国金证券：当下短期的轮动行情中，两种策略值得关注

Core Viewpoint - The market is experiencing accelerated industry rotation as it approaches a profit bottom, with recent trends reflecting this characteristic [1] Group 1: Market Trends - Historical experiences from 2016 and 2020 indicate that a "high to low" strategy can yield excess returns in the early stages of recovery, but the effectiveness of this strategy based on stock price levels is weaker than that based on valuation [1] - The impact of changes in Return on Assets (ROA) and revenue is more significant than that of Return on Equity (ROE) and net profit, suggesting that investors prioritize demand-side recovery and improvements in operational efficiency and profit quality [1] Group 2: Investor Dynamics - In the current market, the pricing power of institutional investors focusing on valuation and profit is weaker compared to previous recovery periods, while the influence of individual investors has increased [1] - There are two strategies worth noting in the current short-term rotation: first, targeting undervalued sectors with potential for demand and asset profitability recovery; second, identifying individual stocks in sectors with relatively low stock prices that are attracting attention from individual investors [1]