- The report highlights that the A-share market has seen an overall increase this week, with the CSI 300 index rising by 0.8%[18][19] - The relative crowding and excess net value of growth versus dividend stocks are at historically high levels, indicating a potential risk in allocating to growth stocks[2][57] - The relative crowding and excess net value of small-cap versus large-cap stocks are not at historically high levels, suggesting that small-cap stocks currently offer a higher cost-performance ratio[2][57] - The relative crowding and excess net value of micro-cap stocks versus the CSI 800 index remain at historically high levels, indicating a potential risk in allocating to micro-cap stocks[2][57] - The rolling quarterly Sharpe ratio of the Wind All A index is at a historically high level, suggesting a need to monitor subsequent adjustment risks[8][34] - The current PE_TTM of the A-share market is at a historically high percentile, with marginal increases observed in the past week[8][38] - The equity risk premium (ERP) for the CSI 300 index is at a balanced percentile, while the ERP for the CSI 500 index is at a relatively high percentile, and the ERP for the ChiNext index is at an extremely high percentile[48][56] - The report notes that the total amount of active equity funds is in a long-term decline phase, which historically favors the reversal style over the momentum style[83][84] - The main fund indices showed mixed performance over the past week, with the national team index and social security heavy index leading the gains[85][89]