8月21日，两市午后跳水。截至14时31分，"小盘双子星"中证2000增强ETF(159552)、1000ETF增强 (159680)分别跌0.84%、0.61%，年内分别涨54.11%、30.60%。Wind Level2实时行情显示，盘中二者双 双获得资金逆市净流入。 分析指出，近期市场关注中小盘股后续空间。分析认为，支撑其配置价值的理由包括：一是当前市场风 险偏好持续走高，具备成长弹性的中小盘股增强仍为市场焦点；二是其整体估值尚未达历史高位，相对 价值及成长溢价逻辑仍存空间；三是量化增强策略能有效应对波动、持续创造超额收益，如招商基金 1000ETF增强(159680)、中证2000增强ETF(159552)成立以来季季跑赢基准，年内超额显著；四是相关 ETF资金持续净流入，规模领先，流动性充裕。但专业人士的恳切提醒不容忽视：美联储Q3降息或利好 成长风格，提供宽松环境，但外部不确定性高，小市值风格短期已处于高位，警惕回调风险。 风险提示：文中提及的指数成份股仅作展示，个股描述不作为任何形式的投资建议。任何在本文出现的 信息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考 ...

Group 1 - The Shanghai Composite Index (沪指) achieved a trading volume exceeding 2 trillion yuan, marking an eight-day consecutive rise to a new high [1] - The net value of the popular small-cap ETF 1000ETF Enhanced (159680) reached 1.4196, setting a new historical peak, with a year-to-date scale growth of nearly 160% [1] - Market analysts attribute the significant outperformance of small-cap stocks over large-cap stocks to four main factors: ongoing global liquidity easing expectations, a weak dollar environment leading to increased foreign investment in A-shares, clear policies in the technology sector attracting capital, and a general market rally driving up valuation levels [1] Group 2 - The narrowing of the basis between stock index futures reflects an ongoing improvement in market risk appetite [1] - Analysts caution about the potential divergence risk between fundamental performance and market behavior [1]

Core Viewpoint - The market is experiencing a significant increase in risk appetite, with a notable rise in small-cap growth stocks, supported by a high level of margin financing that has returned to over 2 trillion yuan for the first time since 2015, although its market share has decreased [1][3][5]. Group 1: Market Performance - The three major indices opened higher on August 12, with the Shanghai Composite Index continuing to strengthen after reaching a new high since 2022 [1]. - As of August 11, the margin financing balance has remained above 2 trillion yuan for four consecutive trading days, marking a significant return to this level [1][3]. Group 2: Margin Financing Insights - Despite the high absolute value of margin financing, its proportion of the A-share market's circulating market value is only 2.30%, less than half of the 4.73% seen in April 2015, indicating a healthier leverage structure [3]. - This situation suggests that there may still be marginal incremental capital supporting the market, with leverage levels not yet reaching alarm thresholds [3]. Group 3: Investment Strategy - The current market dynamics favor small-cap growth stocks, which are particularly sensitive to changes in liquidity and risk appetite, as evidenced by the performance of the CSI 1000 index, which has risen 16.55% year-to-date compared to the 8.82% increase of the Shanghai Composite Index [5]. - The 1000 ETF Enhanced (159680) has seen a year-to-date net value increase of 25.25%, significantly outperforming its benchmark, with a substantial inflow of 213 million shares over the year [8]. - The strategy of using index enhancement may be beneficial for investors looking to balance their portfolios while capturing both beta and alpha returns in the small-cap sector [10]. Group 4: Future Considerations - The market's increasing heat and the gains across various sectors suggest that a refined approach to portfolio rebalancing may be prudent, particularly through low-cost dollar-cost averaging or phased entry strategies [11].

Core Viewpoint - The A-share market has experienced a strong rebound since September 24 of last year, driven by significant policy support, with core broad-based indices recording over 20% gains. The CSI 2000 index, which covers small and micro-cap enterprises, has risen over 64%, showcasing substantial return elasticity and becoming a key driver of the current market rally [1][1][1]. Group 1: Market Performance - The CSI 2000 index has shown characteristics of low market capitalization and high elasticity, benefiting from liquidity easing and policy dividends [1][1]. - Enhanced indices focusing on small-cap stocks have performed exceptionally well, reflecting strong investor interest and market dynamics [1][1]. Group 2: Policy Impact - Continuous support from liquidity easing and specialized policies has propelled the CSI 2000 index higher, indicating a favorable environment for small-cap investments [1][1]. - The ongoing focus on small and specialized enterprises has contributed to the remarkable performance of the enhanced indices [1][1].