Mei Ri Jing Ji Xin Wen·2025-10-27 00:00Core Viewpoint - The outlook suggests a potential shift in market styles, with large-cap growth stocks expected to outperform in the medium term (3-6 months) [1] Group 1: Macro Environment - The current macroeconomic backdrop remains supportive of emerging growth sectors, with ongoing economic recovery, rapid technological iterations, and innovation-focused industrial policies [1] - Policies related to mergers, acquisitions, and IPOs continue to encourage technology-driven enterprises [1] Group 2: Market Dynamics - The proportion of large-cap emerging growth companies is increasing, leading to a more balanced impact on large and small-cap stocks compared to the past [1] - There is still room for an increase in the concentration of institutional investors' holdings in A-shares, with the institutional ownership of large-cap emerging growth styles expected to rise [1]