布局小微盘行情的超额之选

Group 1 - The A-share market has experienced a strong rebound since September 24, 2023, driven by significant policy measures, with core broad indices recording over 20% gains, while the CSI 2000 index, which covers small and micro-cap companies, has surged over 64% [1][2][68] - The CSI 2000 index is characterized by low market capitalization and high elasticity, making it a key driver of the current market rally [1][2][68] - The People's Bank of China has implemented a moderately loose monetary policy, with M2 balance growing by 8.3% year-on-year as of June 2025, indicating continued liquidity support [1][3][68] Group 2 - The number of specialized and innovative enterprises within the CSI 2000 index has reached 521, accounting for 26.05%, primarily benefiting from targeted fiscal support and technological advancements [1][5][68] - The focus on specialized and innovative policies has been instrumental in promoting small and micro enterprises, aligning with the direction of "new quality productivity" [5][7][68] Group 3 - Institutional investors have shown increased interest in small-cap stocks, with the market capitalization of actively managed funds in the CSI 2000 index rising significantly since Q4 2024 [8][10][69] - The trading volume of the CSI 2000 index has increased from less than 10% in 2021 to nearly 30% of the total market trading volume, reflecting heightened investor activity [10][12][69] Group 4 - The CSI 2000 index, launched on August 11, 2023, selects 2000 securities with smaller market capitalizations and good liquidity, focusing on emerging industries [14][70] - As of July 18, 2025, the average market capitalization of the CSI 2000 index components is 5.355 billion, significantly lower than other indices like CSI 1000 and CSI 500 [17][70] Group 5 - The CSI 2000 index has shown superior long-term performance compared to other broad indices, with an annualized return of 9.29% since its inception [39][70] - The index's high growth potential is expected to offset its high valuation, with a price-to-earnings ratio of 138.35 as of July 18, 2025 [22][70] Group 6 - The Huaxia CSI 2000 ETF, launched on September 6, 2023, aims to track the CSI 2000 index and has achieved a cumulative excess return of 30.46% since its inception [43][71] - The ETF's excess returns are primarily attributed to stock selection, demonstrating effective management and strategy [55][71]