Core Viewpoint - The report from China International Capital Corporation (CICC) indicates that while the micro-cap style has shown strong performance, its advantages may weaken over time, although there are still structural opportunities available [1] Policy Support - The China Securities Regulatory Commission (CSRC) released guidelines on May 16 to optimize the regulation of mergers and acquisitions, which encourages the integration of small and micro enterprises, providing additional funding sources and reducing liquidity pressure for micro-cap stocks [2] - The impact of the new restructuring guidelines on micro-cap stocks is expected to be marginally weaker compared to previous policies, but it still offers long-term support to the market [2] Market Environment - The current financial market in China is characterized by a relatively loose liquidity environment, supported by synchronized expansion in social financing and M2 growth, along with comprehensive reserve requirement ratio cuts by the central bank [2] - This loose liquidity environment provides systematic support for the performance of high-elasticity styles, including micro-cap stocks [2] Predictive Indicators - The report indicates that the current low concentration of institutional holdings and the lower popularity of large-cap styles are favorable for micro-cap styles [2] - The decreasing PB ratio of large-cap to small-cap stocks since the second half of 2024 suggests a gradual shift of funds towards small-cap styles, enhancing the funding support and popularity for micro-cap styles [2] Funding Types - As of May 27, 2025, among the 400 stocks in the Wind Micro-Cap Index, 72 stocks have a financing participation ratio of 3% or more, and 19 stocks have a financing participation ratio of 5% or more, indicating a high level of participation from high-risk preference funds [3] - Institutional investors have shown increased interest in micro-cap stocks, although they remain cautious in their investment strategies due to risk considerations [3] Calendar Effect - Historical data shows a higher probability of price increases for micro-cap stocks in May, with specific months exhibiting distinct calendar effects [3] - The performance of micro-cap stocks is significantly influenced by the timing of earnings announcements due to their smaller size and initial growth stage [3] Crowding Risk - Currently, the micro-cap style has not triggered any crowding signals, indicating a lower risk of short-term pullbacks due to excessive crowding [3]
中金：微盘风格仍有结构性机会 聚焦专精特新等高确定性的优质主线
智通财经网·2025-05-30 00:03