瑞银-中国A股风格指南：不确定性加剧下防御性因子领涨-China A-Share Style Guide Defensive factors lead amid growing uncertainty-20260402

a§ Whatisthemarketvaluation?Whatisworking?S1460522090001a§2 Marketoverviewtime婚§3 Whatabouttheinvestingenvironment?婚§4 Whatistradingatalowvaluation?working?婚§5 婚§6 婚§7 婚§8 婚§9 婚§10StyleDefinitionEPSGrowth(12mtrailing)FundamentalGrowthGrowthGrowth12mchangeinlastreportedpre-exceptionalEPS(derivedfromFactSetFundamentalsdata)UBSQuantFundamentalGrowthScore:a20-factorbinaryscorecardmetriccapturingimprovingFinancialStatementQualityrelativetopeersMomentumCompositeRevisionto12mfwdEPSFS(3PriceMomentum(12m)MomentumMomentumMomentumCompositeof12months'priceand3months'earningsmomentum3mchangeinnext12mforecastEPS(derivedfromFactSetestimates)Start-to-endabsolutetotalreturnmeasuredover12m(usingdailydata)DeltaQualityQualityQualityUBSHighQualityScore:a9-factorequallyweightedcompositeoftraditionalqualitymetricsUBSDeltaQualityScore:a20-factorbinaryscorecardmetriccapturingchangeinQualityVolatility(12m)Realisedpricebetameasuredover12m(usingweeklydata)Pricevolatilitymeasuredover12m(usingdailydata)FloatAdjustedMarketCapSizeBenchmarketindexweight(highscoreindicateslarge)CompositeValue(SectorNeutral)EarningsYieldFS(12mfwd)DividendYieldFS(12mfwd)BookValueYield(12mtrailing)FCFYield(12mtrailing)ValueValueValueValueValueUBSQuantCompositeValuescore(withinsector)Next12mforecastEPS,scaledbyprice(derivedfromFactSetestimates)Next12mforecastdividend,scaledbyprice(derivedfromFactSetestimates)Lastperiodbookvalue,scaledbyprice(derivedfromFactSetFundamentalsdata)Lastreportedfreecashflowyield(derivedfromFactSetFundamentalsdata)婚§11婚§12 12-MonthRatingDefinition252%24%41%22%7%25%Definition4<1%<1%<1%<1%婚§13 婚§14 婚§15 婚§16