中国 A 股风格指南_低风险板块反弹，动量板块走弱-China A-Share Style Guide_ Low Risk rebounded, Momentum down

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the China A-Share market and its investment environment as of October 2025 Current Investing Environment - The explanatory power of macroeconomic drivers decreased from 20% to 10% in October, indicating a reduced impact on market movements [2] - Pair-wise correlations across the equity market continued to decline, suggesting less price co-movement and more stock opportunities [2][10] Market Valuation - The China A-share market valuation remained stable at 15x 12-month forward PE in October [3] - Information technology and healthcare sectors maintained higher valuations compared to others, while real estate valuations remained at historical highs [3] Performance of Style Factors - In October, style factors performance reversed, with Low Volatility being the best performer, gaining 5% on a long-short basis [4] - Value factors rallied, with 12-month forward Dividend Yield posting a 3% positive return [4] - Growth and Momentum factors fell, with Fundamental Growth down -1% and 12-month Price Momentum down -12% [4] Trading Insights - Large-Cap stocks slightly underperformed in October, indicating a shift in market dynamics [4] Macroeconomic Drivers - A regression analysis was performed to identify the most impactful macroeconomic factors on the market, including the trade-weighted US dollar index and US yield spreads [11] - The analysis showed that macroeconomic drivers change over time, affecting market performance [11] Valuation Insights - The report includes figures showing the PE distribution across various universes and styles, indicating which segments are trading at low valuations [21] Style Performance Statistics - Detailed statistics on long-short and long-only style performance were provided, highlighting the performance of various factors such as Growth, Momentum, Quality, Risk, and Value [27][29] - For instance, EPS Growth (12m trailing) showed a -0.1% return last month, while Low Volatility (12m) gained 4.8% [27] Analyst Insights - The report includes insights from multiple analysts, indicating a collaborative approach to understanding market dynamics [8][9] Important Considerations - The report emphasizes the importance of considering macroeconomic factors and market breadth when making investment decisions [10][14] - It also highlights potential conflicts of interest due to UBS's business relationships with covered companies [9] This summary encapsulates the key points from the conference call, providing a comprehensive overview of the current state of the China A-Share market and the factors influencing investment decisions.