主动量化周报：12月末或为建仓时点：小盘迎来强势期-20251228

• The report discusses the performance of BARRA style factors, highlighting that fundamental factors showed increased differentiation, with growth being preferred over value. Profitability-related factors entered a retracement phase, while trading-related factors like high turnover and short-term momentum provided significant excess returns. Additionally, mid-cap style factors outperformed, with both size and non-linear size factors showing positive excess returns[24][25] - The report identifies that high turnover stocks achieved an excess return of 0.9%, short-term momentum stocks provided 0.7%, and non-linear size factors contributed 0.7% in excess returns. Meanwhile, profitability-related factors like earnings quality and investment quality showed negative returns of -0.1% and -0.3%, respectively[25]