Group 1 - The core viewpoint of the articles highlights the recent downturn in the A-share market, particularly affecting small-cap stocks, with the CSI 2000 index dropping by 2.32% and the Wind micro-cap index declining nearly 4% as of August 27 [1] - Small-cap stocks had previously experienced significant gains, with some quantitative private equity strategies achieving over 100% returns since the beginning of 2024 [1][2] - The rise in small-cap stocks is attributed to several factors, including a recovery from previous valuation compressions, strong support from the technology growth sector, and favorable industrial policies [1][2] Group 2 - The current strength of small-cap stocks is primarily driven by quantitative funds, which have a high concentration in these stocks, and the increasing margin financing focused on sectors like AI and robotics [2] - The trading congestion in small-cap stocks is noted to be high, approaching levels seen during previous market peaks, although it has not yet reached historical extremes [2][3] - Private equity firms are adopting various strategies to manage the high trading congestion, including actively adjusting their portfolios to capture market opportunities while avoiding excessive exposure to single strategies [3][4]
小微盘股“抱团”隐忧闪现 私募策略应对更趋理性
Zhong Guo Zheng Quan Bao·2025-08-28 20:16