中银量化大类资产跟踪：A股持续放量，微盘股进入回调区间

• The report tracks the performance of various stock market indices, including A-shares, Hong Kong stocks, and US stocks, highlighting their weekly, monthly, and year-to-date changes[20][21][23] - The report discusses the performance of different stock market styles, such as growth vs. dividend, small-cap vs. large-cap, and micro-cap vs. fund-heavy stocks, providing their excess returns and crowding levels[2][27][28] - The report evaluates the valuation and risk-return trade-off of A-shares, indicating that the current PE_TTM of A-shares is at a historically high percentile, with marginal upward movement[10][64][66] - The report tracks the main funds' indices, showing their absolute and relative returns, and highlights the recent performance of the main funds' indices compared to the Wind All A index[82][83][86] - The report provides insights into the activity levels of institutional research, showing the historical percentiles of institutional research activity for various indices, sectors, and industries[108][110] - The report includes data on the bond market, showing the current and historical levels of Chinese and US government bond yields, as well as the China-US yield spread[111][112][113] - The report covers the foreign exchange market, indicating the recent appreciation of the onshore and offshore RMB against the USD, and provides data on the USD index and RMB exchange rates[118][120] - The report discusses the commodity market, showing the weekly performance of various commodity indices in China and the US, including the South China Commodity Index and the CRB Composite Index[122][123][124]