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今年1月,A股市场的总体表现并不好,但市场上的结构性机会活跃,创业板指大涨14.68%,以创业板个股为代表的成长股颇有斩获。近来数月,成长板块由于存在已积累大幅超额收益、估值高企、大量中小盘成长股上市的几大困扰,投资者普遍对成长股的表现怀有担忧,但是,成长股却在去年四季度快速下挫之后,很快便再度回到领涨地位,这样的强势表现多少还是有些超出市场预期。这反映出经济转型升级背景下,市场对成长股的持续偏好,以及对周期股信心的缺乏。
In January of this year, the overall performance of the A-share market was not good, but the structural opportunities in the market were active. The GEM index rose 14.68%. The growth stocks represented by the GEM stocks were quite successful. In recent months, due to the growth of the board has accumulated significant excess returns, high valuations, a large number of small cap growth stocks listed several troubles, investors generally worried about the performance of growth stocks, however, growth stocks in the fourth quarter of last year After the rapid decline, it soon returned to the leading position, such a strong performance somewhat higher than market expectations. This reflects the market’s continued preference for growth stocks and the lack of confidence in cyclical stocks in the context of economic restructuring and upgrading.