如何通过ETF构建风格配置策略

Group 1 - The core concept of style rotation is based on the characteristics of ETFs, with common types including large-cap vs. small-cap rotation and growth vs. value rotation [1] - The logic of style rotation relies on two driving factors of equity asset prices: earnings and valuation, where earnings are the key determinant of style strength [1] - The performance difference between growth and value stocks is highly correlated with their earnings growth rate difference, indicating that when the earnings growth gap widens, growth stocks are likely to outperform value stocks [1] Group 2 - Large-cap stocks are more influenced by economic cycles due to their higher representation in the national economy, leading to stronger performance in economic upturns compared to small-cap stocks [1] - The liquidity environment significantly impacts stock valuations, with small-cap stocks being more sensitive to liquidity changes; they tend to perform better in expanding liquidity conditions, while large-cap stocks perform better when liquidity tightens [1]