Core Viewpoint - The article emphasizes the continued liquidity easing and the potential outperformance of small-cap stocks in the current market environment, supported by favorable monetary policies and improving credit conditions for small enterprises [2][3]. Group 1: Monetary Policy and Market Conditions - A comprehensive monetary policy package was announced, leading to a decline in funding rates, which alleviates financial pressure [2]. - Since 2025, credit spreads have been on a downward trend, indicating an improved credit environment for small-cap companies, which enhances their relative performance [2]. Group 2: Support for Specialized Small and Micro Enterprises - Recent policy initiatives aim to promote the development of specialized and innovative small and micro enterprises, indicating a structural optimization in the industry that holds significant growth potential [3]. Group 3: Investment Value of the CSI 2000 Index - The CSI 2000 Index reflects the overall performance of small and micro-cap listed companies in A-shares, focusing on growth potential in technology manufacturing sectors [4]. - The majority of the index's constituent stocks have a free float market capitalization of less than 5 billion, highlighting its small-cap focus [4]. Group 4: Industry Distribution and Profitability - The CSI 2000 Index has a high allocation in machinery, electronics, and computer sectors, showcasing a strong technology manufacturing characteristic [5]. - The index demonstrates resilient performance with stable revenue growth and superior sales gross margins compared to other small-cap indices [5]. Group 5: Valuation and R&D Investment - As of May 9, 2025, the CSI 2000 Index has a price-to-book ratio of 2.37, with a projected net profit growth rate of 103.07%, indicating strong earnings expectations that support its current valuation [5]. - R&D expenditures and their proportion are steadily increasing within the index, providing innovative momentum for future profit growth [5]. Group 6: Index Performance - The CSI 2000 Index has outperformed other representative indices in both short and long-term periods, with short-term performance showing greater elasticity [6].