资产配置研究：股市风格的再平衡

Group 1 - The report highlights a potential "rebalancing" in the A-share market, driven by policy expectations and institutional fund inflows in the fourth quarter [2][14] - The Chinese PMI for October exceeded market expectations, indicating a recovery in manufacturing confidence, while the U.S. non-farm payrolls data showed a significant decline [15][18] - The implementation of advanced capital measurement methods for banks is expected to lower risk weights, potentially reducing loan costs and enhancing capital returns [19] Group 2 - The report discusses four key policy directions proposed by the Ministry of Finance, including support for local governments to resolve hidden debts and bolster core capital for state-owned banks [12][13] - Despite the favorable policies, the A-share market did not respond as expected, with the CSI 300 index only rising 0.07% from October 12 to November 1, while the CSI 2000 index surged by 11.15% [13][14] - The anticipated policies are expected to benefit traditional low-valuation large-cap stocks, particularly in banking, real estate, and consumer sectors [12][13]