今年收益25.32%，中小盘行情还能持续吗？

Core Viewpoint - The small and mid-cap stocks have significantly outperformed the Nasdaq and S&P 500, with the CSI 1000 index rising by 16.55% this year, indicating a strong market trend [1] Group 1: Market Performance - The 1000EFT Enhanced (159680) has achieved a year-to-date return of 25.32%, with an excess return of 8.77% [1] - The trading activity remains robust, with a turnover rate of 9.25% for the 1000EFT Enhanced, and a transaction volume exceeding 59 million yuan [1] Group 2: Economic and Policy Context - The current market conditions resemble past scenarios where technology and small-cap growth stocks surged, driven by fundamental profit recovery, liquidity easing, and policy cycles [2] - Economic indicators show a recovery trend, supported by growth policies, high investment in infrastructure and manufacturing, and a sustained high export growth rate [2] - The implementation of policies aimed at reducing internal competition may lead to a rebound in PPI growth, further boosting industrial profits and A-share earnings [2] Group 3: Financing Trends - The margin trading balance has surpassed 2 trillion yuan, returning to a 10-year high, with significant financing directed towards growth sectors such as pharmaceuticals (19.8 billion), electronics (17.5 billion), and computers (13.6 billion) [3] Group 4: Investment Tools - Enhanced ETFs are highlighted as a cost-effective tool for retail investors to participate in small-cap growth opportunities, offering flexible trading and lower entry barriers [6] - Since its inception, the 1000EFT Enhanced has consistently outperformed its benchmark, achieving a cumulative excess return of 33.10% as of June 30 [7]