牛市中非主线行业何时领涨？

Core Insights - The article discusses the tendency for non-mainstream sectors to lead in bull markets, particularly during the latter stages of market uptrends, influenced by capital inflows and valuation considerations [1][13]. Group 1: Historical Context - In the 2005-2007 financial cycle bull market, small-cap growth stocks outperformed in the latter half of the bull market, with sectors like textiles, environmental protection, and pharmaceuticals leading the gains [2][3]. - The 2013-2015 TMT bull market saw a significant style shift in late 2014, where large-cap value stocks, particularly in non-bank financials, construction, and steel, outperformed while the TMT sector lagged [8][9]. Group 2: Market Dynamics - The shift in market style during bull markets often occurs when incremental capital flows accelerate, leading to a focus on undervalued sectors with high safety margins, rather than performance-driven sectors [1][13]. - Non-mainstream sectors may experience a temporary surge in performance due to factors such as low valuations and the presence of catalysts like mergers and acquisitions [3][13]. Group 3: Current Market Outlook - The current market is expected to continue its upward trend, driven by policy expectations and potential increases in retail investor participation, particularly in low-valuation sectors [15][18]. - Financial sectors, including banks and non-bank financials, are anticipated to benefit from style shifts and may see increased performance in the fourth quarter [17][18].