策略周思考：切换变盘时

Group 1 - The report highlights that small-cap stocks have recently outperformed large-cap stocks, with a relative excess return of 4.4% since November 18 [2][12] - The report notes that the valuation levels of small-cap indices, such as the CSI 2000, have reached historical highs, with a static PE ratio exceeding 80 times [2][22] - It emphasizes that the market's overall fundamental expectations have not changed significantly, but micro liquidity has continued to improve, reflected in high trading volumes and active retail investor participation [2][22] Group 2 - In the short term, the report suggests that small-cap stocks may face pressure in December due to calendar effects, as large-cap indices have historically performed better during this month [30][38] - The report indicates that the central economic work conference in December does not significantly impact short-term market style, with large-cap stocks slightly outperforming small-cap stocks in the observed periods [38] - It discusses the long-term view on the style of large-cap versus small-cap stocks, noting that large-cap stocks are expected to maintain a return on equity (ROE) advantage over small-cap stocks [2][30] Group 3 - The report outlines a focus on value stocks, particularly large-cap value stocks, which are currently seen as having a high cost-performance ratio [2][30] - It suggests that investors should pay attention to state-owned enterprises with stable dividends, share repurchase plans, and high forward dividend yields compared to their cost of capital [2][30] - The report also highlights the importance of market conditions and macroeconomic factors in determining investment strategies and stock performance [38]