郭晨凯 制图 | 请问您在2025年二季度的平均投资业绩是 | | | --- | --- | | 1). 持平 | 32% | | 2). 盈利10%以内 | 34% | | 3). 盈利10%-30% | 6% | | 4). 盈利30%及以上 | 8% | | 5). 亏损10%以内 | 15% | | 6). 亏损10%-30% | 3% | | 7). 亏损30%及以上 | 2% | （感谢申万宏源证券、东北证券相关营业部对本调查的支持。上图为部分调查结果） □ A 股三大指数在二季度探底回升呈"V"形走势，在行情回暖的背景下，48%的受访投资者表示在二季 度实现盈利 □ 伴随指数连续反弹，投资者持有的权益资产估值逐渐修复，其对未来证券账户的配置意愿也出现回升 □ 二季度，个人投资者延续对科技成长股的投资热情，对该板块的平均持仓水平高于其他板块。同时， 上游原材料的涨价潮推动投资者开始关注周期股 □ 七成投资者看涨三季度A股行情，较前一季度大幅增加12个百分点。同时，认为三季度港股市场将收 红的投资者占比也达到了57% ◎记者 汪友若 二季度大盘"V"形反弹 近五成投资者盈利 二季度，A股市场在4月 ...

Core Viewpoint - The market is experiencing a style shift with small-cap and cyclical stocks gaining momentum, driven by technical breakthroughs, improved market risk appetite, and capital withdrawal from popular AI trades [1][5]. Group 1: Small-Cap Stocks - Since July, small-cap stocks have outperformed larger indices, with the Russell 2000 index rising approximately 3.5%, surpassing the S&P 500 (+1.7%) and Dow Jones Industrial Average (+0.9%) [1]. - The Russell 2000 index is approaching a "golden cross," a technical indicator suggesting a new upward trend, marking its first occurrence since January 2, 2024 [1]. - Historical data indicates that a golden cross typically signals a bullish trend for small-cap stocks over the next 3 months, 6 months, and up to 1 year [3][4]. Group 2: Market Sentiment and Economic Factors - Despite positive technical signals, the fundamental outlook for small-cap stocks remains fragile, leading to skepticism about the sustainability of the current rally [5]. - Analysts suggest that large-cap stocks are better positioned to withstand economic pressures such as inflation and tariffs, which may limit the potential for small-cap stock gains [6]. - Year-to-date, the Russell 2000 has only gained less than 1%, significantly lagging behind the S&P 500's 7.3% and Nasdaq's 8.2% [6]. Group 3: Cyclical Stocks - Alongside small-cap stocks, cyclical stocks are also seeing increased investment as funds shift from overvalued large-cap tech stocks to economically sensitive sectors like materials, industrials, and consumer discretionary [7]. - The materials sector has risen 3.9%, consumer discretionary by 3.7%, and industrials by 2.3% since July, all outperforming the broader market [8]. - The performance of cyclical stocks is attributed to resilient consumer and business sentiment, with demand remaining stable in many areas [8].