多只基金连创新高，板块轮动剧烈，这类指数却高位徘徊

Core Viewpoint - The performance of small and micro-cap stocks remains strong amid market fluctuations, driven by liquidity and value recovery, with several funds achieving historical net asset value highs [1][2][4]. Group 1: Market Performance - The CSI 2000 and National 2000 indices, representing small-cap stocks, have been hovering at high levels, with the CSI 2000 index closing at 3141 points as of November 12, nearing a ten-year high [2]. - Funds focusing on small and micro-cap stocks, such as Nuon Fund and CITIC Prudential, have shown strong performance in Q4, with respective gains of 9.34%, 6.24%, and 8.99% [2]. - The average market capitalization of the top holdings in these funds is typically in the tens of millions, significantly lower than large-cap stocks [2]. Group 2: Liquidity and Investment Strategy - The current market liquidity is considered a fundamental reason for the strong performance of small and micro-cap stocks, as these stocks are more sensitive to capital flows [4]. - Fund managers suggest that investors are increasingly favoring high-elasticity stocks, with small micro-cap stocks often exhibiting greater price volatility [3][5]. - The liquidity environment is expected to remain supportive for small-cap styles, with a decrease in market leverage levels contributing to a more stable risk profile [4]. Group 3: Risks and Considerations - Despite the strong performance, there are concerns regarding the liquidity of small and micro-cap stocks, which can lead to difficulties in trading and price volatility [6][7]. - Fund managers caution that the crowded nature of small-cap stocks may lead to wider bid-ask spreads and challenges in liquidating positions during market corrections [6][7]. - The low trading activity and insufficient depth in buy-sell orders for micro-cap stocks necessitate careful liquidity management during trading [7].