点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 本周A股收涨 本周A股收涨。本周A股主要宽基指数大多收涨，创业板指、上证50、沪深300等指数涨幅靠前，科创50和 中证500小幅下跌。从市场风格来看，本周大部分风格指数收涨，大盘成长、大盘价值涨幅居前，而小盘 成长则小幅下跌。分行业来看，申万一级行业走势分化，美容护理、非银金融、汽车等行业涨幅靠前，计 算机、国防军工、传媒等行业跌幅靠前。 大小盘风格分化或将收敛 4月上旬以来，大小盘风格分化，小微盘宽基指数市场表现显著优于大中盘宽基指数。4月8日至5月16日， 上证50、沪深300、中证500等大中盘宽基指数涨幅低于中证1000、中证2000以及万得微盘股指数等小微盘 宽基指数。从个股的情况来看，市值偏小的个股组合4月8日至 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【策略】大小盘风格分化或将收敛——策略周专题（2025年5月第2期） 4月上旬以来，大小盘风格分化，小微盘宽基指数市场表现显著优于大中盘宽基指数。4月8日至5月16日， 上证50、沪深300、中证500等大中盘宽基指数涨幅低于中证1000、中证2000以及万得微盘股指数等小微盘 宽基指数。从历史规律、增量资金、风险因素、基本面以及交易指标来看，大小盘风格分化未来或将收 敛。 （张宇生/郭磊） 2025-05-18 您可点击今日推送内容的第1条查 看 【固收】二级市场价格延续震荡上行，新增一只园区类REIT申报——REITs周度观察（20250512- 20250516） 2025年5月12日-2025年5月16日，我国已 ...

Group 1 - The report indicates that the A-share market has shown an upward trend, with major indices such as the ChiNext Index, SSE 50, and CSI 300 leading in gains, while the STAR 50 and CSI 500 experienced slight declines [1][15][17] - Since early April, there has been a significant outperformance of small-cap indices compared to large and mid-cap indices, with the CSI 2000 and Wind Micro-cap Index rising by 16.4% and 22.1% respectively from April 8 to May 16 [2][20][26] - The report highlights that the small-cap indices have benefited from a rebound after a prior decline, as well as from improved market sentiment following substantial progress in US-China trade talks [2][26][27] Group 2 - Historical patterns suggest that the divergence between small and large-cap stocks may converge in the future, as market sentiment shifts from riskier small-cap stocks to more stable large-cap stocks during prolonged market rallies [3][34][36] - The report emphasizes that mid to long-term capital inflows into the A-share market are likely to favor large-cap stocks, as these are typically preferred by institutional investors seeking stability and predictable performance [3][35] - The report also notes that the profitability of large-cap stocks is currently stronger, with the ROE (TTM) for the CSI 300 and CSI 500 at 9.8% and 6.0% respectively, compared to lower figures for small-cap indices [3][37] Group 3 - The report suggests a potential rotation between defensive and growth styles in the market, with defensive sectors focusing on stable or high-dividend industries, while growth sectors emphasize thematic growth and independent cyclical industries [4][58][59] - It identifies specific industries to watch under different market sentiment scenarios, with utilities, banks, and construction being favored in a declining sentiment environment, while media, defense, and technology sectors may perform better if sentiment improves [4][59][60] - The report provides a scoring framework for industry allocation, indicating that public utilities and banks score highly under current conditions, suggesting a preference for these sectors in the near term [4][65]