小市值标的表现亮眼基金锚定“专精特新”方向

Group 1 - Small-cap stocks have shown significant performance since the second quarter, with indices like the CSI 1000 and CSI 2000 outperforming larger indices such as the CSI 300 [1][2] - From June 20 to August 7, the CSI 1000 index increased by 14.38%, while the CSI 2000 index rose by 15.70%, indicating a strong rebound in small-cap stocks [1] - Equity funds have increased their allocation to small-cap stocks by 1.5% by the end of the second quarter, with small-cap funds seeing a net value increase of 4.19% [1] Group 2 - Small-cap equity assets remain attractive due to declining risk-free rates and a favorable valuation premium compared to the CSI 300 index [2] - There is a significant cognitive bias between the growth potential of many small-cap companies and their current market pricing, suggesting room for value appreciation [2] - The current market liquidity environment supports valuation recovery for small-cap equities, with expectations for further upward adjustments as risk-free rates decline [2] Group 3 - The "specialized, refined, distinctive, and innovative" direction is highlighted as a key area for investment, focusing on sectors like automotive, home appliances, mining, innovative pharmaceuticals, electronics, and AI [3][4] - The emergence of a "engineer dividend" is expected to enhance the global competitiveness of Chinese companies, with a focus on those that can benefit from this trend [3] - The fund managers emphasize the importance of identifying companies with long-term competitive advantages in high-end manufacturing and core components, aligning with China's economic transformation [4]