據正在重塑小型公司的盈利前景。</p>
<p>亞特蘭大聯邦儲備銀行的 GDPNow 模型現在估計美國經濟在第四季度以 5.3% 的年化速度增長——這一增速自 2014 年中以來在疫情後時期未曾見過。</p>
<p>雖然貿易赤字的縮小有助於提升這一頭條數字，但潛在的強勁表現指向家庭消費的韌性和強勁的商業投資。</p>
<p>在疫情後的反彈之外，這種增速是罕見的——上一次出現在 2014 年第二季度，之前是 2006 年初。</p>
<p>“小型股的修正顯著改善，超出了盈利季節的正常水平，” 22V Research 分析師 <strong>Dennis DeBusschere</strong> 在最近的一份報告中表示。</p>
<p>“這支持了小型股在年初的表現。大型股和中型股的修正仍然是負面的，大致遵循歷史模式，” 他補充道。</p>
<h2>小型股盈利修正閃現罕見信號</h2>
<p>根據 22V Research，提前發佈第四季度盈利指導的小型公司比例激增，超過了中型和大型公司。這是自 2025 年 1 月以來首次發生這種情況。</p>
<p>歷史上，這種情況是罕見且強大的。類似的模式出現在 2019 年、2021 年和 2025 年初的特定時期——這些時期都預示着小型股的持續超越。</p>
<p>“小型股正在折現更好的基本面，” DeBusschere 表示，並補充説這種情況支持近期的持續超越。</p>
<h2>技術面指向更多上漲空間</h2>
<p>從技術角度來看，美國銀行認為還有進一步上漲的空間。</p>
<p>根據美國銀行首席技術策略師 <strong>Paul Ciana</strong> 的説法，羅素 2000 指數在突破多年的區間並形成大基底模式後，似乎有望延續其反彈。</p>
<p>Ciana 認為上漲目標在 2642、2861，甚至可能高達 3000，2,450 區域有顯著支撐，2,300 附近有關鍵支撐。</p>
<p>隨着盈利動能加速、經濟增長穩固以及技術突破不斷積累，2026 年初正在形成經典的 “大衞與歌利亞” 敍事，小型股重新佔據投資者投資組合的中心舞台。</p>
<h2><strong>收益來自哪裏</strong></h2>
<p>此次反彈是廣泛的：約 77% 的羅素 2000 成分股今年上漲。</p>
<p>儘管如此，少數高飛的股票對指數的整體回報貢獻顯著。</p>
<p>四隻小型股在不到兩週的時間內實現了三位數的回報。<strong>Erasca Inc.</strong>（NASDAQ: ERAS）飆升 153%，<strong>Critical Metals Corp.</strong>（NASDAQ: CRML）上漲 149%，<strong>Alumis Inc.</strong>（NASDAQ: ALMS）跳漲 147%，<strong>Bakkt Holdings Inc.</strong>（NYSE: BKKT）攀升 102%——所有這些都在不到兩週的時間內實現。</p>
<p>五個個股共同為羅素的 7% 年初至今的反彈貢獻了超過 1 個百分點：</p>
<table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>安全名稱</td>
<td>在 RTY 指數中的權重</td>
<td>回報（年初至今）</td>
<td>貢獻（基點）</td>
</tr>
<tr>
<td><strong>Bloom Energy Corporation</strong>（NYSE: BE）</td>
<td>0.94%</td>
<td>63.41%</td>
<td>+39</td>
</tr>
<tr>
<td><strong>Kratos Defense &amp; Security Solutions, Inc.</strong>（NASDAQ: KTOS）</td>
<td>0.65</td>
<td>64.48</td>
<td>+28</td>
</tr>
<tr>
<td><strong>AeroVironment, Inc.</strong>（NASDAQ: AVAV）</td>
<td>0.46</td>
<td>57.64</td>
<td>+18</td>
</tr>
<tr>
<td><strong>Hecla Mining Company</strong>（NYSE: HL）</td>
<td>0.49</td>
<td>31.38</td>
<td>+13</td>
</tr>
<tr>
<td><strong>TTM Technologies, Inc.</strong>（NASDAQ: TTMI）</td>
<td>0.32</td>
<td>49.36</td>
<td>+11</td>
</tr>
</tbody>
</table>
<p><em>圖片來源：Shutterstock</em></p>

CRML

<p>羅素 2000 指數在連續 10 個交易日中表現優於標準普爾 500 指數，這得益於強勁的經濟數據和小型股盈利預期的上升。截至 2026 年 1 月 15 日，羅素 2000 指數年初至今上漲超過 7%，而標準普爾 500 指數僅上漲 1.5%。分析師指出，小型公司提高盈利指引的情況顯著增加，這是一種罕見現象，歷史上通常預示着持續的優異表現。技術指標顯示羅素 2000 指數有進一步上漲的潛力，市場的廣泛參與推動了這一反彈，其中包括 Erasca Inc.和 Critical Metals Corp.等股票的顯著表現</p>

<p>The Russell 2000 kicked off 2026 with fireworks, storming to fresh highs and stealing the spotlight from Wall Street's long-dominant tech elite, the so-called Magnificent Seven.</p>
<div class="lb-trans"><p>羅素 2000 指數在 2026 年以火花四射的方式開局，衝擊新高，並從華爾街長期主導的科技精英——所謂的 “七大奇蹟” 中搶走了風頭。</p>
</div><p>As of Jan. 15, the small-cap benchmark — tracked by the <strong>iShares Russell 2000 ETF</strong> (NYSE: IWM) — has notched intraday record highs in each of the past 10 sessions.</p>
<div class="lb-trans"><p>截至 1 月 15 日，小型股基準——由 <strong>iShares Russell 2000 ETF</strong>（NYSE: IWM）跟蹤——在過去 10 個交易日中每個交易日都創下了盤中記錄新高。</p>
</div><p>During the same stretch, small caps outperformed large caps every single day, beating benchmarks tracked by the <strong>SPDR S&amp;P 500 ETF Trust</strong> (NYSE: SPY).</p>
<div class="lb-trans"><p>在同一時期，小型股每天都超過大型股，超越了由 <strong>SPDR S&amp;P 500 ETF Trust</strong>（NYSE: SPY）跟蹤的基準。</p>
</div><p>To find a streak like this, investors need to go back to June 2008.</p>
<div class="lb-trans"><p>要找到這樣的連勝紀錄，投資者需要追溯到 2008 年 6 月。</p>
</div><p>Year-to-date, the Russell 2000 is up more than 7%, sharply outpacing the S&amp;P 500's modest 1.5% gain. Meanwhile, the <strong>Roundhill Magnificent Seven ETF</strong> (NYSE: MAGS) has gone nowhere, flat on the year.</p>
<div class="lb-trans"><p>截至目前，羅素 2000 指數上漲超過 7%，大幅超過標準普爾 500 指數的温和 1.5% 漲幅。與此同時，<strong>Roundhill Magnificent Seven ETF</strong>（NYSE: MAGS）今年表現平平。</p>
</div><h2>Russell 2000 Is 2026's Early Star — Small Caps Outperform S&amp;P 500 for Longest Streak Since 2008</h2>
<div class="lb-trans"><h2>羅素 2000 是 2026 年的早期明星——小型股超越標準普爾 500 指數，創下自 2008 年以來最長連勝紀錄</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://editorial-assets.benzinga.com/wp-content/uploads/2026/01/15144540/image-259-1024x542.png" alt="" original-src="https://editorial-assets.benzinga.com/wp-content/uploads/2026/01/15144540/image-259-1024x542.png"/></p>
<h2>Why Are Small Caps Rallying Now?</h2>
<div class="lb-trans"><h2>為什麼小型股現在在上漲？</h2>
</div><p>The key driver has been an improving macro backdrop. Stronger-than-expected economic data is reshaping the earnings outlook for smaller firms.</p>
<div class="lb-trans"><p>關鍵驅動因素是宏觀環境的改善。強於預期的經濟數據正在重塑小型公司的盈利前景。</p>
</div><p>The Atlanta Fed's GDPNow model now estimates the U.S. economy grew at a 5.3% annualized rate in the fourth quarter — a pace not seen outside the post-pandemic period since mid-2014.</p>
<div class="lb-trans"><p>亞特蘭大聯邦儲備銀行的 GDPNow 模型現在估計美國經濟在第四季度以 5.3% 的年化速度增長——這一增速自 2014 年中以來在疫情後時期未曾見過。</p>
</div><p>While a shrinking trade deficit is helping to boost the headline figure, the underlying strength points to resilient household consumption and robust business investment.</p>
<div class="lb-trans"><p>雖然貿易赤字的縮小有助於提升這一頭條數字，但潛在的強勁表現指向家庭消費的韌性和強勁的商業投資。</p>
</div><p>Outside of the post-pandemic rebound, growth at this pace has been rare — last seen in the second quarter of 2014, and before that in early 2006.</p>
<div class="lb-trans"><p>在疫情後的反彈之外，這種增速是罕見的——上一次出現在 2014 年第二季度，之前是 2006 年初。</p>
</div><p>“Small cap revision have improved significantly ahead of the earnings season, stronger than normal,” said 22V Research analyst <strong>Dennis DeBusschere</strong> in a recent note.</p>
<div class="lb-trans"><p>“小型股的修正顯著改善，超出了盈利季節的正常水平，” 22V Research 分析師 <strong>Dennis DeBusschere</strong> 在最近的一份報告中表示。</p>
</div><p>&#34;That supports small-cap performance to start the year. Large- and mid-cap revisions remain negative, roughly following historical patterns,&#34; he added.</p>
<div class="lb-trans"><p>“這支持了小型股在年初的表現。大型股和中型股的修正仍然是負面的，大致遵循歷史模式，” 他補充道。</p>
</div><h2>Small-Cap Earnings Revisions Flash a Rare Signal</h2>
<div class="lb-trans"><h2>小型股盈利修正閃現罕見信號</h2>
</div><p>According to 22V Research, the percentage of small-cap companies raising guidance ahead of fourth-quarter earnings has surged, overtaking both mid- and large-cap universes. It's the first time this has happened since January 2025.</p>
<div class="lb-trans"><p>根據 22V Research，提前發佈第四季度盈利指導的小型公司比例激增，超過了中型和大型公司。這是自 2025 年 1 月以來首次發生這種情況。</p>
</div><p>Historically, this setup has been rare and powerful. Similar patterns appeared during select periods in 2019, 2021, and early 2025 — all of which preceded sustained stretches of small-cap outperformance.</p>
<div class="lb-trans"><p>歷史上，這種情況是罕見且強大的。類似的模式出現在 2019 年、2021 年和 2025 年初的特定時期——這些時期都預示着小型股的持續超越。</p>
</div><p>&#34;Small caps are discounting better fundamentals,&#34; DeBusschere said, adding that the setup supports continued outperformance in the near term.</p>
<div class="lb-trans"><p>“小型股正在折現更好的基本面，” DeBusschere 表示，並補充説這種情況支持近期的持續超越。</p>
</div><h2>Technicals Point to More Upside</h2>
<div class="lb-trans"><h2>技術面指向更多上漲空間</h2>
</div><p>From a technical perspective, Bank of America sees room for further gains.</p>
<div class="lb-trans"><p>從技術角度來看，美國銀行認為還有進一步上漲的空間。</p>
</div><p>After breaking out of a multi-year range and forming a large base pattern, the Russell 2000 looks positioned to extend its rally, according to <strong>Paul Ciana</strong>, chief technical strategist at Bank of America.</p>
<div class="lb-trans"><p>根據美國銀行首席技術策略師 <strong>Paul Ciana</strong> 的説法，羅素 2000 指數在突破多年的區間並形成大基底模式後，似乎有望延續其反彈。</p>
</div><p>Ciana sees upside targets at 2,642, 2,861 and potentially as high as 3,000, with notable support in the 2,450 area and critical support near 2,300.</p>
<div class="lb-trans"><p>Ciana 認為上漲目標在 2642、2861，甚至可能高達 3000，2,450 區域有顯著支撐，2,300 附近有關鍵支撐。</p>
</div><p>With earnings momentum accelerating, economic growth firming, and technical breakouts stacking up, early 2026 is setting up as a classic David-versus-Goliath narrative, with small caps reclaiming center stage in investor portfolios.</p>
<div class="lb-trans"><p>隨着盈利動能加速、經濟增長穩固以及技術突破不斷積累，2026 年初正在形成經典的 “大衞與歌利亞” 敍事，小型股重新佔據投資者投資組合的中心舞台。</p>
</div><h2><strong>Where The Gains Are Coming From</strong></h2>
<div class="lb-trans"><h2><strong>收益來自哪裏</strong></h2>
</div><p>The rally has been broad-based: about 77% of Russell 2000 constituents are up this year.</p>
<div class="lb-trans"><p>此次反彈是廣泛的：約 77% 的羅素 2000 成分股今年上漲。</p>
</div><p>That said, a handful of high-flyers have contributed meaningfully to the index's overall return.</p>
<div class="lb-trans"><p>儘管如此，少數高飛的股票對指數的整體回報貢獻顯著。</p>
</div><p>Four small-cap stocks delivered triple-digit returns in less than two weeks. <strong>Erasca Inc.</strong> (NASDAQ: ERAS) surged 153%, <strong>Critical Metals Corp.</strong> (NASDAQ: CRML) gained 149%, <strong>Alumis Inc.</strong> (NASDAQ: ALMS) jumped 147%, and <strong>Bakkt Holdings Inc.</strong> (NYSE: BKKT) climbed 102% — all in less than two weeks.</p>
<div class="lb-trans"><p>四隻小型股在不到兩週的時間內實現了三位數的回報。<strong>Erasca Inc.</strong>（NASDAQ: ERAS）飆升 153%，<strong>Critical Metals Corp.</strong>（NASDAQ: CRML）上漲 149%，<strong>Alumis Inc.</strong>（NASDAQ: ALMS）跳漲 147%，<strong>Bakkt Holdings Inc.</strong>（NYSE: BKKT）攀升 102%——所有這些都在不到兩週的時間內實現。</p>
</div><p>Five individual names together contributed over 1 percentage point to the Russell's 7% year-to-date rally:</p>
<div class="lb-trans"><p>五個個股共同為羅素的 7% 年初至今的反彈貢獻了超過 1 個百分點：</p>
</div><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>Security Name</td>
<td>Weight in RTY Index</td>
<td>Return (YTD)</td>
<td>Contribution (basis points)</td>
</tr>
<tr>
<td><strong>Bloom Energy Corporation</strong>(NYSE: BE)</td>
<td>0.94%</td>
<td>63.41%</td>
<td>+39</td>
</tr>
<tr>
<td><strong>Kratos Defense &amp; Security Solutions, Inc.</strong> (NASDAQ: KTOS)</td>
<td>0.65</td>
<td>64.48</td>
<td>+28</td>
</tr>
<tr>
<td><strong>AeroVironment, Inc.</strong>(NASDAQ: AVAV)</td>
<td>0.46</td>
<td>57.64</td>
<td>+18</td>
</tr>
<tr>
<td><strong>Hecla Mining Company</strong> (NYSE: HL)</td>
<td>0.49</td>
<td>31.38</td>
<td>+13</td>
</tr>
<tr>
<td><strong>TTM Technologies, Inc.</strong>(NASDAQ: TTMI)</td>
<td>0.32</td>
<td>49.36</td>
<td>+11</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th></th>
<th></th>
<th></th>
<th></th>
</tr>
</thead>
<tbody>
<tr>
<td>安全名稱</td>
<td>在 RTY 指數中的權重</td>
<td>回報（年初至今）</td>
<td>貢獻（基點）</td>
</tr>
<tr>
<td><strong>Bloom Energy Corporation</strong>（NYSE: BE）</td>
<td>0.94%</td>
<td>63.41%</td>
<td>+39</td>
</tr>
<tr>
<td><strong>Kratos Defense &amp; Security Solutions, Inc.</strong>（NASDAQ: KTOS）</td>
<td>0.65</td>
<td>64.48</td>
<td>+28</td>
</tr>
<tr>
<td><strong>AeroVironment, Inc.</strong>（NASDAQ: AVAV）</td>
<td>0.46</td>
<td>57.64</td>
<td>+18</td>
</tr>
<tr>
<td><strong>Hecla Mining Company</strong>（NYSE: HL）</td>
<td>0.49</td>
<td>31.38</td>
<td>+13</td>
</tr>
<tr>
<td><strong>TTM Technologies, Inc.</strong>（NASDAQ: TTMI）</td>
<td>0.32</td>
<td>49.36</td>
<td>+11</td>
</tr>
</tbody>
</table>
</div><p><em>Image: Shutterstock</em></p>
<div class="lb-trans"><p><em>圖片來源：Shutterstock</em></p>
</div>

大衞與巨人：為何小盤股正在擊敗輝煌的七大巨頭