尾盘大跳水！微盘股突变，发生了什么？

Core Viewpoint - The article discusses the volatility of micro-cap stocks in the A-share market, particularly highlighting significant declines observed in December and January over the past few years, indicating a pattern of increased market fluctuations during this period [2][5]. Group 1: Market Performance - In the afternoon session, the micro-cap stock index experienced a sharp decline, dropping over 1.4%, contributing to a monthly decline exceeding 6% [3]. - Historical data shows that micro-cap stocks have faced severe downturns at the end of the year and the beginning of the next year, with a nearly 8% drop in December last year and over 21% in January [5]. Group 2: Investment Strategy - Analysts suggest that the current market conditions may require a shift in investment strategy, advocating for a focus on mid to large-cap stocks as long as small-cap stocks do not experience significant pullbacks [7]. - According to Fangzheng Securities, the switching between large and small-cap stocks has shown a mean-reversion characteristic since 2005, with small-cap stocks often led by the technology sector during their outperformance phases [8]. Group 3: Market Dynamics - The article notes that both A-shares and U.S. markets exhibit a mean-reversion pattern in the performance of large and small-cap stocks over the past 70 years [9]. - The relative valuation between large and small-cap stocks has not shown a significant trend of large-cap stocks being valued higher than small-cap stocks, indicating a potential opportunity for investors [10]. - The article highlights that micro-cap stocks have outperformed the market in recent years, with their long-term returns possibly linked to their "contrarian stock selection" characteristics [10].