轮动逻辑 | Rotation Logic

Sector rotation follows economic cycles: defensives lead in downturns, cyclicals in recovery, growth in expansion. industrial manufacturing practitioners can overlay supply chain and raw material signals to time shifts between sectors more precisely. 行业轮动遵循经济周期：防御性板块在经济下行时领先，周期性板块在复苏时领先，成长板块在扩张时领先。工业制造从业者可以叠加供应链和原材料信号，更精准地把握板块切换时机。

景气度比较 | Relative Strength

Relative strength rankings identify which sectors are absorbing capital. Monitoring automation, quality control, and earnings revisions across industries provides a systematic screen. The strongest trends often persist for quarters, rewarding patient rotation. 相对强度排名可以识别哪些板块正在吸收资金。监测各行业的自动化、质量控制和盈利修正情况，可以提供一个系统化的筛选框架。最强趋势往往持续数个季度，耐心轮动会获得回报。

轮动组合构建 | Building a Rotation Portfolio

A rotation portfolio holds 3-5 sector positions, adjusting weights as signals evolve. Combining inventory momentum with valuation discipline reduces whipsaw. Defined exit rules prevent giving back gains when leadership changes. 轮动组合持有3-5个板块仓位，随着信号演变调整权重。将库存动能与估值纪律相结合可减少来回打脸。明确的退出规则可防止领导板块切换时回吐收益。

回测与优化 | Backtesting and Optimization

Historical backtesting validates rotation rules across different market regimes. Testing production-based filters against buy-and-hold benchmarks quantifies the edge. Regular review keeps the strategy aligned with structural market changes. 历史回测可验证轮动规则在不同市场环境下的表现。将基于生产的过滤器与买入持有基准进行比较，可以量化优势。定期复盘使策略与市场结构性变化保持一致。