Core Viewpoint - The article discusses the contrasting performance of micro-cap stocks and dividend stocks, highlighting a recent trend where both categories have shown strong performance simultaneously, breaking the previous inverse relationship between them [2][5]. Group 1: Market Performance - Micro-cap stocks experienced a significant drop of over 16% after a previous surge, while major banks reached historical highs, indicating a clear "see-saw" effect between these two stock categories [2]. - The recent week saw the micro-cap stock index and the bank index both reaching new highs, suggesting a potential shift in market dynamics [2]. Group 2: Investment Strategies - Dividend stocks are characterized by their large market capitalization, stable earnings, and high dividend yields, making them attractive for conservative investors [5]. - Recent monetary policies, including an 800 billion yuan liquidity support initiative, have bolstered the micro-cap growth market, enhancing its appeal to risk-tolerant investors [5][6]. - The article notes that high dividend strategies have gained traction, particularly as long-term interest rates decline, which positively impacts the pricing of dividend assets [5]. Group 3: Private Equity Products - There are 19 known micro-cap strategy products, all of which are quantitative, with six from billion-yuan private equity managers, all achieving positive returns [6][7]. - Notably, the "Zijie Growth Select No. 1" managed by Zijie Private Equity has reported a return of ***% over the past year, indicating strong performance in the micro-cap sector [8]. - The article highlights that the performance of high dividend and micro-cap strategies has become a primary focus for many investors, with various private equity products available for participation [5][10]. Group 4: Quantitative and Dividend Strategies - The article identifies 15 high dividend products, with a mix of quantitative and subjective strategies, showcasing the growing interest in dividend-focused investments [10][11]. - Noteworthy products include "Abama Four Seasons Dividend Quantitative Hedge" and "Century Frontier Dividend Preferred No. 1B," both of which have shown strong returns over the past year [11]. - The increasing recognition of the value of dividend strategies has led to greater volatility in related indices, presenting opportunities for skilled fund managers to achieve excess returns [12][13].

Core Viewpoint - The recent performance of A-shares has shown an upward trend, driven by easing overseas tariffs and accelerated domestic capital market reforms, leading to a historical high in the micro-cap stock index and a recovery in some actively managed equity funds [1] Group 1: Fund Performance - The Hui'an Multi-Strategy Mixed Fund (Class A 005109, Class C 005110) has reached a new high in cumulative unit net value, with values of 1.5452 yuan and 1.4937 yuan respectively as of May 20, 2025, marking a significant increase in returns of 15.04% and 14.83% year-to-date, placing it in the top 5% of its category [1] - The fund's portfolio is notably diversified with a low concentration, where the top ten holdings account for only 14.22% of the total, significantly lower than the average of 37.75% for similar funds [1] Group 2: Management Strategy - The fund is managed by Liu Yucai, who has extensive experience in quantitative investment and is adept at combining quantitative methods with active equity research to adapt to current market trends [2] - Liu emphasizes a dynamic monitoring framework that considers macro policies, economic cycles, and market structures to build a risk-diversified portfolio, focusing on technology innovation and market capitalization [2] Group 3: Micro-Cap Strategy - Liu points out that investing in micro-cap stocks requires careful consideration beyond just market capitalization to avoid pitfalls and compliance risks that could negatively impact net value [3] - The strategy involves balancing potential for growth with safety margins and adjusting trading frequency to enhance returns while filtering out financially anomalous micro-cap stocks [3]