Zhang Xinyuan, chief analyst of Huatai Securities Strategy, said in the live broadcast of China Securities News "Golden Bull Is Coming" on the evening of June 17 that the growth of growth stocks is more certain in the forward period, while the performance elasticity of value stocks in the current period is relatively high, so the essential difference between growth stocks and value stocks is the difference between long-term and short-term duration. As for which type of stock is more worthy of investors' favor in the second half of the year, Zhang Xinyuan believes that this mainly depends on the liquidity environment or the level of inflation and interest rates.