策略周观点：牛越快，大小盘风格通常切换越快

Group 1 - The core conclusion indicates that since September, the market style has rapidly shifted towards small-cap stocks, raising the question of whether this bull market will predominantly favor small-cap stocks. Historically, bull markets without earnings realization tend to favor small-cap stocks, while those with earnings realization lean towards large-cap stocks [9][10][12]. - The primary factor influencing the small and large-cap style is the change in investor structure. In markets where institutional investors (foreign capital, insurance, public mutual funds, etc.) are increasing, the market style tends to favor large-cap stocks. Conversely, in markets where institutional investors are decreasing, the style leans towards small-cap stocks [9][10][14]. - During fast bull markets, the style between small and large-cap stocks tends to rotate significantly. Historical data shows that in fast bull markets, there are substantial style shifts every 1-2 quarters, leading to high volatility [9][15][20]. Group 2 - The report suggests that the market style may shift back towards large-cap stocks in December and January, based on historical patterns. If the index breaks upward quickly, it is likely that after a period favoring small-cap stocks, the style will revert to large-cap stocks [23]. - The report highlights that the current bull market is likely to continue, but the speed may not match previous rapid increases due to slower inflow of retail investor funds compared to past bull markets [25]. - The suggested allocation order includes financials and real estate as the most beneficial sectors, followed by media, internet, and consumer electronics, indicating a strategic focus on sectors that are expected to benefit from policy changes and market dynamics [25][27].