<p>在 2026 年初，我們推出了因子輪換模型。下面的模型摘要已在 SimpleVisor 上發佈：</p>
<blockquote>
<p><em>我們在 1 月 2 日推出了一種新模型，稱為因子輪換模型。從歷史上看，價值因子和成長因子相對於標普 500 的表現呈現出強烈的負相關性。Michael Lebowitz 在他的文章中概述了這一概念：<strong>相對輪換 - 解鎖隱藏潛力第一部分。</strong> 雖然文章使用了簡化的例子，但突顯了我們新因子輪換模型背後的理念。</em></p>
<p><em>該模型完全配置於股票，旨在通過在價值和成長暴露之間進行戰略輪換，長期超越標普 500。交易信號由我們專有的基於規則的量化模型生成。</em></p>
<p><em>該模型有兩個主要配置狀態：超配價值/低配成長或超配成長/低配價值。模型目標是這兩個因子之間的 80/20 配置分配。交易信號可能持續一個月或超過一年。</em></p>
</blockquote>
<p>下圖左側顯示，大盤成長股年初至今下跌 2.58%，而大盤價值股上漲 6.60%。第二張圖比較了大盤成長股（MGK）與大盤價值股（VTV）的價格比率，顯示出這種關係現在相當超賣。因此，我們的因子輪換模型中的專有計算在週三觸發了交易信號，增加了成長股的配置，減少了價值股的配置。</p>
<p>正如我們在週三的 SimpleVisor 交易摘要中提到的，我們使用了 15 年的市場活動對模型進行了回測。在這段時間內，共有 43 個輪換交易信號，其中最短為 16 天，最長為 453 天。重要的是，最近的信號並沒有告訴我們成長股會像去年大部分時間那樣長期超越，或者價值股在今年會是表現更好的因子。然而，我們知道的是，能夠在合適的時機在價值和成長之間進行輪換的投資者，遠比那些投資於標普 500 的投資者要好。在週三之前，該模型的配置偏向於價值，導致其相對於標普 500 超出 3%。</p>
<p><em>(點擊圖片放大)</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>今天關注的內容</strong></h3>
<p><strong>收益</strong></p>
<p><em>(點擊圖片放大)</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>經濟</strong></p>
<p><em>(點擊圖片放大)</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>市場交易更新</strong></h3>
<p><strong><em>昨天，</em></strong> 我們討論了 SaaS 行業市場的極度超賣狀態。觀察更廣泛的市場，大型股最近承受了相當大的壓力，因為市場敍事轉向對這些公司投資未來回報的擔憂。</p>
<p>正如我們之前提到的，估值在進入今年時一直是個問題，我們多次指出，如果未來收益預期被下調，市場將不得不重新定價股票，以與較低的未來估值假設保持一致。這就是過去一個月發生的事情。如圖所示，大型成長股（MGK）已經急劇下跌。</p>
<p>從技術角度來看，MGK 正在挑戰自去年三月以來的 200 日移動平均線。從背景來看，之前的拋售是由於對關税及其對收入影響的擔憂。此外，相對強度接近通常與價格反轉相吻合的非常超賣水平。</p>
<p><em>(點擊圖片放大)</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，當觀察從大型成長股到價值股的風險規避輪換時，這種輪換相當迅速。隨着該比率現在接近更超賣的水平，從價值回到大型股的輪換變得更加可能。</p>
<p>雖然現在還為時已早，不宜積極買入這些公司，但過去兩天的這一過程的重點在於認識到我們去年底廣泛討論的價值輪換現在已經發生。這個交易正在延續，尤其是現在零售投資者正在湧入。如圖所示，價值與成長比率的先前超買狀態通常導致反轉。</p>
<p><em>(點擊圖片放大)</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>當前的價值輪換會持續更長時間嗎？絕對會。這就是為什麼我們希望繼續在投資組合中保持價值方面的曝光。然而，自年初以來，成長股的價格顯著下降，某個時刻將提供一個引人注目的入場點來增加持倉。</p>
<p>目前，耐心將贏得比賽。最重要的是不要驚慌，開始追逐一個非常延續、超買並已成為零售 “熱潮” 的輪換交易。</p>
<p>據此交易。</p>
<h3><strong>因子輪換的聖盃</strong></h3>
<p>在 2023 年，我們向讀者介紹了相對輪換的概念。文章_<strong>相對輪換，解鎖隱藏潛力，</strong>_分享了一些圖表，真正揭示了為什麼在行業、因子甚至股票之間進行輪換是非常有意義的。讓我們回顧一下這些圖表，以更好地理解我們的新因子輪換模型。</p>
<p>下圖的第一張圖表展示了高股息 ETF（VYM）和大盤股 ETF（MGK）的價格。乍一看，它們之間的相關性相當不錯，價格在相似的時間內上漲和下跌，儘管幅度不同。然而，如果我們將每個 ETF 相對於標普 500 的相對錶現進行圖表化，而不是價格，我們會得到完全不同的圖形。正如第二張圖所示，相對於標普 500 的超額收益幾乎是彼此的鏡像。因此，如果你能在轉折點之間輪換這兩個 ETF，你的投資組合將顯著優於市場，正如我們在第三張圖中所示。</p>
<p>我們提醒注意，這一策略具有挑戰性。正確地把握輪換時機極其困難，而且，持續評估超額收益之間強烈負相關性是否依然穩健至關重要。</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>挑戰者裁員與 JOLTS 數據指向勞動力市場疲軟</strong></h3>
<p>根據挑戰者裁員報告，僱主在一月份宣佈裁員 108,435 人。這比十二月份增加了兩倍多，是自 2009 年以來一月份的最高總數。此外，招聘計劃疲軟，僅宣佈了 5,306 個職位——創下歷史最低的一月份水平。</p>
<p>支持招聘計劃評估的是 JOLTs 報告。如下所示，BLS JOLTS 職位空缺數量降至 650 萬，低於預期超過 50 萬。此外，職位空缺數量低於疫情前的幾年水平。</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>更多來自此作者的文章：</em></p>
<p>禮來公司股票因 GLP-1 而上漲</p>
<p>ISM 製造業支持通貨膨脹預期</p>
<p>私人信貸基金逐漸失寵</p>

標普 500 價值 ETF - Vanguard

標普 500 增長 ETF - Vanguard

標普 500 ETF - iShares

<p>因子輪換模型於 2026 年 1 月 2 日推出，旨在通過根據專有交易信號在價值股和成長股之間進行輪換，以超越標普 500。目前，大型成長股年初至今下跌 2.58%，而大型價值股上漲 6.60%。該模型顯示，戰略性輪換可以帶來比靜態標普 500 投資更好的表現。近期市場狀況表明可能會重新轉向成長股，但由於市場仍然波動且超買，建議保持謹慎</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，我們推出了因子輪換模型。下面的模型摘要已在 SimpleVisor 上發佈：</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>我們在 1 月 2 日推出了一種新模型，稱為因子輪換模型。從歷史上看，價值因子和成長因子相對於標普 500 的表現呈現出強烈的負相關性。Michael Lebowitz 在他的文章中概述了這一概念：<strong>相對輪換 - 解鎖隱藏潛力第一部分。</strong> 雖然文章使用了簡化的例子，但突顯了我們新因子輪換模型背後的理念。</em></p>
<p><em>該模型完全配置於股票，旨在通過在價值和成長暴露之間進行戰略輪換，長期超越標普 500。交易信號由我們專有的基於規則的量化模型生成。</em></p>
<p><em>該模型有兩個主要配置狀態：超配價值/低配成長或超配成長/低配價值。模型目標是這兩個因子之間的 80/20 配置分配。交易信號可能持續一個月或超過一年。</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>下圖左側顯示，大盤成長股年初至今下跌 2.58%，而大盤價值股上漲 6.60%。第二張圖比較了大盤成長股（MGK）與大盤價值股（VTV）的價格比率，顯示出這種關係現在相當超賣。因此，我們的因子輪換模型中的專有計算在週三觸發了交易信號，增加了成長股的配置，減少了價值股的配置。</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>正如我們在週三的 SimpleVisor 交易摘要中提到的，我們使用了 15 年的市場活動對模型進行了回測。在這段時間內，共有 43 個輪換交易信號，其中最短為 16 天，最長為 453 天。重要的是，最近的信號並沒有告訴我們成長股會像去年大部分時間那樣長期超越，或者價值股在今年會是表現更好的因子。然而，我們知道的是，能夠在合適的時機在價值和成長之間進行輪換的投資者，遠比那些投資於標普 500 的投資者要好。在週三之前，該模型的配置偏向於價值，導致其相對於標普 500 超出 3%。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</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>今天關注的內容</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>(點擊圖片放大)</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>經濟</strong></p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</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>市場交易更新</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> 我們討論了 SaaS 行業市場的極度超賣狀態。觀察更廣泛的市場，大型股最近承受了相當大的壓力，因為市場敍事轉向對這些公司投資未來回報的擔憂。</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>正如我們之前提到的，估值在進入今年時一直是個問題，我們多次指出，如果未來收益預期被下調，市場將不得不重新定價股票，以與較低的未來估值假設保持一致。這就是過去一個月發生的事情。如圖所示，大型成長股（MGK）已經急劇下跌。</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>從技術角度來看，MGK 正在挑戰自去年三月以來的 200 日移動平均線。從背景來看，之前的拋售是由於對關税及其對收入影響的擔憂。此外，相對強度接近通常與價格反轉相吻合的非常超賣水平。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</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，當觀察從大型成長股到價值股的風險規避輪換時，這種輪換相當迅速。隨着該比率現在接近更超賣的水平，從價值回到大型股的輪換變得更加可能。</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>雖然現在還為時已早，不宜積極買入這些公司，但過去兩天的這一過程的重點在於認識到我們去年底廣泛討論的價值輪換現在已經發生。這個交易正在延續，尤其是現在零售投資者正在湧入。如圖所示，價值與成長比率的先前超買狀態通常導致反轉。</p>
</div><p><em>(Click on image to enlarge)</em></p>
<div class="lb-trans"><p><em>(點擊圖片放大)</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>當前的價值輪換會持續更長時間嗎？絕對會。這就是為什麼我們希望繼續在投資組合中保持價值方面的曝光。然而，自年初以來，成長股的價格顯著下降，某個時刻將提供一個引人注目的入場點來增加持倉。</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，耐心將贏得比賽。最重要的是不要驚慌，開始追逐一個非常延續、超買並已成為零售 “熱潮” 的輪換交易。</p>
</div><p>Trade accordingly.</p>
<div class="lb-trans"><p>據此交易。</p>
</div><h3><strong>The Holy Grail Of Factor Rotation</strong></h3>
<div class="lb-trans"><h3><strong>因子輪換的聖盃</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，我們向讀者介紹了相對輪換的概念。文章_<strong>相對輪換，解鎖隱藏潛力，</strong>_分享了一些圖表，真正揭示了為什麼在行業、因子甚至股票之間進行輪換是非常有意義的。讓我們回顧一下這些圖表，以更好地理解我們的新因子輪換模型。</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>下圖的第一張圖表展示了高股息 ETF（VYM）和大盤股 ETF（MGK）的價格。乍一看，它們之間的相關性相當不錯，價格在相似的時間內上漲和下跌，儘管幅度不同。然而，如果我們將每個 ETF 相對於標普 500 的相對錶現進行圖表化，而不是價格，我們會得到完全不同的圖形。正如第二張圖所示，相對於標普 500 的超額收益幾乎是彼此的鏡像。因此，如果你能在轉折點之間輪換這兩個 ETF，你的投資組合將顯著優於市場，正如我們在第三張圖中所示。</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>我們提醒注意，這一策略具有挑戰性。正確地把握輪換時機極其困難，而且，持續評估超額收益之間強烈負相關性是否依然穩健至關重要。</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>挑戰者裁員與 JOLTS 數據指向勞動力市場疲軟</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>根據挑戰者裁員報告，僱主在一月份宣佈裁員 108,435 人。這比十二月份增加了兩倍多，是自 2009 年以來一月份的最高總數。此外，招聘計劃疲軟，僅宣佈了 5,306 個職位——創下歷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>支持招聘計劃評估的是 JOLTs 報告。如下所示，BLS JOLTS 職位空缺數量降至 650 萬，低於預期超過 50 萬。此外，職位空缺數量低於疫情前的幾年水平。</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>
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<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多來自此作者的文章：</em></p>
</div><p>Eli Lilly Shares Boosted BY GLP-1s</p>
<div class="lb-trans"><p>禮來公司股票因 GLP-1 而上漲</p>
</div><p>ISM Manufacturing Supports Reflationary Forecasts</p>
<div class="lb-trans"><p>ISM 製造業支持通貨膨脹預期</p>
</div><p>Private Credit Funds Falling Out Of Favor</p>
<div class="lb-trans"><p>私人信貸基金逐漸失寵</p>
</div>

Value Or Growth Is Not A Debate, Its An Opportunity

- 2026 年初推出 “因子輪換模型”，旨在超越 S&P 500。  
- 模型基於價值與成長因子的負相關性，並首先進行了 15 年回測。  
- 最新信號顯示可考慮再次輪換至成長股，需謹慎操作。

價值與增長不是一個爭論的話題，而是一個機會