A股研究框架系列：风格制胜：一个新的投资框架

Core Insights - The report introduces a new investment framework for A-shares, emphasizing the importance of style classification during structural transformation periods in the market [1][9][51] - It highlights the shift in market style dynamics since 2017, with notable asset rotations including core assets, track stocks, cyclical stocks, small-cap stocks, and dividend assets [1][9][40] Market Style Review - The report reviews the market style rotations from 2017 to 2023, identifying key phases: core asset bull market (2017-2020), track stock advantage (2019-2021), cyclical stock recovery (2021), small-cap valuation recovery (2022-2023), and the current dividend asset phase (2023-present) [1][9][19] - It notes that the traditional economic cycle's volatility has decreased, making style judgment a primary source of excess returns in the market [1][9] New A-share Style Classification Framework - The new framework categorizes A-share styles into two dimensions: large-cap vs. small-cap and growth investment vs. safety margin investment [1][51][64] - Growth investment includes cyclical assets and emerging growth assets (like track stocks and TMT), while safety margin investment includes stable core assets and dividend-paying assets [1][51][64] Application of the New Framework - The report applies the new framework to common broad-based indices, categorizing them based on their style characteristics [1][75] - It addresses current market concerns, such as the potential switch from dividend assets to the Sci-Tech 50 index, the transition from large-cap to small-cap stocks, and the sustainability of the barbell style [1][77][80] Future Outlook - The report suggests that the transition from dividend assets to growth assets requires a stabilization of market risk preferences and a significant uptrend in emerging industry trends [1][78] - It emphasizes the need to monitor external macroeconomic conditions and geopolitical developments, which could impact market sentiment and asset performance [1][80]