The quarterly book value growth rate reflects the expansion rate of a company's net assets in a quarter. This indicator can be used to evaluate a company's growth ability and capital accumulation efficiency in the short term. A positive growth rate usually indicates an increase in the company's net assets, which may mean an increase in the company's profitability or financing activities. Conversely, it may imply a decrease in the company's net assets or poor operating performance. It should be noted that the relationship between this factor and future returns may vary depending on the time span examined. A short-term positive correlation may reflect the market's short-term recognition of growth, and a long-term negative correlation may reflect the market's concerns about the sustainability of long-term growth, or that higher growth is accompanied by higher risk premium requirements. Therefore, when using this factor, its time span and combination with other financial indicators should be considered comprehensively for a more comprehensive analysis.