宏观点评：两融余额企稳，小微盘指数下跌幅度大于大盘指数

Market Overview - The A-share market saw a slight recovery in trading volume, with a total turnover of 11,629.57 billion yuan, an increase of 334.52 billion yuan from the previous trading day[12] - The margin trading balance stabilized, but the small-cap index experienced a larger decline than the large-cap index, with the Shanghai Composite Index down 1.33% to 3,168.52 points, and the ChiNext Index down 1.76% to 1,975.30 points[3][12] Economic Indicators - The onshore RMB against the USD closed at 7.3326, down 6 basis points from the previous trading day, with a cumulative decline of 233 basis points for the week[10] - The People's Bank of China conducted a 45 billion yuan reverse repurchase operation at a fixed rate of 1.50% to maintain liquidity in the banking system[10] Market Sentiment - Short-term market volatility is easing as negative impacts from factors like exchange rate declines and unanticipated monetary policy adjustments are subsiding[14] - There is a rotation of existing funds between high-dividend large-cap stocks and small-cap stocks, indicating a potential for continued market fluctuations in the short term[14] Policy Outlook - Long-term policy direction is becoming clearer, with expectations for accelerated implementation, providing support for market sentiment at the bottom[14] - The fiscal policy for 2025 is set to be very proactive, with plans for 4 trillion yuan in local government special bonds and 1 trillion yuan in ultra-long-term special bonds[10] Risk Factors - Potential risks include changes in market style, insufficient willingness of funds to enter the market, and policy implementation falling short of expectations[14]