切换or撤退？微盘股尾盘大幅杀跌 原因曝光

Core Viewpoint - The A-share market experienced significant volatility, particularly in micro-cap stocks, which saw a notable decline after 2 PM, with the micro-cap stock index dropping over 1.4% and a monthly decline exceeding 6% [2][4]. Group 1: Market Performance - Micro-cap stocks have historically shown large fluctuations at the end of the year or the beginning of the new year, with the index dropping nearly 8% in December last year and over 21% in January [4]. - More than 20 stocks hit the daily limit down or experienced declines of over 10%, with a significant number being ST stocks, indicating a widespread downturn among micro-cap stocks [4]. Group 2: Market Dynamics - Analysts suggest that the current market conditions may require a shift in investment style, but as long as small-cap stocks do not experience a significant pullback, there may still be opportunities in thematic mid-to-large-cap stocks [5]. - Historical data indicates that the A-share market has shown a mean-reversion characteristic in the performance of large and small-cap stocks since 2005, with small-cap stocks often leading in technology sectors during their outperformance periods [5]. Group 3: Micro-Cap Stock Characteristics - The micro-cap stock index has significantly outperformed the market in recent years, attributed to its "contrarian stock selection" characteristics, although it is currently at a historical high [6]. - The relative valuation of micro-cap stocks remains below historical extremes, suggesting potential for further growth despite existing credit and liquidity risks [6].