策略周报：小微盘风格或充分定价-20250525

Core Insights - The report indicates that the A-share market is currently in a consolidation phase, but its resilience remains intact. Short-term positioning is shifting towards defensive attributes due to concerns over rising US Treasury yields and their impact on liquidity [3][4][15] - The report highlights a significant change in the driving logic of small-cap stocks over the past two years, suggesting that the downward space for small-cap indices has been substantially narrowed due to the supportive liquidity from broad-based ETFs [32][30] - The AI industry configuration model has shown a clear trend towards dividend transfer, with a focus on sectors such as public utilities, non-bank financials, and essential consumer goods [40][41] Market Overview - The report notes that the recent rise in US Treasury yields has raised long-term concerns and short-term risks, but it has not yet triggered a global liquidity crisis. The focus remains on the actions and statements from fiscal and monetary authorities [13][14] - The A-share market is characterized by a box-shaped oscillation pattern, with ample policy reserves and low economic downturn risks. The market's upward potential is contingent on the strength of economic recovery [15][4] - The report emphasizes that the market's style may experience a phase reversal, with small-cap stocks facing potential adjustments while high valuations may see a recovery [15][4] Industry Insights - The innovative pharmaceutical sector has shown strong performance, driven by significant collaborations such as the partnership between 3SBio and Pfizer, which is expected to stimulate market sentiment [30] - The report indicates that the Chinese innovative drug industry is rapidly developing, with a notable increase in license-out transactions, suggesting a robust pathway for international expansion [30] - The report also highlights the performance of various sectors, with the automotive industry receiving significant capital inflows, while the TMT sector and small-cap financials faced notable declines [45][30]