图说金融：题材概念热度指数显示科技交易拥挤未来或切向哑铃结构

Report Summary Core Viewpoints - Most hot topic-related heat signal indices are at relatively high levels [5] - Historical experience shows that when the industry heat signal index is at a relatively high level, future excess returns may underperform [5] - Technology stocks are under pressure in the momentum dimension, which may drive quantitative funds back to the micro-cap style, and the future style is expected to switch to a dumbbell structure [5]