Recently, discussions about "avoiding the bull run" have frequently emerged in the market, prompting investors to reflect on their industry choices. Although the overall market shows an upward trend, there are significant differences in performance among different industries, which leaves investors grappling with whether to adjust their investment strategies.

According to market research and historical data analysis, even in an overall bull run environment, the growth disparities between different industries can still be very significant. To achieve excellent returns during a bull run, the key lies in accurately grasping the market's main themes.

Taking the 31 sectors of Shenwan as an example, we can review the performance differences of each sector during the bull run from 2006 to 2007.

During that bull run, the best-performing sectors were non-bank financials, non-ferrous metals, defense and military, real estate, power equipment, beauty care, and commercial retail. Among them, the non-bank financial sector saw an increase of 1166.5%, while the worst-performing electronics sector only rose by 214.2%, with a gap of nearly 10 times between the two.

In-depth analysis of the non-bank financial sector reveals some interesting historical details. For example, CITIC Securities was not considered a top brokerage before 2006, but after raising funds through its IPO and acquiring Huaxia Securities (now CITIC Securities), it entered the ranks of large brokerages. This industry index rose nearly 12 times during the bull run, with some individual stocks even achieving over 20 times increase.

At the same time, the non-ferrous metal industry also performed well, with an increase of 1138.7%. At that time, the investment philosophy of "resource is king" was popular in the market, reflecting the emphasis on the scarcity of natural resources.

These historical data tell us that in a bull run, industry selection may be more critical than the overall market trend. Investors need to conduct in-depth research on the fundamentals, policy orientation, and market sentiment of various industries to identify potential high-growth areas. At the same time, they should also be wary of the risks brought by excessive concentrated investment; moderate diversification may be a wise choice.

Overall, a bull run does not mean that all industries will grow at a balanced rate. Identifying and grasping the main growth drivers, and flexibly adjusting investment strategies, are key to achieving excellent returns during a bull run.