Wanderers overcame the sending off of goalkeeper Jussi Jaaskelainen to recover from a two-goal deficit and claim a 2-2 draw from a fiery Premier League encounter with Birmingham.
Manager Owen Coyle may have acquired a reputation for attractive football during his time at Burnley but his current Bolton side retain much of the physicality for which they were renowned under Sam Allardyce and Gary Megson.
Davies epitomises much of that spirit and the 33-year-old striker was a constant thorn in the side for Birmingham, who eventually succumbed to pressure in the closing 19 minutes at the Reebok Stadium.
"I think the lads deserve a lot of credit for coming back into a game like that against a stubborn Birmingham side," said Davies, who scored Bolton's first from the penalty spot.
"As long as I have been here we have always had great spirit.
"I think without it the last two or three seasons we might not have survived. We have always had that and even more so this season.
"The spirit has always been great here and that is one of our main qualities."
Bolton fell behind after just four minutes as Roger Johnson slid in his first goal for Birmingham.
Their problems got worse as Jaaskelainen was sent off for appearing to slap Johnson in the face before Craig Gardner netted a second.
But the Trotters battled on and Davies replied after he himself was fouled by Johnson and veteran Robbie Blake completed the comeback with a stunning 81st-minute free-kick.
Davies said: "At 2-0 I think we would have taken a point.
"We didn't start the game particularly well but we felt at half-time we could still get back in the game.
"We made hard work of it but we did in the end. We kept pushing at them even when Jussi went off."
The results leaves both teams unbeaten with five points after three games and, although either could have won it, relatively happy with their starts to the campaign.
Davies said: "Before the game we wanted to go ahead and win.
"We have drawn two at home which is a little bit disappointing but under the circumstances we will take it."