SMidCaps會繼續表現不佳嗎？
美國科技、半導體及「壯麗七巨頭」股票在週一出現顯著增長，推動標準普爾500指數上升0.5%，達到5,975點。
半導體股票的上漲主要歸因於富士康（SS:601138）宣布其營收同比增長15%，這使得英偉達（NASDAQ:NVDA）的股價上漲了3.4%。
在華爾街表現良好之後，Yardeni Research的分析師重申了對大型標普500信息技術和通信服務板塊的增持建議。
然而，該公司對中型標普400及小型標普600（統稱SMidCaps）以及小型羅素2000的看法則不那麼樂觀，因為這些指數相對於標普500持續表現不佳。週一，這三個指數均出現下跌。
根據Yardeni的報告，自2022年中期以來，SMidCaps的相對表現不佳與其前瞻性盈利的平穩趨勢有關，這與標普500自2023年中以來前瞻性盈利持續上升至歷史新高形成鮮明對比。
Yardeni指出：“這種分歧是異常的。我們的理論是，具有潛力成為大型公司的SMidCap公司在能夠實現之前就已被大型公司收購。”
此外，自2022年中期以來，標普500和標普400的前瞻性收入持續創新高，而標普600的前瞻性盈利則停滯不前。
標普500的前瞻性利潤率也在上升，達到新高，而標普400和標普600的利潤率仍低於2022年初的高點，並顯著低於標普500的利潤率。
該公司的分析顯示，標普400和標普600的前瞻性市盈率（P/E）從去年的約14.0上升至16.0。“這種倍數擴張佔據了去年的價格指數大部分漲幅，因為它們的盈利表現令人失望，”報告中提到。
Yardeni對羅素2000作為小型股基準指數的廣泛使用提出質疑，指出該指數中超過30%的公司是虧損的。這導致羅素2000的前瞻性市盈率遠高於Yardeni更偏好的標普600小型股指數。
這些分析顯示了中小型股在當前市場環境下的脆弱性，反映出大型企業對於潛力公司的收購行為，進一步壓制了中小型公司的增長潛力。這不僅影響了投資者的選擇，也讓市場對未來的增長預期感到不安。
在這樣的情況下，投資者需要重新考慮對SMidCaps的投資策略，或許在大型股的穩定增長與中小型股的波動之間找到新的平衡點，才能更好地應對未來的市場挑戰。
以上文章由特價GPT API根據網上資料所翻譯及撰寫，過程中沒有任何人類參與 🙂
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![{
"intro": "Create an ultra realistic 8K UHD DSLR photo based on the attached image as a reference of facial features, maintaining 100% likeness.",
"subject": {
"identity": "A stylish beautiful woman portrayed as Cleopatra during her sacred milk bath beauty ritual, embodying divine femininity, sensual elegance, and timeless power.",
"angle": "Close-up beauty editorial captured at a refined 3/4 angle, focusing on her face, shoulders, and upper chest with extreme clarity and no blur.",
"pose": {
"body_position": "She is partially submerged in a luxurious milk bath, her shoulders and collarbones emerging gracefully from the surface.",
"hands": "One hand gently rests at the edge of the bath with milk droplets on her fingers, while the other lightly touches her neck adorned with subtle gold jewelry.",
"expression": "Soft yet commanding gaze directed toward the camera—calm, confident, intimate, and hypnotic."
}
},
"appearance": {
"outfit": "A barely-there, ritual-style ivory silk drape partially submerged in the milk bath, clinging softly to her skin. The fabric is delicate and translucent, edged with fine gold-thread embroidery for a sensual, sacred aesthetic.",
"accessories": "Minimal ritual jewelry—thin gold collar necklace resting above the milk surface, delicate arm cuff, subtle finger ring—kept refined to maintain focus on beauty and skin.",
"hair": "Her hair is sleek and ritual-polished, partially damp and slicked back at the crown, with soft wet strands framing her face naturally, reflecting candlelight.",
"makeup": "High-fashion Cleopatra beauty makeup with ceremonial artistry—perfectly sculpted brows, elongated black kohl eyeliner, vibrant eyeshadow layered in turquoise, teal, emerald, sapphire blue, and metallic gold. Beneath the eyes, subtle artistic ink-inspired accents echo ancient Egyptian symbolism. Her skin is luminous and dewy, cheeks softly flushed, and lips finished in a nude-rose satin sheen."
},
"ritual_props": {
"bath": "A carved alabaster bathtub filled with warm milk infused with honey, almond oil, and lotus essence.",
"floating_elements": [
"Fresh lotus flowers",
"Soft white rose petals",
"Delicate gold flakes shimmering on the milk surface"
],
"beauty_products": [
"Small golden perfume vial with lotus and myrrh oil",
"Alabaster bowl of honey and milk mixture",
"Clay jar of mineral kohl and pigment powders"
]
},
"background": {
"macro_environment": "An intimate royal bathing chamber within Cleopatra’s palace, designed as a sacred beauty sanctuary.",
"midground_details": "Soft linen curtains, glowing oil lamps, tall candles, and subtle steam rising from the bath, creating a warm and sensual atmosphere.",
"micro_elements": "Milk ripples around her skin, floating petals touching her shoulders, tiny droplets of moisture on her collarbones, reflections of candle flames on gold jewelry, visible stone texture on the tub, and delicate fabric translucency—every detail sharply rendered with zero blur."
},
"lighting": {
"type": "Warm cinematic candlelight combined with soft ambient palace glow.",
"effect": "Golden highlights sculpt her face and skin while gentle shadows enhance depth, intimacy, and divine beauty."
},
"camera": {
"camera_type": "DSLR",
"resolution": "8K UHD",
"lens": "85mm prime lens for beauty editorial compression",
"aperture": "f/8 for maximum facial and detail sharpness",
"iso": 100,
"shutter_speed": "1/160s",
"focus": "Extreme sharp focus on facial features, skin texture, makeup details, and milk surface, no bokeh, no blur"
},
"style": "Luxury beauty editorial, sacred milk bath ritual, ancient Egyptian goddess realism, intimate yet powerful, ultra-detailed, luminous skin focus, cinematic elegance"
}](https://ssfuture.shop/wp-content/uploads/ai_gen_1766006026-300x167.png)
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