逾300只量化基金净值创历史新高，小微盘“高光”背后有何风险？

Group 1 - The core viewpoint of the articles highlights the strong performance of small-cap stocks in the A-share market, significantly outperforming larger indices, leading to a surge in public quantitative fund net values, with over 97% of these funds achieving positive returns this year [1][2][3] - The Wind data indicates that as of July 28, 314 out of 652 public quantitative funds have reached historical net value highs, representing over 48% of the total [2][3] - The small-cap stock index reached a historical high of 476,824.12 points on July 29, with a year-to-date return of 50.23%, while the mid-cap indices also showed substantial gains compared to larger indices [2][3] Group 2 - Due to the limited capacity of small-cap stocks to absorb funds, several high-performing products have implemented purchase limits, with some reducing daily purchase limits to as low as 1,000 yuan [3][4] - Approximately 28 quantitative products, including the CITIC Prudential Multi-Strategy Fund, have suspended large purchases, indicating a trend towards tighter purchase limits across the sector [4] - Fund managers suggest that a comfortable management scale for small-cap products is around 20 billion yuan, with a target position maintained between 60% to 80% to manage risks effectively [4] Group 3 - Analysts express concerns about the high "crowding" in small-cap stocks, which could lead to significant risks if market sentiment shifts, although the likelihood of extreme adjustments similar to early 2024 is considered low [6][7][8] - The reliance on sentiment and liquidity in small-cap stocks has raised concerns about their underlying fragility, with many stocks driven by themes rather than solid performance, leading to potential valuation bubbles [6][7] - Fund managers have cautioned about the need to monitor market volatility closely and prepare for potential risks, emphasizing that the current high levels of investment in small-cap stocks may not be sustainable [7][8]