Group 1: Size Rotation Model - The core viewpoint indicates that A-shares experience a rotation between large-cap and small-cap stocks approximately every few years, with small-cap styles dominating in months 2, 3, 5, and 8, while large-cap styles prevail in months 1, 4, and 12 [1] - The size rotation model is tested across six dimensions: macroeconomic factors, valuation, fundamentals, capital flow, sentiment, and volume-price analysis, yielding an annualized excess return of 17.45% during the backtest period from December 2013 to September 2024 compared to benchmarks like CSI 300 and CSI 2000 Equal Weight [1] - The latest quantitative model signal as of the end of July is 0.5, suggesting a continued preference for small-cap stocks, with historical data indicating that small-cap stocks slightly outperform in August, recommending an overweight position in small-cap for that month [1] Group 2: Value-Growth Rotation Model - The core viewpoint highlights that the value-growth rotation in A-shares is frequent and exhibits certain monthly effects, with the monthly model yielding an annualized excess return of 8.8% relative to benchmarks like the National Index Growth and National Index Value Equal Weight [2] - A weekly model constructed from deep learning factors, momentum factors, and crowding factors from a pure volume-price perspective shows an annualized excess return of 7.19% [2] - The latest monthly quantitative model signal as of the end of July is -0.33, indicating a shift towards value style, with historical data suggesting that value stocks tend to outperform in August, recommending an overweight position in value stocks for that month [2]