价值风格回暖或具备持续性

• The valuation factor demonstrated strong performance this month, with its long-short portfolio returns leading across all stock pools, followed by volatility and expected valuation factors[2][3][22] - Small-cap and growth factors showed negative average long-short portfolio returns, with small-cap factors performing well in IC but experiencing significant drawdowns in the CSI 300 stock pool, impacting overall performance[3][22] - Expected valuation factors exhibited robust positive returns across stock pools, while other expectation-related factors showed weaker performance, with the "surprise" factor only achieving positive returns in the CSI 500 stock pool[2][3] - Profitability factors performed well in the CSI 300 and CSI 500 stock pools but experienced drawdowns in other pools, while growth factors showed limited positive returns only in the CSI 500 stock pool[2][3] - Momentum and turnover factors displayed strong positive returns across stock pools, with turnover factors showing significant IC performance in the CSI 300 stock pool[2][3][22] - Defensive factors such as dividend yield and valuation factors are recommended for core portfolio allocation due to their higher certainty and lower risk exposure in the current geopolitical and market environment[1][14]