报告摘要 ● 微观结构拥挤后的消化,但牛市并未结束 近期市场连续调整,核心担忧来自微观结构拥挤。当前A股前5%成交额个股成交额占比持续运行在44%附近,已经非常接近45%的微观结构恶化阈值。历史上来看,当该指标突破45%后,市场往往出现显著变盘,其本质并不是基本面突然恶化,而是交易高度集中后,部分核心资产出现阶段性的“对手方缺失”。 当前来看,A股的DDM三大要素均未出现系统性恶化,当前...
Source Link报告摘要 ● 微观结构拥挤后的消化,但牛市并未结束 近期市场连续调整,核心担忧来自微观结构拥挤。当前A股前5%成交额个股成交额占比持续运行在44%附近,已经非常接近45%的微观结构恶化阈值。历史上来看,当该指标突破45%后,市场往往出现显著变盘,其本质并不是基本面突然恶化,而是交易高度集中后,部分核心资产出现阶段性的“对手方缺失”。 当前来看,A股的DDM三大要素均未出现系统性恶化,当前...
Source LinkDisclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.