What puzzles investors most now is that only a few large-cap stocks have clearly risen, while most other stocks have a clear downward trend. There are currently two opinions on this in the market.
The first argument is that only large-cap stocks are the best. Only they will continue to rise in the future, while other stocks will slowly be abandoned by the market. Especially after the launch of stock index futures, in the future The 1:9 phenomenon is unchanged. These large-cap stocks are all state-owned enterprises, with applicable national policies and continuous improvement in performance. By 2008, the top 20 companies in the world should all be Chinese companies.
The second statement is that it is impossible for only large-cap stocks to stand out. The simple truth is that everyone will use the comparative valuation method to invest. If large-cap stocks continue to rise and small-cap stocks continue to fall, there will soon be a big difference in the valuations of the two, so arbitrage opportunities will inevitably appear. So styles must rotate. Considering the huge difference between the two styles of market after 5.30, small-cap stocks will soon "turn over".
In this regard, our opinion is that considering the current valuation of Chinese stocks and the release forecast of stock index futures, the value of large-cap stocks in the future will depend more on gaming, rather than solely on The future value of small-cap stocks depends on stock selection, and it is not completely a full-scale "turnaround".
Large-cap stocks are suitable for investors with accurate judgments of the general trend and high gaming skills, while small-cap stocks are suitable for investors with high stock-picking skills. An important reason for the strong performance of large-cap stocks today is that investors generally cooperate in large-cap stocks. However, we believe that style investing cannot always effectively cooperate, so the style will definitely change, and all we need to wait is A breakthrough. However, not all small-cap stocks have opportunities. After all, there are too many small-cap stocks in number, and less than 10% can truly achieve sustained and rapid growth.