多资产系列报告（二）：降准降息利好哪些权益资产？

Group 1: Monetary Policy Impact - From January 2020 to September 2025, the central bank conducted a total of 39 monetary policy easing operations[19] - During the 12 "bear steep" phases, the proportion of A-shares outperforming the 10-year government bond yield reached 53.8%[28] - In the 5 "bear flat" phases, this proportion increased to 66.2%[28] Group 2: Stock Performance by Style - Defensive stocks benefited significantly from monetary easing, with an average outperformance ratio of 50.4%[32] - Growth stocks, on the other hand, showed a more ambiguous benefit, with an average outperformance ratio of 48.3%[32] - The average outperformance ratios for defensive, semi-defensive, semi-cyclical, and cyclical stocks were 50.4%, 49.6%, 48.2%, and 47.6%, respectively, indicating a decreasing trend[32] Group 3: Economic Conditions and Expectations - If monetary easing coincides with improved expectations for corporate profits and economic recovery, equity markets may perform better despite a bear bond market[27] - The performance of growth stocks in response to monetary easing is conditional, while defensive stocks, which are less sensitive to economic cycles, show clearer benefits[27] - If the equity market lacks clear expectations for fundamental improvements, defensive stocks may still underperform relative to bonds during monetary easing periods[27]