高位ETF频遭资金止盈，反脆弱资产溢价预期升温

Core Viewpoint - Recent market volatility has increased, with a significant structural characteristic of funds "cutting high and buying low" [1] Market Dynamics - Funds are withdrawing from sectors that have seen high cumulative gains, while sectors that have lagged in performance are attracting investment [1] - Market rotation is accelerating, with a strong willingness among investors to switch between different sectors [1] - The current "cut high and buy low" trend is expected to be a prolonged process, with multiple reversals in market conditions anticipated [1] Investment Opportunities - Assets with anti-fragile characteristics are expected to gain premium again, according to Wang Yunpeng, fund manager at Penghua Fund's equity investment department [1] - Key sectors for investment include gold, coal, and oil transportation, which are believed to have solid balance sheets and operational patterns that enhance their anti-fragility [1] - Factors such as state-owned enterprise reforms are expected to drive shareholder returns, contributing to overall yield [1]