Group 1 - The core viewpoint of the article highlights the sustained high interest in small-cap stocks, particularly the CSI 2000 Enhanced ETF (159552), which has seen a year-to-date increase of 35.76% and continuous net inflows for 15 days as of July 18, accumulating over 260 million since the beginning of the year [1] - The CSI 2000 Enhanced ETF has experienced a significant expansion in shares, with a year-to-date increase of 1269.29% and a growth in scale of 1755.45%, reaching a historical high [1] - According to Zheshang Securities, July shows favorable statistical characteristics for certain factors, including a low valuation and high dividend yield, with average excess returns of 1.89%, 1.77%, 1.64%, and 1.64% for various metrics, and win rates of 70% to 90% [1] Group 2 - The momentum factor in July has shown an average return of only 0.22% with a win rate of 50%, indicating that trend-following strategies are not historically advantageous during this month [1] - Overall, July's advantageous factors exhibit significant defensive characteristics, suggesting that selecting stocks with stable profit growth and high dividends, along with low volatility, may yield both beta and alpha returns [1]

Group 1 - The small-cap stocks have regained upward momentum, with the CSI 2000 Enhanced ETF (159552) increasing by 0.18% as of 9:55 AM, and showing a year-to-date increase of nearly 30% [1] - The CSI 2000 Enhanced ETF has seen a cumulative increase of 29.47% this year, with a significant inflow of funds and a continuous growth in scale for 10 consecutive days, resulting in a year-to-date scale growth of 722.42% [1] - From a calendar effect perspective, the average excess returns of various factors in July from 2015 to 2024 indicate that stocks with low valuation, low volatility, high profitability stability, and high dividend yield tend to perform well [1] Group 2 - The momentum factor shows an average monthly return of only 0.22% in July, with a win rate of 50%, suggesting that trend-following strategies are not favored during this month historically [1] - Overall, the advantageous factors in July exhibit significant defensive characteristics, and focusing on small-cap styles while selecting stocks with stable profit growth and high dividends may yield both beta and alpha returns [1]