Core Viewpoint - Huali Chuangtong's stock price increased by 5.29% to 32.83 CNY per share, with a trading volume of 1.89 billion CNY and a market capitalization of 21.756 billion CNY as of January 12 [1] Company Overview - Huali Chuangtong Technology Co., Ltd. was established on June 1, 2001, and listed on January 20, 2010. The company is located in Haidian District, Beijing [1] - The company's main business includes satellite navigation system applications, radar simulation testing equipment, broadband signal recording and generation, general signal processing platforms, computer simulation testing platforms, and urban rail transit equipment [1] - The revenue composition of the main business is as follows: satellite applications 48.32%, electromechanical simulation testing 21.90%, simulation application integration 12.01%, radar signal processing 10.70%, agency and others 5.77%, and rail transit applications 1.30% [1] Fund Holdings - Huali Chuangtong is a significant holding in one fund managed by Huabao Fund, specifically the Huabao National General Aviation Industry ETF (159231), which increased its holdings by 87,900 shares in the third quarter, totaling 130,600 shares, representing 2.91% of the fund's net value [2] - The Huabao National General Aviation Industry ETF (159231) was established on April 18, 2025, with a current size of 102 million CNY and a year-to-date return of 11.82%, ranking 241 out of 5579 in its category [2] - The fund manager Zhang Fang has a tenure of 4 years and 350 days, with a total asset size of 2.66 billion CNY, achieving a best return of 69.79% and a worst return of -23.7% during his tenure [2] - Co-manager Cao Xucheng has a tenure of 236 days, managing assets of 35.182 billion CNY, with a best return of 126.35% and a worst return of -4.65% during his tenure [2]

Core Viewpoint - The A-share market's bull market does not guarantee profits for all industries, as there is significant divergence in performance among sectors, with some industries outperforming the market while others lag behind [1] Historical Bull Market Analysis - Historical data from the last decade indicates that each bull market's leading sectors are closely aligned with the prevailing development trends of the era [1] - In the 2005-2006 bull market, industries such as non-ferrous metals, non-bank financials, and real estate benefited from urbanization and economic reforms [1] - The 2014-2015 bull market saw a rise in TMT sectors due to the emergence of smart manufacturing and new consumption trends, alongside a stimulus-driven infrastructure boom [1] - Post-2019, sectors like liquor and pharmaceuticals thrived due to consumption upgrades, while the "dual carbon" policy led to a surge in carbon-neutral industries [1][2] Industry Performance in Bull Markets - The analysis of the top 10 performing industries in each bull market reveals that machinery, building materials, and defense industries consistently ranked high, with significant gains even in years they did not make the top 10 [3] ETF Investment Strategies - **Machinery Sector**: The machinery sector, particularly in engineering and robotics, has maintained high performance. The Tianhong CSI Robotics ETF (159770) has a significant scale of over 7 billion, indicating strong market interest [4] - **Defense Industry**: The defense sector has shown consistent high performance across all four major bull markets from 2000 to 2021, with ETFs like Guotai CSI Defense ETF (512660) and Fuguo CSI Defense Leaders ETF (512710) exceeding 10 billion in scale [6] - **Building Materials**: The building materials sector is expected to benefit from increased demand and supply adjustments, with ETFs like Guotai CSI All-Index Building Materials ETF (159745) showing scale advantages [7]