Group 1 - The small-cap stocks have continued to outperform this year, with the CSI 2000 Enhanced ETF (159552) achieving a cumulative increase of 53.95%, exceeding the benchmark index by 19.27% [1] - There has been a significant net inflow of over 1.15 billion since the beginning of the year, with a year-to-date scale growth of 7904.28%, making it a phenomenon in the ETF market [1] Group 2 - Analysts highlight the ongoing interest in small-cap stocks, supported by several factors: the current market risk appetite is rising, making growth-oriented small-cap stocks a focal point [3] - The overall valuation of small-cap stocks has not reached historical highs, indicating that there is still room for relative value and growth premium logic [3] - Quantitative enhancement strategies have proven effective in managing volatility and consistently generating excess returns, as evidenced by the performance of the招商基金1000ETF Enhanced (159680) and CSI 2000 Enhanced ETF (159552), which have outperformed their benchmarks since inception [3] - Continuous net inflows into related ETFs indicate strong scale and ample liquidity [3]

Group 1 - The Shanghai Composite Index has reached 3800 points, with small-cap indices continuing to attract capital [1] - The "Small Cap Star" CSI 2000 Enhanced ETF (159552) has seen a cumulative increase of 54.18% this year, with a year-to-date scale growth of 7900.14%, reaching a historical high [1] Group 2 - Analysts highlight the ongoing interest in small-cap stocks, supported by several factors: rising market risk appetite, growth potential of small-cap stocks, and their overall valuation not yet reaching historical highs [3] - Quantitative enhancement strategies have proven effective in managing volatility and generating excess returns, with funds like the China Merchants Fund 1000 ETF Enhanced (159680) and CSI 2000 Enhanced ETF (159552) consistently outperforming benchmarks since inception [3] - Continuous net inflows into related ETFs indicate strong liquidity and leading scale in the market [3]

Core Insights - The Shanghai Composite Index has reached 3800 points, with small-cap indices continuing to attract capital inflows [1] - The "Small Cap Star" CSI 2000 Enhanced ETF (159552) has seen a cumulative increase of 54.18% this year, with a scale growth of 7900.14% year-to-date, reaching a historical high [1] Market Analysis - The current market risk appetite is rising, making small-cap stocks with growth potential a focal point for investors [1] - Overall valuations of small-cap stocks have not yet reached historical highs, indicating that there is still room for relative value and growth premium [1] - Quantitative enhancement strategies have effectively managed volatility and consistently generated excess returns, as evidenced by the performance of the China Merchants Fund 1000 ETF Enhanced (159680) and CSI 2000 Enhanced ETF (159552), which have outperformed their benchmarks since inception [1] - Continuous net inflows into related ETFs indicate strong liquidity and leading scale in the market [1] External Factors - The potential for a Q3 interest rate cut by the Federal Reserve may favor growth styles and provide a more accommodative environment [1] - However, high external uncertainties and the current elevated position of small-cap styles warrant caution regarding potential pullback risks [1]

Group 1 - The small-cap index has shown strong performance recently, with the CSI 2000 Enhanced ETF (159552) achieving a cumulative increase of 53.95% year-to-date, outperforming the benchmark index by 21.74% [1] - As of August 21, the cumulative net inflow for the year has exceeded 1.15 billion, with a year-to-date scale growth of 7871.11%, reaching approximately 1.3 billion, marking a historical high [1] Group 2 - Analysts highlight the ongoing interest in small-cap stocks, supported by several factors: the current market risk appetite is rising, making growth-oriented small-cap stocks a focal point [3] - The overall valuation of small-cap stocks has not yet reached historical highs, indicating that relative value and growth premium logic still have room to grow [3] - Quantitative enhancement strategies have proven effective in managing volatility and consistently generating excess returns, as evidenced by the performance of the Zhao Shang Fund 1000 ETF Enhanced (159680) and the CSI 2000 Enhanced ETF (159552), both of which have outperformed their benchmarks since inception [3] - Continuous net inflows into related ETFs indicate strong liquidity and leading scale in the market [3]

Group 1 - The core viewpoint of the article highlights the strong performance of small-cap indices, particularly the CSI 2000 Enhanced ETF (159552), which has seen a cumulative increase of 53.95% year-to-date, outperforming the benchmark index by 21.74% [1] - As of August 21, the cumulative net inflow into the ETF has exceeded 1.15 billion, with a year-to-date scale growth of 7871.11%, reaching approximately 1.3 billion, marking a historical high [1] - Analysts suggest that the market's focus on small-cap stocks is supported by several factors, including rising market risk appetite, relatively low overall valuations, and the effectiveness of quantitative enhancement strategies in generating excess returns [1] Group 2 - The article notes that the quantitative enhancement strategies, such as those employed by the China Merchants Fund 1000 ETF Enhanced (159680) and the CSI 2000 Enhanced ETF (159552), have consistently outperformed their benchmarks since inception, with significant excess returns this year [1] - Continuous net inflows into related ETFs indicate strong liquidity and leading scale in the market [1] - Despite the positive outlook, professionals caution about potential risks, including high external uncertainties and the possibility of a short-term correction in small-cap styles, especially with the Federal Reserve's potential interest rate cuts in Q3 [1]