【策略】坚定成长主线——2025年9月五维行业比较观点（张宇生/王国兴）

Core Viewpoint - The article introduces a "Five-Dimensional Industry Comparison Framework" that evaluates industries based on market style, fundamentals, capital flow, trading conditions, and valuation, emphasizing the need for a comprehensive analysis of multiple factors affecting stock prices [4][5]. Group 1: Five-Dimensional Framework - The framework scores industries equally across five dimensions during non-earnings seasons, while prioritizing fundamentals during earnings seasons [4]. - Historical backtesting from 2016 to February 2025 shows that industries with higher scores in this framework tend to perform better, with annualized returns of 11.8% for the top group and -10.5% for the bottom group [5]. Group 2: September Subjective Judgments - In September, the framework indicates potential market volatility and sustained high market sentiment, suggesting a rotation between growth and balanced styles [6]. - The capital flow is expected to be dominated by financing and public funds, with high valuation sectors likely to perform better due to maintained market sentiment [6]. Group 3: Industry Allocation Insights - The article recommends focusing on growth sectors, with high-scoring industries such as electric equipment, telecommunications, computers, electronics, automotive, and media being highlighted for potential investment [8].