策略周观点：牛市震荡后期，风格易变

Group 1 - The report indicates that during the recent market turbulence since October, the market style has shifted towards small-cap and low-price strategies due to ample liquidity but poor earnings, leading investors to favor speculative styles [9][10][20] - Historical observations from previous bull markets (2005-2007, 2014-2015, 2019-2021) show that low-price strategies tend to yield strong excess returns in the late stages of significant index increases, but these strategies often fail during the later stages of market turbulence [9][10][12] - The report suggests that each turbulence phase in a bull market is likely a turning point for the style shift between large-cap and small-cap stocks, with new upward trends typically differing from previous styles [9][10][12] Group 2 - The report outlines specific turbulence periods, such as the 2020 July-September phase, where low-price strategies underperformed as the market transitioned from small-cap to large-cap stocks [10][12] - It also highlights the 2014 December-2015 January turbulence, where low-price strategies failed, and the market style shifted from large-cap to small-cap stocks [12][16] - The 2005-2007 bull market experienced multiple turbulence phases, each leading to changes in market styles, indicating that new upward trends are generally not led by low-price strategies [16][19] Group 3 - The report emphasizes that the current market turbulence is expected to continue, and signs of the failure of small-cap low-price strategies may be observed before the next upward trend [9][20] - It provides a configuration suggestion prioritizing sectors such as financial real estate, media internet, and consumer electronics, indicating a focus on growth stocks with value characteristics [21][23] - The report notes that the overall market is currently driven by policy expectations, and the first wave of policy impacts post-bear market is crucial for future trends [20][21]