国泰海通｜金工：风格轮动模型持续得到验证，行业轮动两模型均推荐配置非银——风格及行业观点月报（2025.06）

Group 1 - The core viewpoint of the article indicates that the style rotation model has been continuously validated, with macroeconomic factors driving large-cap and value signals in Q2 2025. In May, the market favored large-cap and value styles, with large-cap outperforming small-cap by 0.56% and value outperforming growth by 3.40% [1][2]. - In May, the single-factor multi-strategy model showed a monthly return of 3.31%, with an excess return of 0.33% relative to the benchmark [1][2]. - The dual-driven rotation strategy for large-cap and value signals received a composite score of 3, predicting a favorable outlook for large-cap and value styles in Q2 2025 [1][2]. Group 2 - The industry rotation model for May indicated that the single-factor multi-strategy outperformed with an excess return of 0.33%, while the composite factor strategy had an excess return of -0.64% [2]. - For June, the recommended long positions in the single-factor multi-strategy include non-bank financials, electronics, and banks, while the composite factor strategy recommends non-bank financials, pharmaceuticals, building materials, basic chemicals, and steel [2].