The monthly relative turnover premium reflects the deviation of the stock's trading activity in the past month relative to the past year. This factor is based on the principles of behavioral finance, and believes that an abnormal increase in trading activity (turnover rate) in the short term is often related to overly optimistic market sentiment, and this sentiment-driven trading behavior usually causes a temporary overvaluation of stock prices, which in turn leads to lower future returns. On the contrary, if the recent turnover rate is significantly lower than the historical average, it indicates that market sentiment is depressed and may indicate the possibility of rising future returns. This factor can be used to capture short-term market sentiment fluctuations and provide a reference for quantitative investment strategies.