每轮牛市，大小盘轮动是什么风格？

Group 1 - The article discusses the performance of growth style in bull markets, indicating that it often ends up being the most profitable strategy [3] - It highlights the importance of understanding the rotation between large-cap and small-cap stocks during bull markets [3][4] - The article introduces two sets of indices, Huazheng Large Cap and Huazheng Small Cap, which are designed to better represent the A-share market's size dynamics [5][6] Group 2 - The article outlines the methodology for selecting stocks for different indices based on market capitalization percentages [6] - It provides a historical analysis of bull markets, noting that from 2005 to 2008, there was frequent rotation between large and small-cap stocks, indicating that size style was less significant during that period [8][9] - From 2008 to 2010, small-cap stocks outperformed, reflecting a strong preference among investors for small-cap stocks [11][12] Group 3 - The bull market from 2012 to 2015 was driven by small-cap stocks, particularly those in the ChiNext board, despite a brief period of large-cap stock performance [14] - The 2016 to 2018 bull market was characterized by large-cap stocks leading, although the relative performance did not exceed 20% compared to previous bull markets [16] - The most recent bull market, starting in 2024, resembles earlier small-cap driven markets, with small-cap stocks showing strength without significant rotation [20]