点击上方蓝字关注华安证券研究观点回顾:8 月成长、盈利因子表现强势,价值、红利因子表现较弱科创芯片、创新药等主题主导的市场风格强化成长和交易博弈属性,弱化了估值与股价变动的均值回复逻辑。本年度市场风格由“盈利兑现预期”向“主题预期博弈”与“交易流动性驱动”的显著转变,是造成量价、成长和分析师预期因子强势,而价值因子弱势的核心原因。风格配置观点:9 月建议配置大盘成长风格9 月模型判断风格为大盘成长...
Source Link点击上方蓝字关注华安证券研究观点回顾:8 月成长、盈利因子表现强势,价值、红利因子表现较弱科创芯片、创新药等主题主导的市场风格强化成长和交易博弈属性,弱化了估值与股价变动的均值回复逻辑。本年度市场风格由“盈利兑现预期”向“主题预期博弈”与“交易流动性驱动”的显著转变,是造成量价、成长和分析师预期因子强势,而价值因子弱势的核心原因。风格配置观点:9 月建议配置大盘成长风格9 月模型判断风格为大盘成长...
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