板块轮动月报（2025年1月）：年关将至，回归价值

Market Analysis Tools - Tool 1: Industry Scoring Table combines subjective and objective information, focusing on six core factors: prosperity, valuation, momentum, crowding, industry, and northbound capital[2] - Tool 2: Style Comparison Table emphasizes the impact of macro cycles, with six decision factors: momentum, valuation, crowding, prosperity, macro, and capital[2] Style and Industry Rankings - Top-ranked styles as of December 26, 2024: Large-cap value, mid-cap growth, and fund-heavy indices[2] - Top-ranked industries as of December 26, 2024: Banking, coal, petrochemicals, communications, home appliances, consumer services, non-banking finance, and food & beverage[2] Market Sentiment and Risk - Market risk appetite may be nearing its peak, with individual investor sentiment potentially topping out[2] - Short-term market focus is expected to shift towards stable factors like dividend yield, valuation, and earnings growth[126] Sector-Specific Insights - Home appliance sector: Exports remain strong with a 14.1% YoY growth in November 2024, supported by domestic policies[128] - Communication sector: ByteDance's capital expenditure is expected to double to 1600 billion yuan in 2025, benefiting the domestic computing power industry[130] Investment Strategy - Cross-use of Industry Scoring Table and Style Comparison Table is recommended for a comprehensive outlook on sector performance[131] - Preference for intersections of style and industry, with a priority on style[132]