中证报中证网讯（记者 张舒琳）11月25日，兴华基金权益公募部基金经理黄生鹏在中国证券报"中证点 金汇"直播间表示，当下，市场对风格转换的讨论越来越多，但转换更可能在小盘相对大盘的估值溢价 过高的时候发生，目前时机仍然未到，依然能在小市值公司中找到估值合理的投资标的。从目前的估值 结构来看，数据显示，中证1000指数、中证2000指数以及微盘股指数的PB分别在2.5倍、2.8倍和2.4倍左 右，而代表大盘指数的沪深300指数为1.5倍左右。目前的小盘溢价水平在历史上并不是非常高估的状 态。在这样的估值结构以及当前流动性充裕的背景下，小微盘标的可能在较长周期呈现较好的投资机 会。 ...

Core Viewpoint - The article discusses the current distribution of market capitalization among major indices in the A-share market, highlighting a significant decline in the proportion of the CSI 300 index compared to other indices, particularly in the context of recent market volatility and liquidity issues [2][3][5]. Market Capitalization Distribution - As of August 8, the CSI 300 index accounts for only 45.75% of the total A-share market capitalization, a notable decrease from previous levels [3][5]. - The distribution of free float market capitalization among major indices is as follows: CSI 300 at 19.82 trillion, CSI 500 at 7.22 trillion, CSI 1000 at 6.77 trillion, CSI 2000 at 5.94 trillion, and the remaining micro-cap stocks at 3.57 trillion [5]. Historical Context and Volatility - The article references significant drops in the CSI 2000 index, including a 12.83% decline in a single day in April and a cumulative drop of 35.86% over 54 trading days from late 2023 to early 2024 [10][11]. - The author suggests that a rapid decline in micro-cap stocks relative to the CSI 300 could occur again, drawing parallels to past market behaviors [13][14]. Investment Strategy and Risk Management - The article emphasizes the importance of maintaining a balanced portfolio that includes both dividend stocks and micro-cap stocks, suggesting that investors should be prepared for potential downturns in micro-cap stocks [19][20]. - It highlights two specific micro-cap funds, the Guotai Junan CSI 1000 Index Fund and the Nuon Multi-Strategy Fund, showcasing their performance and the potential for significant returns following market corrections [22][25]. - The article advocates for a strategic approach to investing in micro-cap stocks, suggesting that while volatility and drawdowns are expected, they can lead to substantial long-term gains if managed correctly [27][29].