Group 1 - The core concept of style rotation is based on the characteristics of ETFs, with common types including large-cap vs. small-cap rotation and growth vs. value rotation [1] - The logic of style rotation relies on two driving factors of equity asset prices: earnings and valuation, where earnings are the key determinant of style strength [1] - The performance difference between growth and value stocks is highly correlated with their earnings growth rate difference, indicating that when the earnings growth gap widens, growth stocks are likely to outperform value stocks [1] Group 2 - Large-cap stocks are more influenced by economic cycles due to their higher representation in the national economy, leading to stronger performance in economic upturns compared to small-cap stocks [1] - The liquidity environment significantly impacts stock valuations, with small-cap stocks being more sensitive to liquidity changes; they tend to perform better in expanding liquidity conditions, while large-cap stocks perform better when liquidity tightens [1]

关键因素 图利 绝对差值和边际变化 重要指标 II 价值成长轮动策略 II 深圳证券交易所 ( SHENZHEN STOCK EXCHANGE 深交所ETF投资问答(42) 如何的身上了 II t FE ALKE 0 n - 编者按 - 近年来我国指数型基金迅速发展,交易型开 放式指数基金(ETF) 备受关注。为帮助广 大投资者系统全面认识ETF,了解相关投资 方法,特摘编由深圳证券交易所基金管理部 编著的《深交所ETF投资问答》（中国财政 经济出版社2024年版）形成图文解读。本 篇是第42期,一起来看看如何通过ETF构建 风格配置策略。 风格轮动是依据ETF特征进行交易的 行为，常见的风格轮动有大小盘轮动、 成长价值轮动等。风格轮动的分析框 架需要对比指数间的相对强弱，因此 预测难度更大。 II 影响风格轮动强弱的因素 II 价值和成长两类股票具有明显基本面 的差异。 价值类股票往往具备更好 的安全边际 成长类股票则可能具备更 好的盈利前景 观察风格间的相对业绩增速趋势,有 助于进行风格配置。除此之外，市场 中也有投资者通过估值指数来衡量价 值与成长之间的风格轮动。 u 大小鱼论动策略 ! 大小盘轮动通常 ...