TF Securities(SH:601162) Zhi Tong Cai Jing·2025-09-06 12:27Group 1 - The core viewpoint is that in a bull market, the main style is "the strong remain strong," but cyclical styles may perform better in the latter half [2] - Historical analysis of major styles during the bull markets of 2006-2007 and 2014-2015 shows that while the main style remains strong, cyclical styles exhibit significant excess returns in the latter half after market consolidation [2] - In the current bull market, cyclical stocks maintain a relatively stable excess return but have not shown an independent trend compared to the broader market [2] Group 2 - The report identifies that in the early stages of a bull market, funds prefer a few high-growth sectors, while in the later stages, funds tend to focus on the main style, making it harder for new funds to achieve profits [2] - Cyclical stocks are characterized by low valuations and high beta, making them likely to show good performance elasticity as the fundamentals improve, positioning them as potential candidates for continued bull market speculation [2] - The analysis of the industry landscape for Q2 2025 indicates that the non-ferrous and chemical sectors show good revenue growth and return on equity (ROE) changes, indicating strong fundamental characteristics [2] Group 3 - The non-ferrous sector, particularly in metal new materials and minor metals, is positioned in the third quadrant, indicating a stabilization after a period of clearing [3] - Energy metals are showing signs of stabilization, albeit starting later than other sectors [2][3] - The chemical sector, including chemical products and plastics, is also in the third quadrant, indicating a similar stabilization trend after a clearing phase [3]