主线不明朗，为何我们仍然需要微盘策略？

Core Viewpoint - The A-share market has undergone a significant transition from "extreme focus" to "dynamic balance" over the past two months, with notable internal differentiation and high volatility in the previously dominant technology growth sector, while cyclical, consumer, and dividend sectors have quietly returned [1][6] Group 1: Market Dynamics - The market has not formed a new single consensus, leading to repeated fluctuations within a range and a significant acceleration in industry rotation [1][6] - The shift from a structural bull market to a complex oscillating market suggests that investment strategies can transition from "single-line bets" to "multi-line layouts" [1][6] Group 2: Micro-Cap Strategy Necessity - There are two core reasons to focus on micro-cap strategies: first, they provide opportunities to capture excess returns through market inefficiencies, as micro-cap stocks often face less liquidity and research coverage, making them susceptible to irrational market movements [6][2] - Second, in a rapidly rotating market environment, micro-cap strategies may find tactical opportunities as funds may flow into undervalued micro-cap stocks when mainstream factors become overcrowded [2][6] Group 3: Positioning of Micro-Cap Strategies - The current market characteristics highlight the importance of balanced allocation and style diversification, with micro-cap strategies serving as a stabilizing component in asset allocation rather than replacing the technology growth sector [7][3] Group 4: Practical Principles for Micro-Cap Strategies - Investment in micro-cap stocks should adhere to strict research and trading discipline to avoid emotional decision-making, given their high volatility [8] - Dynamic adjustments to the allocation of micro-cap stocks should be made based on overall market risk appetite, liquidity changes, and relative valuations of large and small caps [8] - Focus on quality and avoid pure speculative plays by considering the fundamental performance and potential profitability improvements of micro-cap companies [8]