为啥成长股强势的时候，价值股就会比较低迷？｜投资小知识

Core Viewpoint - The article discusses the cyclical nature of investment styles, particularly the rotation between growth and value styles, and how these cycles can create investment opportunities in different market conditions [2][4]. Group 1: Style Rotation - Style rotation occurs approximately every 3-5 years, with specific periods identified for growth and value styles: - 2016-2018 was a strong period for value style - 2019-2021 favored growth style - 2022-2024 is projected to favor value style - 2025 is expected to favor growth style [2] - Structural bull markets are common in A-shares, with only 2007 being a broad-based bull market where both large and small caps, as well as growth and value styles, saw significant gains [2]. Group 2: Characteristics of Growth and Value Styles - Growth style bull markets are characterized by high volatility, with significant price fluctuations. For instance, certain indices have doubled since May 2024, and the ChiNext index rose over 150% from May 2018 to March 2021 [4]. - Conversely, value style bull markets tend to exhibit more stable growth, resembling a slow bull market typical in European and American markets. This style requires patience and a long-term holding strategy to realize returns [5]. Group 3: Investment Strategy - When opportunities arise for both growth and value styles, the company considers a balanced investment approach, such as combining indices like CSI A500+ and CSI Dividend [6]. - Growth style investments are likened to offensive strategies (sword), while value style investments are seen as defensive (shield). The allocation between these styles is adjusted based on their valuation levels, with higher allocations to undervalued styles [6].