12月大盘风格往往优于小盘，布局跨年如何兼顾均衡与超额？

Core Viewpoint - The market is currently experiencing volatility, with a consensus among major institutions that this may create opportunities for positioning in the upcoming year despite short-term fluctuations [1][2]. Group 1: Market Outlook - Major institutions like Everbright Securities believe the market is still in a bull phase, although it may enter a wide-ranging fluctuation period in the short term [1]. - China Galaxy Securities notes that the A-share market's long-term positive logic remains unchanged, with regulatory adjustments potentially increasing market liquidity [1]. - The current market environment may provide a window for investors to position themselves for next year's opportunities, as historical trends suggest that adjustments often precede cross-year market movements [2]. Group 2: Investment Strategy - According to Guangfa Securities, December typically favors large-cap stocks over small-cap ones, with financial and dividend sectors performing relatively well [4]. - The Shanghai Composite Index, which includes 2,240 listed companies, offers a balanced exposure across various sectors, making it a suitable foundation for navigating market rotations [5]. - Historical performance shows that the Shanghai Composite Index has demonstrated resilience, with a 29.66% increase from 2020 to October 2025, outperforming other indices in terms of annualized returns and drawdown resistance [5][9]. Group 3: Enhanced Investment Approaches - The upcoming Shanghai Enhanced ETF aims to provide excess returns (Alpha) through active stock selection while managing overall risk, rather than merely tracking the index [10]. - Institutions emphasize the importance of recognizing market fluctuations as potential opportunities for strategic positioning, advocating for a balanced and efficient investment approach [11].