罗素2000小型股指数今年迄今表现堪称惊艳，创下自1991年以来的最大涨幅纪录。截至上周五，该指数更以近14个百分点的优势跑赢声名显赫的标普500指数，这也是35年来最悬殊的领先差距。
然而局势或将生变。随着上周完成的年度指数调整，43家成分公司——包括部分年内表现最亮眼的个股——将晋级至罗素1000大盘股指数。历史数据揭示出值得警惕的规律：本世纪另外两次年中调整前实现两位数涨幅的年份（2019年16%，2021年18%），下半年表现均显著回落——2019年涨幅收窄至6.5%，2021年甚至转为下跌3.8%。
指数的重构往往带来流动性的重新分配，当最具活力的成分股脱离原有体系，留在罗素2000中的企业能否延续辉煌尚待观察。这场小型股与大型股之间的较量，正随着指数成分的迁徙进入新的篇章。
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