风格轮动策略周报：当下价值、成长的赔率和胜率几何？-20250517

Group 1 - The report introduces a quantitative model solution for addressing the issue of value and growth style switching, based on the combination of odds and win rates [1][8] - The recent performance of the growth style portfolio was 0.82%, while the value style portfolio achieved a return of 1.15% [1][8] Group 2 - The estimated odds for the growth style is 1.09, and for the value style, it is 1.08, indicating a negative correlation between relative valuation levels and expected odds [2][14] - The current win rates indicate that 4 out of 7 indicators favor growth, resulting in a win rate of 58.26% for growth and 41.74% for value [3][18] Group 3 - The latest investment expectation for the growth style is calculated to be 0.22, while the value style has an investment expectation of -0.13, leading to a recommendation for the growth style [4][19] - Since 2013, the annualized return of the style rotation model based on investment expectations is 27.18%, with a Sharpe ratio of 0.98 [4][20]