Core Viewpoint - The equity market's confidence has gradually improved throughout the year, characterized by distinct structural trends in different phases, including AI-led trends, innovative drug sectors, and the recent strength in low-volatility dividend assets [1] Market Trends - The market has experienced significant sector rotation, with notable phases including AI dominance at the beginning of the year, innovative pharmaceuticals after April, and technology growth led by semiconductors and AI in August and September [1] - Following October, low-volatility dividend assets have shown a phase of strength, indicating a shift in investor focus [1] Investment Insights - With the decline in risk-free rates, the cost of capital has decreased, enhancing the attractiveness of equity assets and increasing investor risk appetite [1] - The effectiveness of market pricing is improving, yet small-cap stocks remain under-researched, presenting more opportunities for value discovery [1] - Current market liquidity favors small and micro-cap stocks, providing numerous trading opportunities [1] - The valuation structure indicates that small and micro-cap stocks, primarily assessed by price-to-book (PB) ratios, still offer a good margin of safety compared to large-cap stocks, making them appealing from a defensive standpoint [1]
兴华基金黄生鹏：权益资产性价比提升 当前小微盘股具有较好的安全边际
Zhong Zheng Wang·2025-11-25 13:00