The agency believes that up to now, the A-share small market style is still at the stage where macro-liquidity, industrial policy, and micro capital are jointly supported. Broad currency and tight credit are beneficial to highly flexible small markets; new quality productivity, specialization, AI and high-end manufacturing provide the main profit line; capital spreads from congested racetracks to small to medium market capitalization. Cathay Pacific Haitong Securities believes that overall, the current structural market continues, and the decentralized allocation strategy can effectively control portfolio fluctuations while capturing phased allocation opportunities for commodities and small-cap assets. It is recommended to focus on the defensive value of multi-asset distributed allocation strategies in a volatile market.

Zhitongcaijing · 3d ago
The agency believes that up to now, the A-share small market style is still at the stage where macro-liquidity, industrial policy, and micro capital are jointly supported. Broad currency and tight credit are beneficial to highly flexible small markets; new quality productivity, specialization, AI and high-end manufacturing provide the main profit line; capital spreads from congested racetracks to small to medium market capitalization. Cathay Pacific Haitong Securities believes that overall, the current structural market continues, and the decentralized allocation strategy can effectively control portfolio fluctuations while capturing phased allocation opportunities for commodities and small-cap assets. It is recommended to focus on the defensive value of multi-asset distributed allocation strategies in a volatile market.