中小盘行业月报：12月中小盘先扬后抑，关注超额收益表现

Group 1 - The core viewpoint indicates that in December 2024, typical indices showed a decline, with small and medium-sized stocks performing slightly worse than large-cap stocks, characterized by an initial rise followed by a drop [1][10][29] - The proportion of stocks that increased in value across typical indices was approximately 46%, with trading activity remaining high despite a decrease in turnover rates compared to November [10][14][29] - Among medium-cap stocks, six industries saw price increases while twenty experienced declines, with the top three performing sectors being communication, automotive, and textiles [22][29] Group 2 - In December 2024, medium-cap stocks showed excess returns in 14 industries, with the top three being communication, light manufacturing, and automotive [22][29] - Small-cap stocks had two industries with price increases and twenty-four with declines, where the top three performing sectors were retail, building materials, and food and beverage [22][29] - The turnover rates for medium-cap stocks were highest in the communication, media, and electronics sectors, with some industries exceeding 1.5 times the index turnover rate [22][37] Group 3 - Investment recommendations suggest focusing on sectors with potential for continued excess returns, such as light manufacturing, electric equipment and new energy, and agriculture, forestry, animal husbandry, and fishery [55] - Additionally, sectors like national defense, communication, electronics, and automotive are highlighted for their policy catalysts and technological breakthroughs [55]