微盘股行情的本质及其对立面

• The report discusses the performance of the "Micro-cap Stock Index," highlighting its significant drawdowns and subsequent rapid recoveries. For instance, the index experienced a maximum drawdown of 50% between January and February 2024, followed by a 99% increase over 20 months (April 2022 to December 2023) and a 95% increase over 10 months (August 2024 to June 2025) [9] - The "Micro-cap Stock Index" is constructed with a focus on small-cap stocks, emphasizing their trading attributes. The index's returns are primarily driven by a systematic rebalancing process that removes overvalued stocks, effectively locking in profits. On average, 42 stocks are removed monthly, with 94% of the months showing positive returns (average monthly return: 18.32%) for the index, while the removed stocks often underperform in the subsequent month (average return: -0.63%) [21][25] - The elasticity of the "Micro-cap Stock Index" is attributed to its alignment with A-share market themes. Stocks with low market capitalization and low prices often exhibit strong continuity, driving the index's upward momentum. This thematic-driven approach ensures that the index benefits from emerging investment opportunities in sectors like solid-state batteries, stablecoins, and innovative pharmaceuticals [29][34][69] - The report contrasts the "Micro-cap Stock Index" with its opposite, the "Large-cap Trend Stocks," which are characterized by high liquidity and large trading volumes. For example, the PCB sector recorded a single-day trading volume of 6.86 billion yuan on July 8, 2025, highlighting the divergence in market dynamics between micro-cap and large-cap stocks [39][40]