汇安基金柳预才：宏观宽松预期和产业政策双轮驱动，小微盘或机会可期

Group 1 - The micro-cap stock sector is showing signs of recovery in early 2026, with certain equity funds focused on this area, such as the Hui'an Multi-Strategy Mixed Fund, reaching new net asset value highs [1] - As of January 12, 2026, the Hui'an Multi-Strategy Mixed A Fund (005109) achieved a net asset value of 2.2072 yuan, marking a record since its inception [1] - The fund primarily invests in small and micro-cap stocks in the technology sector, focusing on industries such as semiconductors, machinery, high-end manufacturing, and pharmaceuticals [1] Group 2 - The top ten holdings of the Hui'an Multi-Strategy Mixed Fund as of Q3 2025 include five stocks from the ChiNext and STAR Market, with an average market capitalization around 2 billion yuan, reflecting a "technology innovation + market cap downshift" characteristic [2] - The fund's holdings are diversified, with a concentration ratio of less than 10% as of Q3 2025, covering various sub-sectors including automation equipment, rail transit equipment, power grid equipment, medical devices, and industrial metals [2] - The fund manager believes that the macroeconomic environment and supportive industrial policies will benefit micro-cap stocks, with signals of stable growth from fiscal policies and a strong yuan attracting foreign capital [2] Group 3 - The analysis indicates that the high proportion of individual investors and speculative funds in the A-share market, along with the increasing size of quantitative funds, enhances the liquidity premium of micro-cap stocks [3] - The manager anticipates sustained trading momentum and trend-driven markets, suggesting that micro-cap stocks will not be absent from performance in a liquidity-rich macro environment [3] - Investors looking to capitalize on micro-cap opportunities should be aware of liquidity risks and potential delisting risks, and consider funds like the Hui'an Multi-Strategy Mixed Fund for a more cost-effective investment approach [3]