Core Viewpoint - The small-cap stocks in the A-share market are experiencing a positive trend, with various indices showing significant increases, indicating a favorable environment for theme-based investments as the market anticipates future performance and industry trends [1]. Group 1: Market Performance - The CSI 2000 Index rose by 1.2%, the CSI 1000 Index increased by 1.4%, the CSI 500 Index and the Sci-Tech 100 Index both saw a rise of 1.6%, and the ChiNext Mid-cap 200 Index climbed by 1.8% [1]. - Historical data suggests that small-cap stocks have a higher probability of rising in November compared to large-cap stocks, attributed to a "vacuum period" in performance and macro events in the A-share market [1]. Group 2: Market Dynamics - The recent two-margin trading volume has consistently accounted for over 10% of the total A-share trading volume, reflecting sustained market enthusiasm and relatively loose micro liquidity in the A-share market [1]. - The CSI 2000 ETF, managed by E Fund, tracks the CSI 2000 Index, which consists of 2000 smaller, liquid stocks, providing a comprehensive reflection of small-cap companies across 11 primary industries in the A-share market [3]. - The Sci-Tech 100 ETF, also managed by E Fund, tracks the Sci-Tech 100 Index, which includes 100 medium-sized, liquid stocks from the Sci-Tech board, focusing on small and medium-sized innovative enterprises in sectors like electronics, pharmaceuticals, and computer technology [3].

Group 1 - The core viewpoint of the article indicates that the market is experiencing rapid sector rotation, making it challenging to capture investment opportunities. The CSI 2000 Index, which covers 30 Shenwan primary industries, particularly focuses on emerging sectors such as machinery and electronics, allowing for risk diversification while capturing returns from sector rotation [1][6]. Group 2 - The CSI 2000 Index consists of 2000 stocks that are smaller in size and have good liquidity, excluding those in the CSI 1000 Index. It comprehensively covers 11 Shenwan primary industries, reflecting the overall performance of small-cap stocks in the Chinese A-share market [4][6]. - The CSI 2000 ETF managed by E Fund tracks the CSI 2000 Index, providing investors with exposure to small and micro-cap stocks [5][6].

2025 年 10 月 31 日 中欧小盘成长: 广度优势+暴 控,打造高性价比小盘基 基金经理研究系列报告之八十五 申万宏源研究微信服务号 相关研究 证券分析师 白皓天 A0230525070001 baiht@swsresearch.com 奚佳诚 A0230523070004 xijc@swsresearch.com 蒋辛 A0230521080002 jiangxin@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 奚佳诚 (8621)23297818× xijc@swsresearch.com 请务必仔细阅读正文之后的各项信息披露与声明 小盘风格投资价值分析：量化舒适区，当下估值分位数与盈利预期相对占优 ○ 0 多维成长、内涵丰富，相比大盘估值或具备盈利预期与估值上的双重优势：1）行业结构: 年内收益靠前的行业多具备成长属性，而小盘指数成长属性更为突出；年内收益表现靠后 的行业在小盘指数中占比较少，如银行、食品饮料等；2）年内热点主题反映小盘具备丰富 内涵：提取了规模增长的非宽基、非港股指数，三只指数成分股均普遍由中小盘股票构 ...