国泰海通｜金工：风格及行业观点月报（2025.11）——两行业轮动策略11月均推荐通信、电力设备及新能源

Core Viewpoint - The Q4 style rotation model indicates signals for small-cap and growth stocks, with recommended sectors including communication, electric equipment, and renewable energy for November [1][2]. Group 1: Style Rotation Model - The Q4 style rotation model has issued signals favoring small-cap stocks, with a comprehensive score of -1 as of September 30, 2025 [3]. - The value-growth style rotation model also shows a preference for growth stocks, with a comprehensive score of -3 for Q4 2025 [4]. Group 2: Industry Rotation Insights - For October, the composite factor strategy yielded an excess return of -0.69%, while the single-factor multi-strategy had an excess return of -0.93% [4]. - In November, the single-factor multi-strategy recommends bullish sectors including media, communication, electronics, non-bank financials, electric equipment, and renewable energy [4]. - The composite factor strategy suggests bullish sectors such as communication, computer, electric and utility services, media, electric equipment, and renewable energy [4].