兴业证券：8月有哪些值得关注的“日历效应”？

Group 1 - The core viewpoint of the report indicates that in August, the small-cap style has a higher win rate in the first half, while the large-cap style performs better in the second half, driven by earnings announcements [1] - The report highlights that the win rate of dividend-paying stocks is increasing after the peak dividend distribution period, as the market shifts focus towards stable earnings assets [4][6] - The industries with higher win rates in August are primarily concentrated in coal, petrochemicals, and military sectors, influenced by seasonal demand and supply constraints [6][10] Group 2 - The report notes that the performance of small-cap stocks is favored in early August due to fewer earnings disclosures, leading to lower market focus on earnings [1] - As companies begin to disclose their earnings in the latter half of August, the focus on earnings increases, benefiting large-cap stocks with more earnings certainty [1] - The report emphasizes that the high temperatures in July and August lead to increased electricity demand, positively impacting resource sectors like coal and petrochemicals [6][10]