A股研究框架系列：风格制胜2：成长价值二选一

Group 1 - The report emphasizes a shift towards growth style investments in the coming months based on recent data trends [1][9] - Growth and value styles are defined with growth focusing on high revenue growth, high profit growth, and high ROE, while value focuses on low PE, high PCF, high dividend yield, and low PB [1][10] - The differentiation between growth and value styles began to take shape after 2010, with significant changes in their performance metrics observed [1][11][16] Group 2 - Historical performance of active equity funds shows a good grasp of style selection until 2023, where a deviation in judgment was noted [1][20] - From 2010 to 2022, the performance of active equity funds was closely aligned with the growth and value styles, indicating a strong trend-following behavior [1][20] - Post-2019, there was a significant tilt towards growth investments, particularly in the new energy sector, leading to an imbalance in portfolio allocations [1][23][25] Group 3 - The pricing factors for growth and value styles are influenced by compound growth rates and discount rates, with key indicators selected for analysis [1][27] - Indicators affecting the numerator include relative profit/ROE growth, PMI, and CPI-PPI, while those affecting the denominator include ERP, yield spreads, and US Treasury rates [1][28][33] - The report highlights that the net value of the CPI-PPI indicator since June 2015 has outperformed the benchmark, indicating its effectiveness in guiding investment decisions [1][28]