成长—价值风格

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从最新PB-ROE框架下来看,红利三兄弟ETF“成长—价值”风格凸显
Sou Hu Cai Jing· 2025-08-08 06:02
Group 1 - The market is returning to a "growth-value" barbell effect, with high ROE in growth sectors and high PB percentiles over the past five years [1] - Value sectors show lower PB percentiles, indicating a safety margin and a demand for catch-up in annualized returns over the past year [1] - Reasonable valuation percentiles and relatively high ROE are observed in sectors like non-ferrous metals, non-bank financials, and banks [1] Group 2 - The Free Cash Flow ETF (159233) is the only dividend value fund that excludes financials and real estate [1] - The Ping An SSE Dividend Low Volatility Index A (020456) has significantly outperformed other dividend low volatility and CSI dividend funds, with monthly dividends and low volatility factors to control drawdowns [1] - The State-Owned Enterprises Win-Win ETF (159719) includes 15% Hong Kong stocks, with stable holdings, slow rotation, and high concentration in pure state-owned enterprises [1] Group 3 - The table presents various sectors with their respective PB (LF), 5-year PB analysis, ROE, and recent annualized returns, highlighting significant differences across sectors [2] - For instance, the telecommunications sector has a PB of 3.29 and an ROE of 17.57%, while the real estate sector has a low PB of 0.77 and a negative ROE of -21.29% [2] - The machinery equipment sector shows an exceptionally high ROE of 1298%, indicating strong performance despite a PB of 2.76 [2]