尾盘！A股，突变！

Core Viewpoint - The article discusses the volatility of micro-cap stocks in the A-share market, particularly during the end of the year and early January, highlighting significant declines and the potential impact of market rumors [1][3]. Group 1: Market Performance - Micro-cap stocks experienced a sharp decline, with the micro-cap index dropping over 1.4% in the afternoon session, contributing to a monthly decline exceeding 6% [1]. - Historical data shows that micro-cap stocks tend to exhibit large fluctuations at the end of the year, with a nearly 8% drop in December last year and over a 21% plunge in January [3]. Group 2: Investment Strategy - Analysts suggest that the current market conditions may warrant a shift in investment strategy, indicating that as long as small-cap stocks do not experience significant pullbacks, there may still be opportunities in thematic mid-to-large cap stocks [4]. - According to Fangzheng Securities, the logic behind the rotation between large and small-cap stocks is not strongly driven by overall profitability differences, and liquidity conditions are not the decisive factor for style switching [5]. Group 3: Micro-Cap Stock Characteristics - The micro-cap index has significantly outperformed the market in recent years, attributed to its "contrarian stock selection" characteristics, although it is currently at historical highs with relative valuations still below historical extremes [5]. - Investment risks in micro-cap stocks primarily include credit risk and liquidity risk [5].