↑点击上面图片 加雪球核心交流群 ↑ 风险提示：本文所提到的观点仅代表个人的意见，所涉及标的不作推荐，据此买卖，风险自负。 作者： 张翼轸 来源：雪球 2026 年开年，A 股简直是 "火上浇油"。 周五，中证 A 股上涨 1.18%，本月迄今涨幅已经到了 5.07%。 更重要的是，A 股成交额来到了 3.1 万亿元。上一次出现 3 万亿元以上的成交额，已经是去年的 9 月 18 日了。 | | | | | | - 3 C / / + X 2 - / / + 2 × - / / + 2 × - / / + 2 × - / / + 2 × - / / + 2 × - / / + 2 × - / / + 2 × - / / + 2 × - / / + 2 × - / / + 2 × - / / + × 2 × - / / + × 2 × - / / + × | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | सेक्स | 2025 一季度 | 2025 二季度 | 2025 三季度 | 2025 20 ...

Core Viewpoint - The article discusses the effectiveness and risks associated with the "micro-cap stock strategy," highlighting its significant returns while also addressing the inherent volatility and potential for substantial losses [2][40]. Group 1: Micro-Cap Stock Strategy Effectiveness - The micro-cap stock strategy has shown long-term effectiveness, with the Wind Micro-Cap Stock Index achieving a remarkable 51.43% increase in 2025, contrasting with a mere 15.39% rise in bank stocks [2][40]. - The Wind Micro-Cap Stock Index is composed of the smallest 400 stocks from the A-share market, excluding certain categories, and is rebalanced monthly, which allows for high-frequency trading that capitalizes on market volatility [4][11]. - The strategy's success is attributed to its ability to generate excess returns through high-frequency trading rather than relying on fundamental company performance [12][19]. Group 2: Impact of Major Shareholder Actions - Major shareholder sell-offs have limited impact on micro-cap stocks due to regulatory constraints, making the perceived risks of such actions largely unfounded [14][40]. - The article emphasizes that the micro-cap stock strategy's returns are primarily driven by the index's trading rules rather than the underlying fundamentals of the companies involved [39][40]. Group 3: Risks and Considerations - The micro-cap stock strategy carries significant tail risks, with historical data showing potential declines of 40%-50% during market downturns, which investors must be prepared to endure [40][41]. - The article warns that while the micro-cap index can yield high returns, it is essential to recognize the associated risks and not to concentrate investments solely in this strategy [41][42]. - Diversification is recommended to mitigate risks, suggesting that investors should not allocate all resources to micro-cap stocks but rather create a balanced portfolio [42][43].