策略化选股月报（2025/2）：1月价值、红利策略相对较优，2月建议持续关注价值风格

Core Insights - The report emphasizes that value and dividend strategies performed relatively better in January, with a recommendation to continue monitoring these strategies in February [1][2]. Multi-Strategy Stock Selection - The multi-strategy stock selection strategy recorded an absolute return of -2.93% in January, underperforming the CSI All Share Index by -0.46%. The strategy allocated higher weights to value and growth stock selection strategies [2][29]. - The multi-strategy stock selection portfolio consisted of 49 stocks, with a significant concentration in the coal, pharmaceutical, and automotive sectors. The average market capitalization of the stocks in the portfolio was approximately 1228.38 billion [22][29]. Value Stock Selection Strategy - The value stock selection strategy achieved an absolute return of -1.26% in January, with an excess return of 1.15% relative to the National Value Index. The strategy was analyzed by breaking it down into single PB-ROE factors and combinations with four other factors, with the combination including growth factors yielding the best performance at 0.49% [4][44]. - The latest holdings in the value stock selection strategy included 30 stocks, with an average market capitalization of 62.91 billion. The portfolio was concentrated in the basic chemical and transportation sectors [38][41]. High-Quality Stock Selection Strategy - The high-quality stock selection strategy included 20 stocks, primarily concentrated in the food and beverage sector, which accounted for approximately 46% of the portfolio. The strategy recorded an absolute return of -4.28% in January, underperforming the CSI All Share Index by -6.03% [5][63]. - The average market capitalization of the stocks in the high-quality selection strategy was 1829.95 billion, with significant representation from the pharmaceutical and household appliance sectors [58][61]. Clean Reversal Stock Selection Strategy - The clean reversal stock selection strategy focused on the coal industry, selecting 10 stocks within this sector. The strategy recorded an absolute return of -4.58% in January, underperforming the CSI All Share Index by -2.15% [6][34]. "Dividend+" Preferred Stock Strategy - The "Dividend+" preferred stock strategy achieved an absolute return of -1.94% in January, with an excess return of 0.55% relative to the CSI All Share Index. The strategy has shown an annualized absolute return of 14.31% since January 2015 [7][50].