Large-cap blue chips faced clear pressure, while mid- and small-caps continued to lead the market, with Global X China Little Giant ETF (02815.HK) gaining over 2.5%.

NewTimeSpace News: Recent A-share market divergence has intensified. Large-cap blue chips faced visible pressure, while mid- and small-cap stocks continued to lead the market. The risk appetite persisted with capital favoring small-cap indices, propelling mid- and small-cap segments to sustain strength. According to Wind data as of 14:51 on January 27, Global X China Little Giant ETF (02815.HK) surged over 2.5%, with its latest price approaching HK$74.

HKEX data shows that Global X China Little Giant ETF (02815.HK) is an exchange-traded fund listed on the Hong Kong Stock Exchange, tracking the Solactive China Small-Cap Leaders Index. The fund captures "second-tier champions" listed in Mainland China and Hong Kong, typically ranked 101st-500th by market capitalization, with high growth potential and liquidity, steering clear of over-researched mega-cap stocks.

In the latest reporting period, sector weightings are: advanced manufacturing 28%, new energy 16%, semiconductors 14%, healthcare 12%, digital economy 10%, and consumer services 9%.

On the policy front, the Ministry of Finance stated that expenditure efforts in 2026 will only increase, rolling out a comprehensive fiscal-financial package to boost domestic demand. Specific measures include extending interest subsidy policies for personal consumption loans, service sector business loans, and equipment upgrade loans while expanding supported areas; newly implementing SME loan interest subsidies; and launching a RMB 500 billion private investment special guarantee program. For equipment upgrades, support will expand to AI and advanced manufacturing; for services, support will extend to digital, green, and retail consumption.

New Epoch's analysis found that during "bull market" phases, changes in trading volume often trigger large-cap/small-cap style rotations. Each time daily average turnover volume steps up to a new level, small- and mid-cap stocks tend to outperform large-caps, with the outperformance lasting 2-3 months. Historical reviews of 2006-2007, 2014-2015, and the current cycle since 2024 all exhibit this pattern.

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