中期定性观点上，根据海内外市场大小盘轮动复盘所总结的规律，我们认为随着 近期小盘股超额收益斜率的下降，当前 A 股市场或已经处于流动性扩张一阶段的 末期，中期或将步入流动性扩张二阶段，大盘风格或有望逐渐占优。 敬请阅读末页的重要说明 流动性视角下的市值风格轮动和择时策略 ——风格因子轮动系列之一 本报告首先从海内外市场情况入手，定性分析了当前影响 A 股市场大小盘风格切 换的核心因素，然后构建了以流动性指标为主的混频大小盘轮动和小盘择时体 系，最后设计符合实际交易场景的 ETF 轮动和择时策略，获得优秀的策略收益。 短期定量观点上，当前小盘股交易量能偏高、龙虎榜买入强度高、R007 下行、融 资买入上行、PB 分化加剧，都对小盘风格形成支撑，但小盘股主题交易热度已有 所回落、等级利差上行、市场隐含波动溢价偏高、大宗交易折溢价率不低等因素 都对小盘风格形成压制，故短期虽仍偏向小盘，但看多程度较前期有所下降。 风险提示：本报告结果通过历史数据统计、建模和测算完成，在政策、市场环境发 生变化时模型存在失效的风险。 王武蕾 S1090519080001 wangwulei@cmschina.com.cn 王禹哲 S1 ...

Core Points - The article highlights the recognition of 100 individuals from the non-public economic sector as "Outstanding Builders of Socialism with Chinese Characteristics" to encourage and motivate private economic actors [1][2][3] - Among the honorees, 9 individuals are from the textile industry, showcasing the sector's contribution to the economy [2] - The recognition aims to inspire private economic individuals to uphold their ideals, maintain development focus, and contribute to national strategies [3] Summary by Categories Recognition and Awards - A total of 100 individuals have been awarded the title of "Outstanding Builders of Socialism with Chinese Characteristics" by various government departments [1][2] - The textile industry has 9 representatives among the honorees, indicating its significance in the non-public economic sector [2] Economic Contributions - Since the 18th National Congress, the non-public economy in China has achieved sustained, healthy, and high-quality development, contributing to growth stability, innovation promotion, employment increase, and improved living standards [2] - The article emphasizes the role of private economic individuals in implementing major policies and strategies set by the government [2][3] Future Outlook - The article expresses optimism about the future of the non-public economy, encouraging private economic individuals to learn from the honorees and actively participate in national development [3]

Core Viewpoint - The report highlights that while Chinese companies are rapidly expanding their overseas operations, there is a significant talent gap that needs to be addressed for sustainable growth [3][4]. Group 1: Current Status of Overseas Expansion - Chinese companies have transitioned from "testing the waters" to "deeply investing" in overseas markets over the past five years [6]. - Manufacturing remains the dominant sector for overseas expansion, accounting for 40% of companies, with over 76% focusing on Southeast Asia as their primary market [8]. - More than half of the companies expect overseas revenue to constitute over 40% of their total revenue in the 2024 fiscal year, with 34% relying on overseas markets for over 60% of their revenue [9]. - 36% of companies report an annual growth rate of over 20% in overseas revenue, indicating that overseas business is becoming a core growth engine [10]. - The strategic mindset of companies is shifting from short-term order-driven approaches to long-term brand and system building [13]. Group 2: Business Models for Overseas Operations - 57% of companies have registered overseas entities, while 41% have established marketing networks, indicating a preference for "light asset, trial" strategies [17]. - 24% of companies have formed joint ventures abroad, and 20% have set up overseas production bases, reflecting a shift towards deeper strategic investments [17]. - In the next three years, 52% of companies plan to invest over 20 million yuan, with 12% planning to invest over 500 million yuan, indicating an aggressive expansion pace [18]. Group 3: Talent Management Status - The overseas teams of companies are generally small, with 77% having fewer than 100 employees, and 47% having fewer than 50, indicating a weak operational foundation [22]. - 73% of companies send expatriate middle and senior management, while 68% prefer to hire local talent for sales and frontline teams, highlighting a mixed management approach [25][26]. - 70% of companies identify value differences as a major barrier to collaboration, and only 9% rate their team collaboration efficiency as "high" [28]. Group 4: Talent Development Challenges - 59% of companies report difficulties in recruitment due to long hiring cycles, and 53% find a mismatch between foreign talent capabilities and needs [44]. - 71% of companies have an annual talent development budget of less than 500,000 yuan, indicating insufficient investment in talent development [46]. - 34% of companies acknowledge a lack of experience in talent development, leading to a stagnation in talent cultivation despite expanding overseas operations [49]. Group 5: Future Talent Competition - The competition for overseas expansion is shifting from product and market focus to organizational capability and talent [51]. - In the next five years, the competition will transition from "grabbing markets and competing on price" to "competing on organization and talent" [52]. - Companies must build a talent system that supports global development, focusing on three core groups: overseas operational leaders, local middle management, and global vision leaders [54].

Group 1 - The implementation of the central eight regulations is being actively promoted across all provincial enterprises, focusing on enhancing the party's work style and achieving high-quality development [1] - Young cadres are being educated on integrity and governance through various initiatives, including the establishment of theoretical study groups and the distribution of learning materials [2][3] - Different educational approaches are being adopted for various groups of party members to ensure effective learning outcomes [2][3] Group 2 - Provincial enterprises are addressing specific issues through targeted rectification measures, ensuring that problems are identified and resolved promptly [4] - The establishment of a reporting system for leadership interference in major projects aims to enhance project management and compliance [4] - A digital collaborative platform is being developed to streamline data management and reduce the administrative burden on grassroots units [5] Group 3 - The focus on transforming learning outcomes into practical applications is evident, with an emphasis on reform, operational efficiency, and public welfare [6] - Initiatives such as the "Three Creations" operational approach and the "Three Abilities" mechanism are being implemented to enhance productivity and responsiveness within enterprises [6]

港股收盘，恒生指数涨1.53%，恒生科技指数涨1.08%。连连数字跌近40%；老铺黄金、理想汽车涨超 5%，小米集团涨超3%。 ...