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中金:从投资者结构变化看风格
中金点睛·2025-08-31 23:39

Core Viewpoint - The A-share market is experiencing strong momentum, with the Shanghai Composite Index reaching a ten-year high of 3883.56 points as of August 25, 2025, and total trading volume on the Shanghai and Shenzhen main boards hitting a record 27,953.8 billion yuan for the year [2][10]. Group 1: Micro-Plate Style - The advantages of the micro-plate style are diminishing, with excess returns decreasing from 7.2% in May to -3.3% in August compared to the CSI All Share Index [5][30]. - The current crowding degree of the micro-plate style is low, with a score of 1.5 as of August 22, 2025, indicating a relatively low level of crowding [5][35]. - Despite increased participation from individual investors, the overall crowding degree remains low, with large orders showing increased volatility while smaller orders remain stable [5][35]. Group 2: Growth Style - There has been a slight increase in individual investor participation in the growth style since July 2025, while institutional investor participation has slightly decreased [6][38]. - The relative heat of news sentiment for the growth style has not reached overheating levels, indicating that there is still room for growth [7][40]. - The growth style is expected to maintain its advantages, supported by a favorable macro environment characterized by ample liquidity and relaxed risk appetite [7][42].