Group 1: Market Overview - The A-share market has seen significant attention on micro-cap stocks and bank stocks, with the Wind Micro-Cap Index recently reaching a historical high and the Shenwan Bank Index hitting a new high since 2021, indicating a shift in capital preferences and providing a differentiated allocation strategy [1][2]. Group 2: Bank Stocks - The rise in bank stocks is attributed to public fund reforms that increase the allocation capacity for bank stocks, leading to more capital inflow into the banking sector [2]. - The implementation of policies aimed at increasing long-term capital market participation, such as requiring insurance funds to allocate 30% of new premiums to A-shares, is expected to bring additional funds to high-dividend assets like banks [2]. - In a market characterized by ongoing fluctuations and declining risk-free interest rates, bank stocks are appealing due to their high dividend yields and stable payouts [2]. Group 3: Micro-Cap Stocks - Recent monetary policies, including a total of 800 billion yuan in support for fund insurance company swaps and stock repurchase loans, have significantly expanded market liquidity, further enhancing the small-cap growth trend [3]. - The volatility in the broader market has led to frequent rotations among industry sectors, highlighting the elastic advantage of micro-cap stocks, which can experience substantial price increases with capital inflows due to their smaller market capitalization [3]. Group 4: Investment Vehicles - For investors looking to participate in these two popular sectors, ETFs such as the Bank ETF Preferred (SH517900) and the CSI 2000 Enhanced ETF (SZ159552) are recommended for safer exposure [3]. - The Bank ETF Preferred (517900) has outperformed its benchmark by over 11% and the CSI 300 Index by more than 50% over the past three years, showcasing its strong excess return capability [5]. - The CSI 2000 Enhanced ETF (159552) has also delivered over 11% excess returns relative to the CSI 2000 Index this year, indicating its effectiveness as an index-enhanced fund [8]. Group 5: Strategic Insights - The simultaneous rise of bank and micro-cap stocks reflects a market seeking certainty amid uncertainty, with bank stocks providing stable dividends to counter volatility and micro-cap stocks offering high elasticity for excess returns, creating a balanced investment strategy [6][7].

又到了周一必读时间，昨天文章中，把美债等宏观方面已经讲的透彻了，今天我们直接讲市 场。 周四情绪转冷，周五直接跳水，不少股民跌得心里发慌。 具体原因很清晰： 主要是红利+小市值股票这种"杠铃策略"的拥挤度实在太高，引起抱团溃 散。 从历史经验来看，微盘股指数几乎每年都会出现一次大幅回撤。 尤其是在 2022 到 2023 年量化基金大幅跑赢主观基金，小市值指数成了股民心里的香饽饽 后，微盘股指数回撤的频率从一年一次提高到一年多次，回撤幅度也越来越大。 这显然就是因为量化加剧了市场波动，这是用什么语言都无法粉饰的事实。 最典型的就是去年，我们前后经历了四次微盘股大回撤， 2 月份市场危机，单周下跌 21.69% ； 4 月份新国九条冲击，单周下跌 12.11% ； 6 月份退市风暴加程序化新规，单周下跌 10% ；好不容易熬到年底，中证 2000 占比和场内融资余额分别创下新高后三周下挫 20% 。 从这个角度看，小票拥挤度算是一个可信度很高，并且重复性很强的指标。 小票拥挤度达到极致后，再通过抱团溃散的形式完成调整，是 A 股生态中非常常见的事情， 盯着北证50就s 这也是我最近为什么多次在文章、直播里都提示 ...

AI制药（医疗）板块指数日K线图 张大伟 制图 ◎记者 徐蔚 5月23日，A股市场在午市前走势维持强势，但午后主要股指相继回落。截至收盘，上证指数下跌 0.94%，收报3348.37点；深证成指下跌0.85%，收报10132.41点；创业板指下跌1.18%，收报2021.50点。 全市场成交11826亿元，较前一个交易日放量429亿元。 从板块题材来看，领涨板块集中在医药、汽车产业链和可控核聚变等领域。前期热门的微盘股持续调 整，红利股则冲高回落。不过，仍有部分高位股持续活跃，上演翻倍行情。机构认为，小微盘占优行情 特征或将延续。 医药板块强势爆发 昨日，创新药龙头企业恒瑞医药登陆港交所，在市场热捧下港股股价涨逾25%，推动整个创新药产业链 持续站上风口。A股医药板块逆势大涨，海辰药业、众生药业等涨停，华森制药、诚达药业、红日药业 等跟涨。港股昭衍新药大涨超7%，泰格医药涨超8%。 消息面上，多家创新药企业宣布将在5月30日至6月3日举办的2025年美国临床肿瘤学会（ASCO）年会 上展示创新药物研究成果。此外，受三生制药与辉瑞达成双抗新药授权合作的消息催化，市场对于国产 创新药出海的预期被放大。 医药魔方N ...