3月日历效应：小微盘风格，农林、美容、医药行业或相对占优

Group 1 - The core viewpoint of the report indicates that in March, the overall A-share market is relatively flat, while small-cap and micro-cap styles show significant excess returns. The average absolute monthly return of the Tonghuashun All A (weighted) index in March over the past 10 years is 0.4%, which is relatively limited. However, small-cap and micro-cap styles outperform the large-cap style and the All A index respectively [7][8][10]. - In terms of industry performance, the report highlights that the agriculture, forestry, beauty, and pharmaceutical sectors are expected to outperform, while steel, petrochemicals, and non-bank financials lag behind. The average monthly excess returns for these industries in March over the past 10 years show a clear distinction [7][8][13][15]. Group 2 - The report provides detailed data on the calendar effect for different styles and industries, indicating that small-cap stocks significantly outperform large-cap stocks, and micro-cap stocks outperform the All A index in March [10][11]. - The report includes specific numerical data showing that the average excess return for small-cap stocks in March is 6.5%, while for micro-cap stocks, it is notably higher, indicating strong performance in these segments [10][11]. - The report also presents a comparative analysis of industry indices, revealing that sectors such as agriculture, beauty, and pharmaceuticals have higher average monthly excess returns compared to sectors like steel and petrochemicals, which show negative returns [13][15].