上行趋势不改，行业如何轮动？

Market Overview - The market continues to operate in an upward trend, with the core observation variable being whether the market's profit-making effect can be sustained. As long as the profit-making effect remains positive, incremental capital is likely to continue entering the market. The current WIND All A trend line is around 5540 points, with a profit-making effect value of 2.30%, which is significantly positive. It is recommended to hold positions patiently and maintain a high allocation until the profit-making effect turns negative [1][4][8]. Industry Rotation - In terms of industry allocation, the model continues to recommend sectors that are in a turnaround phase, specifically Hong Kong innovative pharmaceuticals and securities, as the upward trend persists. The TWO BETA model continues to recommend the technology sector, with a focus on military and computing power. Short-term signals indicate that the liquor and agriculture sectors are entering a low point in the emotional cycle, which may lead to a rebound [2][4][8]. Performance Metrics - The Davis Double strategy achieved an excess benchmark of 1.32% this week, with a cumulative absolute return of 33.83% for the year. The CSI 300 Enhanced strategy also outperformed the benchmark by 1.77% this week, with a cumulative excess return of 19.41% for the year. The net profit gap strategy had an excess benchmark of -0.26% this week, with a cumulative absolute return of 37.50% for the year [1][9][15]. Valuation Indicators - The overall PE of the WIND All A index is at the 70th percentile, indicating a medium level, while the PB is at the 30th percentile, indicating a relatively low level. Based on short-term trend assessments, the absolute return products with WIND All A as the stock allocation subject are recommended to maintain an 80% allocation [4][6][8].