当蓝筹价值切换成长题材，小盘股ETF是否依旧维持高景气度？

Core Insights - The article discusses the strong performance of small-cap stocks compared to large-cap stocks, driven by liquidity and macroeconomic factors since the pandemic [1][4] - It highlights the reasons for the current strength of small-cap stocks, including improved market sentiment and government support for specialized and innovative enterprises [4][6] - Historical analysis indicates that market cycles typically last 5-7 years, with small-cap stocks currently in a favorable position [5][6] Group 1: Small-Cap Performance - Small-cap indices have shown significantly stronger upward momentum compared to large-cap indices since the beginning of the year, with the ChiNext 50 index achieving over 100% returns in the past year [1][8] - The ChiNext 50 index stands out as the best performer among small-cap indices, with a maximum increase of 24.71% [9][10] - The overall performance of small-cap indices, such as the CSI 2000 and CSI 1000, has also been impressive, with returns of 48.66% and 31.21% respectively [9][14] Group 2: Market Dynamics - The article attributes the strong performance of small-cap stocks to two main factors: improved market sentiment post "924 market" and government policies favoring innovative small enterprises [4][6] - The current market environment is characterized by a significant liquidity influx, with transaction volumes reaching nearly 2 trillion [4] - The ongoing support for innovation-driven development strategies provides a conducive environment for small-cap companies, particularly in technology and renewable energy sectors [4][6] Group 3: Investment Strategies - Investors are advised to consider small-cap ETFs for exposure to high volatility and potential returns, with a focus on risk tolerance [7][10] - The CSI 2000 index is highlighted as a suitable option for investors seeking a balance between risk and return, with a recent annualized return exceeding 50% while maintaining manageable risk levels [12][14] - The article suggests that for conservative investors, the CSI 100 and CSI 1000 indices may offer a more stable investment option due to their larger market capitalizations and reasonable valuations [10][12]