Xin Lang Cai Jing·2025-10-27 08:41Group 1 - The core viewpoint of the report indicates that the large-cap growth style is expected to outperform in the medium term (3 to 6 months) [1] - The current macroeconomic environment supports emerging growth sectors, with ongoing economic recovery, rapid technological iteration, and policies favoring innovation, mergers and acquisitions, and IPOs for tech enterprises [1] - The proportion of large-cap emerging growth companies is increasing, leading to a more balanced impact on large and small caps compared to the past [1] Group 2 - Institutional investors in A-shares still have room for increased shareholding concentration, with the proportion of institutional holdings in large-cap emerging growth styles expected to rise [1] - In the long term, emerging growth sectors, which represent China's future strategic development direction, are likely to maintain relative advantages, with an expected increase in the number and market capitalization of large-cap growth companies [1]