今日A股震荡下行。上证指数收于3867.92点，下跌0.55%，深证成指收于13112.09点，下跌1.10%。两市 共计成交不足1.8万亿元，较前一交易日有所下降。市场整体跌多涨少，电子通信方向领跌。当前A股所 处的经济和政策环境整体维持积极，预计财政支出将保持积极，推动经济总需求回暖。中期来看，在各 项稳增长措施及宽松货币、财政政策落地后，总需求增速有望重回扩张区间，带动A股重新进入上行周 期。 统计局日前发布的经济数据显示，11月CPI、PPI保持稳定，固定资产投资增速加速下滑，其中房地产开 发投资增速累计同比录得-15.9%继续寻底。在供给偏强、需求偏弱、投资趋缓、通胀低位的环境下，债 券仍然具有配置价值。就点位而言，当前10年期国债收益率突破1.85%的央行合意区间上沿，且需求端 或因长债利率上升增加配置需求。建议适当关注久期策略，持续关注十年国债ETF(511260)。 黄金板块今日表现亮眼，黄金基金ETF(518800)上涨1.37%，黄金股票ETF(517400)上涨1.28%。短期， 12月FOMC降息25bp，并在12月启动准备金管理购买；俄乌和谈仍在拉扯，特朗普持续对委内瑞拉施 压。中长 ...

Core Viewpoint - The Hong Kong stock market has shown a strong upward trend in 2025, with the Hang Seng Index rising by 16.06%, significantly impacting the A-share market and providing support for its valuation [2][4]. Supply Side - The emergence of phenomenon-level stocks in Hong Kong has led to a widespread profit-making effect, with strong performances from sectors such as new consumption, internet, innovative pharmaceuticals, and dividend stocks [6][8]. - Notable stocks include Lao Pu Gold, Pop Mart, and Mixue Group, which have seen increases of 243.54%, 146.74%, and 81.55% respectively since the beginning of the year [7][8]. - Traditional internet giants like Alibaba and Tencent have rebounded, with increases of 41.87% and 23.37% respectively, driven by advancements in AI technology [10][11]. - The innovative pharmaceutical sector is transitioning from a follower to a leader, with a significant increase in licensing transactions, totaling 519 billion USD in 2024, a 26% year-on-year growth [13]. - The attractiveness of dividend assets in Hong Kong has increased, with a higher dividend yield compared to A-shares, making it appealing for investors seeking stable returns [14]. Liquidity Aspect - Southbound funds and foreign capital have been continuously flowing into the Hong Kong stock market, with 581 billion RMB entering the market in 2025, nearing the historical high of 596.7 billion RMB [19]. - The Hong Kong market is sensitive to changes in overseas liquidity, with a significant increase in daily trading volume by 144% year-on-year in the first four months of 2025 [21]. Product Aspect - The demand for Hong Kong stock funds is rapidly increasing as the market shifts from being an "investment wasteland" to a "hot investment land," with a notable rise in passive investment products [24][26]. - The total scale of ETFs available for investment in Hong Kong stocks reached 178.99 billion RMB by the end of Q1 2025, reflecting a growth of over 45% from the previous quarter [26].

Core Insights - The report explores the construction and application of a style factor system for A-shares, focusing on four dimensions: market capitalization, valuation, profitability, and momentum [2][9][12] - A-shares have exhibited different dominant factors over various periods, with profitability leading from 2013 to 2014, small-cap factors from 2015 to 2016, valuation from 2016 to 2018, and a return to profitability dominance from 2019 to early 2021 [2][24][27] - The report predicts a resurgence of high valuation factors starting in 2025, driven by expectations of weak profit recovery and strong policy support [2][27] Style Factor Construction and Performance - The style factor system is constructed using a bottom-up approach, assigning style labels to each stock based on their factor indicators [9][12] - The performance of the style factors shows that small-cap stocks have generally outperformed large-cap stocks since 2010, with a notable fivefold return from small-cap strategies [12][17] - Valuation factors indicate that low valuation styles have been particularly strong, especially during specific periods such as 2017-2018 and 2022-2024 [14][15] Influencing Factors of Style Factors - Profitability factors are highly correlated with economic cycles, showing better performance during economic upturns [45][46] - Valuation factors are closely linked to market sentiment, with high valuation stocks performing better during periods of positive sentiment [49][50] - Market capitalization factors are significantly influenced by remaining liquidity, with small-cap factors performing strongly in liquidity-rich environments [53][54] Application of Style Factor System - The report establishes an A-share style investment system based on the identified style factors, suggesting that the current dominant styles are high profitability, high valuation, and small-cap [2][27] - The analysis indicates that the A-share market has not fully priced in the expected profit recovery, suggesting potential upside for high profitability and high valuation factors [2][27] - Different asset types exhibit varying dominant style factors, with emerging growth assets showing significant small-cap advantages and dividend assets reflecting low valuation strengths [29][33]