策略专题：牛市领涨主线之外，哪些行业值得关注？

Group 1 - The core conclusion indicates that while the bull market's main style is "stronger gets stronger," cyclical styles tend to perform better in the latter half of the cycle. Historical analysis of major styles during the bull markets of 2006-2007 and 2014-2015 shows that cyclical stocks have maintained stable excess returns, although they have not outperformed the market independently in the current bull market [2][3][8] - The report identifies that in the second quarter of 2025, industries such as non-ferrous metals and chemicals show positive changes in revenue growth and return on equity (ROE), indicating strong fundamental characteristics [3][15][19] Group 2 - The cyclical stocks are characterized by low valuations and high beta, making them likely to exhibit good performance elasticity as the fundamentals improve. This positions them as potential candidates for continued investment during the bull market [3][8][19] - The analysis of the cyclical industries reveals that sectors like non-ferrous metals and chemicals are beginning to stabilize after a period of clearing, suggesting a positive shift in their performance outlook [19][20][24] - The report highlights that the chemical sector, particularly in chemical products and plastics, is also showing signs of stabilization, with expectations of price increases driven by demand and stable supply dynamics [19][20][24]