极致行情后风格分化有望收敛，价值ETF投资价值备受关注

Group 1 - Since May, market risk appetite has significantly increased, with domestic computing power and technology sectors leading the rally, while industries like home appliances, banking, and transportation lagged due to a lack of popular narratives [1] - The absolute value of the return differentiation between growth and value styles has exceeded the historical 90th percentile level over the past three months, indicating an extreme level of divergence [1] - Historical context shows that the last time growth and value styles reached a similar extreme was during the 924 market, where growth significantly outperformed value, but value began to gain momentum from November 2024 [2] Group 2 - As of May this year, the Guozheng Value 100 Index rose by 6.59%, while the Growth 100 Index fell by 1.30%, demonstrating the convergence of style returns [2] - Current A-share market valuations, measured by PE, PB, and total market value/GDP, indicate that while valuations are above historical averages, there is still room to reach historical peaks [2][3] - The Guozheng Value 100 Index, tracked by value ETFs, employs a "low valuation + high dividend + high free cash flow" screening criterion to identify undervalued quality companies [3] Group 3 - The historical performance of the Guozheng Value 100 Index shows an annualized return of 17.3% since 2013, with a risk-return ratio of 0.81, outperforming the annualized return of the CSI Dividend Index at 11.1% and the CSI 300 Index at 7.4% [3]