Japanese equity quantitative strategy Stock selection continues to be concentrated in AI- and semiconductor-related stocks. In this report, we offer ideas for stock selection outside that group. We draw the following conclusions: (1) Recently, stock selection has been concentrated, and at the same time, factors have increasingly been moving in the same direction. Compared to last year, the momentum factor has been shifting to high-beta, large cap, and high-profit growth, as well as to high-valuation stocks. ...