以前听炒股的老登们吹牛逼，总说牛市最讲究 "雨露均沾"，轮动起来才叫热闹 瞅瞅当下的 A 股，芯片、光模块、创新药、机器人、存储、固态电池这几个主儿跟 走秀似的，在舞台中央来回蹦跶，涨得让人怀疑人生。可另一边呢？传统板块被吸 得连血都快空了，跌得比正经熊市还惨，这哪是轮动，分明是 "精准抽血"！ 不是说牛市最大的特征是轮动么？？？ https://www.jisilu.cn/question/513775 集思录(www.jisilu.cn)是一个以数据为本的投资理财社区，专注于新股、可转债、债券、封闭 基金等数据服务。我们的理念是在保证本金安全的前提下，使资产获得稳健增长。 快捷查询： 搜索公众号"jisilu8"添加我们 当年没离职的同事，都过得怎么样了 https://www.jisilu.cn/question/513858 关注集思录微信 特别提示 本文不构成任何投资建议，仅为信息分享。任何因本文导致的投资行为发生的亏损，本公众号 及作者概不承担任何责任。 真心请教，不工作以后社保和医保还要不要交？ https://www.jisilu.cn/question/513759 如何从更宏观层面理解目前 ...

以前听炒股的老登们吹牛，总说牛市最讲究 "雨露均沾"，轮动起来才叫热闹 —— 龙头股翻 倍上天没关系，券商、电力这些 "老伙计" 总能跟着大盘喝口汤，中证全指往上走的时候，谁 也不至于被落下太远。 瞅瞅当下的 A 股，简直疯得没边了！芯片、光模块、创新药、机器人、存储、固态电池这几 个主儿跟走秀似的，在舞台中央来回蹦跶，资金跟见了亲爹似的往上凑，涨得让人怀疑人 生。可另一边呢？传统板块被吸得连血都快空了，跌得比正经熊市还惨，这哪是轮动，分明 是 "精准抽血"！资金在科技那小圈子里玩闭环，外面的板块饿死都没人管，这吃相也太难看 了吧？ 最讽刺的是券商板块，这货可是牛市的 "传统信号弹" 啊！现在倒好，跟被点了穴似的一动不动。不管 行业怎么扩容，明眼人都知道，半年报刚亮眼完，三季报 50%-100% 的增长基本是板上钉钉的事儿，结 果股价死活不动窝。合着业绩是给股东画的饼，股价是给散户泼的冷水？这要是算牛市，那我家楼下卖 菜的大妈都能当股神了。 翻遍历史也少见这么无耻的走法！某某证券都复盘过，以前再极致的分化行情迟早要收敛， 要么是热门板块自己凉了，要么是宏观政策给纠偏了。可现在倒好，资金虹吸效应越来越离 谱，科 ...

Group 1 - The report emphasizes that in a bull market, rapid price increases often lead to short-term adjustment pressures, but do not alter the long-term trend, instead accumulating momentum for future rises [3][30] - It notes that since the end of June, the TMT sector's congestion level has risen to approximately 43% by the end of August, nearing the year's high, indicating potential structural adjustments in the market [3][30] - The report suggests that from now until the end of the year, there is likely to be a rotation in market styles, with Q4 entering a phase of policy expectation fermentation, similar to previous bull markets where new capital accelerated entry in Q4 [3][31] Group 2 - The report identifies that the bull market's main style is "stronger remains strong," but cyclical styles may perform better in the latter half of the cycle, as seen in past bull markets [5] - It highlights that the cyclical stocks have maintained a relatively stable excess return, with the potential for better performance as the fundamentals improve [5] - The report suggests focusing on sectors such as non-ferrous metals and chemicals, which have shown good revenue growth and return on equity, indicating a positive fundamental outlook [5] Group 3 - The report discusses the AI sector, particularly the end-side AI investments, which are expected to benefit from policy support and innovations from major companies like Apple [20] - It mentions that AI data centers are expected to undergo significant upgrades, with the introduction of liquid cooling technology to manage the increasing power consumption of AI chips [20] - The report also highlights the ongoing demand for AI-related technologies and the potential for substantial growth in this sector [20] Group 4 - The report indicates that the methanol industry is expected to maintain a favorable outlook due to high operating rates and low inventory levels, suggesting a sustained upward trend in industry conditions [24] - It points out that the copper smelting industry is undergoing optimization, with expectations for profitability to return as production capacities are aligned better with market demands [26] - The report recommends focusing on companies with cost advantages in the copper smelting sector, such as Zijin Mining and Jiangxi Copper [26]