策略报告 | 投资策略 策略专题 证券研究报告 牛市领涨主线之外，哪些行业值得关注？ 核心结论：牛市主线风格"强者恒强"，但周期风格后半段易有所表现。复 盘大类风格在 06-07 年以及 14-15 年牛市的整体表现，可发现在聚焦主线之 外，周期风格在大盘整固后的后半段相较大盘亦有明显超额。本轮牛市来看， 周期股也同样维持较为稳健的超额，但并未相对大盘走出一段独立行情。通 过四象限定位我们发现筛选出单季度（25Q2）的行业格局变动方向，其中有 色、化工的营收增速、ROE 环比变动较好，具备较好的基本面特征。 牛市主线风格"强者恒强"，但周期风格后半段易有所表现。复盘大类风格在 06-07 年以及 14-15 年牛市的整体表现，也可发现主线风格"强者恒强"。而 在聚焦主线之外，我们发现，周期风格在牛市前半段表现只能说稳健，而在 大盘整固后的后半段相较大盘亦有明显超额。本轮牛市来看，周期股也同样 维持较为稳健的超额，但并未相对大盘走出一段独立行情。 通过四象限定位我们发现筛选出单季度（25Q2）的行业格局变动方向，其中 有色、化工的营收增速、ROE 环比变动较好，具备较好的基本面特征。 有色板块的金属新材料、小金 ...

3700点以上，踏空资金该如何参与市场？在这个位置，踏空资金还能从容地进场吗？其实很难。此 时此刻，很多人既害怕追高，又担心继续踏空，陷入了两难的境地。那么，我们究竟该如何投资 呢？其实有几个原则需要坚持。 以下文章来源于巴蜀养基场 ，作者九思万幸 巴蜀养基场 . 做好的理财经理教育，成为公募基金财富管理领域赋能的领先品牌，目前已服务280+金融机构和 100,000+理财经理。提供降费降佣背景下的行业各项解决方案（咨询、辅导、培训、基金产品测评、营 销策划等服务）基哥 18608036474（V信同号） 宁愿错过，不要过错 0 1 首先，也是最重要的一点，我们要想明白一个问题：在牛市中，最重要的是多赚钱，还是少亏钱？ 这听起来像是废话，牛市当然是要多赚钱啦。但这里有一个前提—— 你必须在市场冰点期时，已经 买入了足够多的仓位 。只有这样，牛市才真正属于你，是你的机会。如果你没有做到这一点，那么 现在的牛市对你来说，反而可能是一个陷阱。 所以，宁愿错过，也不要犯错。对于那些在市场低点没有买入、现在处于踏空状态的投资者来说， 最核心的投资原则就是：在牛市中，宁愿少亏钱，而不是盲目追求多赚钱。 凡事求慢，而不是快 ...

Core Viewpoint - The article discusses the characteristics of the investment "second half," emphasizing that while it may offer quicker profits, it also carries the risk of faster losses, making it more challenging than the "first half" of investments [1][2][3]. Investment Characteristics - The "first half" of investments is characterized by a difficult environment where short-term profits are unlikely, but long-term gains are probable. In contrast, the "second half" is marked by a heated market where short-term profits may be achievable, but long-term outcomes are uncertain [1][2]. - The investment "second half" resembles a competitive sports match, where not only skill but also endurance and mindset play crucial roles, making it more difficult [3]. Investment Behavior - Successful investment is not solely dependent on market conditions but rather on individual investment behavior. Correct investment strategies can yield profits even in stagnant markets, while incorrect strategies can lead to losses even in bull markets [4][5]. Recommended Investment Strategies - Investors should either enter the market early or refrain from entering altogether. The best time to invest is now if one has not yet done so, emphasizing the importance of discipline in market participation [7][8]. - When entering the market, investors should avoid starting with a low base position, as this can lead to structural weaknesses in their investment strategy [10][11]. - Investors should refrain from adding to their positions too easily as the market rises, which can lead to emotional decision-making and potential losses [12]. - Once invested, it is advisable to embrace market fluctuations and avoid exiting prematurely unless necessary for liquidity or strategic reallocation [13][14].