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Small-cap style clearly outperforms.According to the statistics of the First Financial Reporter, the 100 stocks with the smallest closing market value on September 23 have almost doubled up to now. In the same period, the average increase of 66 stocks in the market value component was 19.2%, and the average increase of the fund's heavy stocks was 27.5%, which was far worse than that of small-cap stocks.The "disappearing" low-priced stocks also reflect the style that funds are keen on "speculating small". The "roller coaster of low-priced stocks during the year: the number of stocks in half a year is reduced by 90%, and the liquidity drives the stocks to soar" published by CBN on December 8 pointed out that the number of A-share low-priced stocks (below 2 yuan) has been reduced by about 90% in the past six months, and the hot money has used the concept to speculate on related targets, pushing the low-priced stocks to rise sharply. Sunrise Oriental (603366.SH), Nanjing Chemical Fiber (600889.SH), Leo (002131.SZ), *ST Tongzhou (002205.SZ), Hainengda (002583.SZ), and Doushen Education (300010.SZ). As of December 9, there were 21 A-share low-priced stocks, one less than the previous trading day.

According to the statistics of the First Financial Reporter, the 100 stocks with the smallest closing market value on September 23 have almost doubled up to now. In the same period, the average increase of 66 stocks in the market value component was 19.2%, and the average increase of the fund's heavy stocks was 27.5%, which was far worse than that of small-cap stocks.[Robots are hot this year! 】According to the statistics of the First Financial Reporter, the 100 stocks with the smallest closing market value on September 23 have almost doubled up to now. In the same period, the average increase of 66 stocks in the market value component was 19.2%, and the average increase of the fund's heavy stocks was 27.5%, which was far worse than that of small-cap stocks.

For the reason of the market style deduction, Zhao Xi, the investment director of Tuopai Fund, told the First Financial Reporter that since the macroeconomic data has not improved significantly, it is difficult for the macro economy to support the core assets, and most investors' sense of the whole economy is not high enough. Although the weighted blue chips and fund heavyweight stocks have valuation advantages, they lack rising logic. In this context, hot money and new retail investors have repeatedly speculated on the emerging science and technology around the policy.According to the research report released by SDIC Securities on December 8, if we want to treat this wave of "new year's market" with "innovation", it is necessary for the US dollar index to clearly turn from strong to weak and the fiscal expenditure to enter a clear expansion cycle. The pricing of risk preference turning to fundamentals may have to be further confirmed in the second quarter of next year (strong dollar turning to weak dollar+stimulus policy effectively reversing domestic demand). Looking back at history, after M1 rebounded from the bottom for two consecutive months, the market sector represented by consumption and pro-cyclical sectors will start pricing around fundamentals, which also means that if the growth rate of M1 continues to rebound in November, this extreme differentiation pricing model of large and small markets is expected to be gradually reversed.