上周末,市场关于短期风格再平衡的讨论已颇为充分。相对普遍的共识是,本轮再平衡更多应视为短期交易/资金层面的修正,而非产业趋势发生逆转。其中一个重要原因正是我们在上期周报《风格再平衡?》中所强调的市场内生交易结构问题。近日多个拥挤度指标,包括全A前5%成交个股成交额占比、行业估值分化系数等,均已触及历史极值。尽管我们并不认为历史高点即是本轮高点,但在短期维度上,这些信号对投资者情绪和交易行为的扰动...
Source Link上周末,市场关于短期风格再平衡的讨论已颇为充分。相对普遍的共识是,本轮再平衡更多应视为短期交易/资金层面的修正,而非产业趋势发生逆转。其中一个重要原因正是我们在上期周报《风格再平衡?》中所强调的市场内生交易结构问题。近日多个拥挤度指标,包括全A前5%成交个股成交额占比、行业估值分化系数等,均已触及历史极值。尽管我们并不认为历史高点即是本轮高点,但在短期维度上,这些信号对投资者情绪和交易行为的扰动...
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