Haitong Securities: Estimated 22-year value, slightly dominant in the broader market_ ​​Securities Times

According to Securities Times, Haitong Securities believes that styles are divided into value, growth, large cap and small cap. Since 2007, US stocks have weakened the style effect of large and small market capitalization, and their growth styles have always been dominant. The style change stems from the comparative change in profit growth. Economic growth is shifting from focusing on speed to focusing on quality, industry concentration has increased, and the law of large and small market value rotation has weakened. In the past, the bull market usually grew, with small caps dominating. It is estimated that in 22 years, the value and the market will be slightly superior, and the CSI 300 will outperform the CSI 500.