兴华基金黄生鹏：市场风格转换的时机尚未到来 小微盘可能在较长周期内具有投资机会

Core Viewpoint - The current market discussions on style rotation are increasing, but the timing for such a rotation is not yet ripe, as there are still reasonable investment targets in small-cap companies [1] Valuation Structure - The PB ratios for the 中证1000 index, 中证2000 index, and micro-cap stock index are approximately 2.5, 2.8, and 2.4 respectively, while the representative large-cap index, the 沪深300 index, stands at around 1.5 [1] - The current small-cap premium level is not considered excessively high historically [1] Investment Opportunities - Given the current valuation structure and ample liquidity, small and micro-cap stocks may present good investment opportunities over a longer period [1]