指数3连跌“凉凉”！市场热度进一步降温，还有哪些投资机会？

Group 1: ETF Market Trends - Most sectors are experiencing net inflows, indicating bottom-fishing behavior, with notable inflows in the CSI 2000, STAR 50, and Dividend Index ETFs [1] - The CSI 500 ETF and ChiNext ETF have shifted from balanced inflows and outflows to net inflows, while the CSI 300 ETF saw a significant inflow on Friday that offset previous outflows, resulting in a positive weekly inflow [1] - The level of major shareholder reductions has reversed from a four-week increasing trend back to early November levels, indicating a potential stabilization in market sentiment [1] Group 2: Energy Supply and Demand - The energy supply situation in China is stable, with sufficient coal reserves and a robust electricity grid, as traditional and clean energy sources are being ramped up to meet winter demand [3] - Coal prices are expected to show a low-to-high trend by 2026, with demand being a primary drag factor, while supply-side constraints remain strong [3] - The demand for energy is anticipated to improve in the second half of the year, which may drive coal prices upward [3] Group 3: Semiconductor Equipment Market - The semiconductor equipment sector is expected to see high single-digit percentage growth in the global wafer fabrication equipment market for 2025/2026, driven by rising prices from storage manufacturers and investments from major clients like Intel [5] - The normalization of demand in the Chinese mainland market is projected to reduce uncertainties related to previous regulatory constraints [5] - The investment outlook for the semiconductor equipment industry remains positive, with expectations of continued growth [5] Group 4: Market Sentiment and Economic Outlook - The short-term market trend appears weak, with significant inflows of new capital but a lack of strong profit-making opportunities [7] - The adjustment in the ChiNext index is attributed to recent pullbacks in high-performing stocks, leading to a retreat of short-term capital [11] - The macroeconomic policy in China is expected to maintain continuity and stability, supporting resilient economic growth and a potential recovery in inflation from low levels [11]