Can the rebound of White Horse stocks continue? Since September, investors have taken the initiative to switch between high and low. Is there a strong continuity in the judgment of the rotation of A shares from "large market capitalization" to "small and medium market capitalization"? What do you think of the current valuation of white horse stocks? Did you fall into place? In this regard, there are differences between private equity, there are private equity that a lot of white horse stock valuations have returned to a reasonable level. However, some private equity fund managers said that in a short period of time, white horse stocks still do not have a performance-to-price ratio.

Fang Yan, manager of Huayan Investment Fund: White Horse shares have come out of a magnificent independent market in the past two years. The large market capitalization white horse stocks headed by Maotai have risen greatly, and there has been a certain adjustment since this year. At present, the overall decline is generally relatively large, and there is the possibility of a rebound in the short term, but in terms of valuation, the performance-to-price ratio is still not very high, and there are still many factors affecting the trend of white horse stocks in the future. For example, changes in monetary policy, economic recovery in the post-epidemic period, changes in domestic industry policies, and so on.

As for the sustainability of the transition from market style to small and medium-sized market capitalization, I am more optimistic. first of all, at the Central Economic work Conference in the middle of the year, the leadership has set the tone and will focus on building a number of "specialized and innovative" enterprises in the future. and this scale is not small, which is a clear signal to support the development of small and medium-sized enterprises.

Secondly, China continues to promote the layout of industrial 4.0, and the economic structure of the whole industrial chain determines that small and medium-sized enterprises will also have more investment opportunities, and that it is impossible for our country to follow a winner-take-all trend similar to that of US stocks.

Finally, from the perspective of valuation, enterprises with small and medium-sized market capitalization in A-shares generally have a lower valuation and have more room for valuation repair. Therefore, there are still many investment opportunities for small and medium-sized market capitalization.