盘后，证监会发布！周四，大盘走势分析

Group 1 - The core viewpoint is that the current market sentiment is predominantly pessimistic despite the Shanghai Composite Index rebounding by 300 points, indicating a potential for further upward movement [1] - The recent one-month market performance, which saw the Shanghai Composite Index rise by 10%, was not driven by optimistic sentiment, suggesting that the ongoing bull market is characterized more by index performance rather than individual stock performance [1][6] - The market is expected to continue its upward trend, with key sectors such as banking, liquor, securities, and real estate likely to support index growth [6] Group 2 - The China Securities Regulatory Commission (CSRC) has mandated that fund managers whose products underperform the benchmark by over 10 percentage points for more than three years should see a significant reduction in their performance-based compensation [3] - There is a growing preference for passive investment strategies, as evidenced by the trading volume of ETFs nearing 300 billion, surpassing that of the CSI 300 index [3] - The existence of actively managed funds is questioned, as few have outperformed the market index over the past four years, leading to skepticism about the value of entrusting capital to fund managers [4] Group 3 - The current market is characterized by a divergence, where only after the index breaks through certain levels will there be a corresponding rally in small-cap stocks [8] - The market operates on its own rhythm, emphasizing the importance of respecting market cycles and maintaining a focus on index strategies for the time being [8]