市场周报：不悲不喜，耐心等待

Industry Rating - The market continues to adjust, with major indices showing weak performance and declining trading volumes. The Shanghai Composite Index closed at 2,967.40 points, down 1.03% for the week, with a trading volume of 1,471.398 billion yuan. The Shenzhen Component Index fell 2.38% to 8,848.70 points, with a trading volume of 1,845.259 billion yuan. Other indices such as the CSI 300 and ChiNext also experienced declines [4][25][28]. - The overall market sentiment is low, with limited upward and downward momentum. The strengthening of the US dollar has been a major pressure point for the market, affecting the exchange rates of Asian currencies, including the Chinese yuan and Japanese yen. However, domestic economic data remains stable, and the recovery is ongoing [4][25][28]. - The focus of market participants remains on technology innovation, with trading opportunities being scarce. The performance of major technology stocks has been relatively strong, while riskier stocks have seen significant declines. Industries such as banking and telecommunications are active, while real estate and textiles are underperforming [4][28]. Market Overview - The overall valuation level of the market is low, with the TTM PE ratio for the entire A-share market at 16.25 times, and the ChiNext at 41.68 times. The CSI 50 has a PE of 10.39 times, the CSI 300 at 11.84 times, and the CSI 1000 at 31.59 times. This indicates a higher safety margin for investors [31][28]. - The market is expected to maintain a cautious stance due to uncertainties in global economic data, including US interest rates and geopolitical conflicts. However, there are optimistic expectations for domestic economic reforms and policies [31][28]. - The report emphasizes the importance of patience in the current market environment, as the market is likely to remain in a fluctuating pattern with limited movement [4][31][28].