短期调整不足为惧

• The report mentions the construction of the A-share prosperity index, which is based on the Nowcasting target of the year-on-year net profit attributable to the parent company of the Shanghai Composite Index. The index reflects the high-frequency prosperity trend of the A-share market[29][30] - The A-share sentiment index is constructed by dividing the market into four quadrants based on the direction of changes in volatility and trading volume. Among these, the quadrant with "volatility up - trading volume down" shows significant negative returns, while the others show significant positive returns. This index includes bottom-warning and top-warning signals[34][37][39] - The report evaluates the performance of style factors using the BARRA factor model, which includes ten categories: size (SIZE), beta (BETA), momentum (MOM), residual volatility (RESVOL), non-linear size (NLSIZE), valuation (BTOP), liquidity (LIQUIDITY), earnings yield (EARNINGS_YIELD), growth (GROWTH), and leverage (LVRG). Recent analysis shows that momentum factors have high excess returns, while beta factors exhibit significant negative excess returns[56][57][58]