Jinshi data news on December 23, just now, the A-share market experienced three major emergencies. First, after the opening, long bonds experienced a short squeeze trend, which led to changes in equities; second, micro-cap stocks and small-cap stocks reappeared the scene of last Monday, with a significant pullback in the morning; third, the A50 unexpectedly strengthened against the market, with the index once rising by 1%, while Hong Kong stocks were more stable than A-shares. Analysts believe that as funds are still chasing government bonds, the style of the stock market also tends towards dividends. Among dividend stocks, large market capitalization accounts for a large part, which also drives the rise of A50. Micro-cap stocks saw a significant sell-off in the bearish market in the morning, mainly for three reasons: first, style drift; second, as the annual reports approach, the market's expectations for small and medium-cap stocks are not high; third, the delisting new regulations began to ferment over the weekend.