量化大势研判202507：继续推荐成长类策略

Group 1 - The report emphasizes a bottom-up quantitative analysis to address the challenges of systematic style rotation, identifying five style phases: external growth, quality growth, quality dividend, value dividend, and bankruptcy value [3][8] - There is an expanding gap between expected growth and actual growth assets, with expected growth primarily driven by the rise of top groups, indicating stronger logic for investment [3][24] - Analysts have further upgraded their expectations for high-growth sectors, suggesting opportunities in high expected growth segments under a generally liquid market environment [3][24] Group 2 - Quality assets are showing a weakening ROE center, and it is not recommended to bottom-fish in this category; dividend assets remain crowded, and relative return targets do not justify pure dividend asset allocations [4][31] - The report recommends focusing on specific sectors for expected and actual growth strategies, including: 1) Coking coal; 2) Power electronics and automation; 3) Railway transportation equipment; 4) Glass fiber; 5) White goods; 6) Agricultural commercial banks; 7) PCB; 8) Multi-sector holdings; 9) Comprehensive finance; 10) Lithium battery equipment [4][24] - The report highlights that the profitability strategy currently recommends sectors such as: buses, beer, liquor, non-dairy beverages, and network integration and tower construction [4][24] Group 3 - The report provides a detailed analysis of the performance of various strategies since 2009, showing an annualized return of 26.45% and consistent positive excess returns since 2017 [19][22] - The expected growth strategy has shown significant excess returns since 2019, with the latest recommended sectors including: Coking coal, Power electronics and automation, Railway transportation equipment, Glass fiber, and White goods [38][40] - The actual growth strategy focuses on sectors with the highest surprise and growth momentum, with recent recommendations including: Agricultural commercial banks, PCB, Multi-sector holdings, Comprehensive finance, and Lithium battery equipment [40][41]