策略周报：风格变化的三个非基本面原因-2025-03-30

Group 1 - The core conclusion indicates that the current bull market is characterized as a growth bull market, but three non-fundamental reasons suggest that value may outperform in the next 2-3 months, especially in April [3][8][21] - Reason one states that the April earnings report verification period is likely to favor large-cap value stocks, contrasting with the small-cap growth preference seen in February and March [9][10] - Reason two highlights that after growth stocks lead the market, once the index reaches the upper boundary of its range, growth stocks are likely to experience a pullback [11][12][17] Group 2 - Reason three discusses the volatility of growth stock bull markets when earnings are not strong, noting that from 2013 to 2015, periods of strong earnings saw less volatility compared to periods of weaker earnings [17][18][20] - The report suggests that the current growth stock bull market has not yet entered a strong earnings-driven phase, making it susceptible to pullbacks after two quarters of excess returns [20][21] - The report also provides a short-term strategy for April, indicating that the market may only experience minor disturbances despite investor concerns [21][26]