牛市领涨主线之外，哪些行业值得关注？

Summary of Key Points from Conference Call Records Industry or Company Involved - The discussion primarily revolves around the chemical industry, non-gold and non-rare earth metals, new energy-related chemicals, and cyclical sectors such as engineering machinery [1][3]. Core Insights and Arguments - Market Performance: In Q1 2025, sectors like brokerage and innovative software performed poorly, while the robotics sector showed resilience, indicating that strong sectors may not maintain their performance during corrections, with a probability of only 55% [1][2]. - Historical Data Analysis: Historical data suggests that industries with mid-level performance that exhibit excess returns during corrections have a 70% chance of outperforming in the next upward wave [2]. - Investment Recommendations: It is advised to focus on the chemical sector, non-gold and non-rare earth metals, and new energy-related chemicals, as well as cyclical sectors and engineering machinery, which have recently shown excess returns [1][3]. - Chemical Sector Recovery: The chemical sector has undergone a three-year clearing process and is currently at the forefront of recovery or at the end of the clearing phase, indicating investment potential [1][3]. - PPI Recovery Expectations: There is a high market expectation for the Producer Price Index (PPI) to turn positive, with predictions that this will occur by the end of this year or early next year, which would benefit cyclical styles [4][5]. - Cyclical Style Outlook: A positive outlook for cyclical styles is maintained for the next 6 months or more, with expectations of better performance in 2026 [5]. Other Important but Potentially Overlooked Content - Probability Insights: If the current main sectors weaken during corrections, there is a 2/3 chance that they will not achieve excess returns in the next wave compared to the market. Conversely, if mid-level sectors show excess returns during corrections, they have an 80% chance of outperforming in subsequent growth phases [6]. - Market Adjustment: Although the market has not fully adjusted, there is an expectation that cyclical styles may perform better in 2026, suggesting a need for early rebalancing of investment strategies [6].