Group 1 - The core viewpoint is that the value style has strengthened and diversified over the past two months, with financial, cyclical, and consumer sectors taking turns to perform well due to the earnings window period before and after year-end, leading to volatility driven mainly by valuation and expectations [1][2] - The current market style diversification is still in a phase driven by valuation, expectations, and capital, which is expected to last for at least 1-2 quarters [3] - For the style diversification to transform into an annual-level trend, the profitability logic of value stocks needs to be realized [3] Group 2 - Historical context indicates that in the second half of 2014, a liquidity bull market saw a shift from TMT to value, with cyclical and stable sectors performing well, but this trend was short-lived [2] - The expansion of style in late 2014 was catalyzed by national strategic policies like the "Belt and Road" initiative and monetary easing, but the core reason was the inflow of incremental capital and the lack of strong growth directions for performance realization [2] - In the second half of 2016, a slow bull market emerged with value stocks outperforming for nearly two years, benefiting from economic stabilization and performance verification [2]