风格轮动策略周报20250418：当下价值、成长的赔率和胜率几何？-20250420

Group 1 - The report introduces a quantitative model solution for addressing the issue of value and growth style switching based on odds and win rates [1][8] - The recent performance of the growth style portfolio was 0.88%, while the value style portfolio achieved a return of 1.77% [1][8] Group 2 - The estimated odds for the growth style is 1.03, and for the value style, it is 1.07, indicating a negative correlation between relative valuation levels and expected odds [2][14] - The current win rates indicate that 3 out of 7 indicators favor growth, while 4 favor value, resulting in a win rate of 46.13% for growth and 53.87% for value [3][16] Group 3 - The investment expectation formula yields a value style investment expectation of 0.11 and a growth style expectation of -0.06, leading to a recommendation for the value style [4][18] - Since 2013, the annualized return of the style rotation model based on investment expectations is 26.20%, with a Sharpe ratio of 0.96 [4][18]