各位投资者下午好我是信仰策略分析师凡斯托那么非常荣幸有机会跟大家分享我们最新的关于这个市场风格的一些观点那么我们今天想要汇报的内容是关于市场最近波动大的小微盘的风格后面的持续性的一个问题我们的判断是放在长期来说那么有可能 小微盘风格是这个牛市里面非常有意思的一个会持续表现的一种风格但是放在季度层面有可能会被流动性压制因为我们观察到的情况是从三月份以来那么居民资金流入的力度和速度上是有明显的这个放慢的那么 而聚能资金其实在整个的这个I股的投资者结构里边其实是非常重要的一块这个对于小微盘风格能够持续表现的一个基础啊那么而且我们最近从市场的表现上也大概观察到了这种变化包括三月份以来的市场的表现包括最近一周市场的风格的表现我们大概也能够看到啊就是小微盘这一块风格相比较这个 整个市场的表现这一块已经开始有一定的波动了那么呃但是说如果大家只是看市场的表现看到这个微盘指数其实还在呃还还是比较强的啊那么呃四月份关税冲击之后啊那么 到五月份这个微盘指数其实是创新高的啊那么但如果大家再去看这个中正一天和中正两天其实这一次是并没有创新高的这个和去年的十一十二月份包括今年三月份啊那么市场的历次上涨的时候是有很大的不同的那么所以说我们 ...

Market Overview - The market is experiencing a divergence, with the Shanghai Composite Index showing weakness while the Shenzhen market, particularly the ChiNext and the Shenzhen Component Index, is performing well and reaching new highs [1][2] - The Shanghai Composite Index is currently fluctuating around the zero axis, influenced by the stronger performance of the Shenzhen market [1] Index Performance - The Shenzhen market is in a phase of catch-up, as it is still below significant resistance levels from previous highs, indicating potential for further upward movement [2] - The CSI 300 Index is performing better than the Shenzhen index but weaker than the Shanghai index, reflecting a middle-ground performance among the three major indices [2][3] Market Trends - The current market trend is characterized as a sideways movement rather than a clear bull or bear market, indicating a need for cautious investment strategies [3] - The overall market structure suggests a prolonged period of consolidation, with a recommendation for moderate positioning in investment portfolios [3] Sector Performance - The innovation drug and biopharmaceutical sectors are showing resilience and are expected to perform well, particularly during periods when technology sectors are underperforming [4][5] - Consumer electronics and certain biopharmaceutical segments are highlighted as having potential for growth, with specific stocks within these sectors showing strong performance [4][5] Investment Strategy - The market is currently in a small adjustment phase, and while some sectors may experience short-term corrections, there remains potential for future growth in selected areas [6] - Investors are advised to maintain a balanced approach, utilizing strategies such as buying low and selling high, while being prepared for sector rotations [3][6]