流动性框架系列一：流动性与股市行情总体逻辑探析

Group 1: Liquidity and Market Dynamics - Macro liquidity does not always accurately depict stock market liquidity, with effective transmission typically occurring only at the end of economic downturns[1] - Micro liquidity in the stock market is a crucial variable affecting market trends and valuations, with active trading periods correlating with higher market valuations[1] - Historical data shows that overall liquidity conditions do not directly determine the rotation between large-cap and small-cap stocks[1] Group 2: Investor Structure and Market Performance - Changes in the structure of market investors, particularly the proportion of institutional investors, significantly explain style rotation and sector performance[1] - An increase in institutional investor market share tends to favor large-cap stocks, while a decrease favors small-cap stocks[1] - The recent influx of capital from central financial institutions has notably impacted the performance of core asset sectors, particularly banks[1]