题材轮动持续性几何？

Market Insights - The market experienced fluctuations this week, with the overall A-share index declining by 0.91%. Trading activity remained high, with daily turnover exceeding 2 trillion on three days and staying above 1.8 trillion on the other two days. Only the CSI 500 index recorded positive returns, while the ChiNext and STAR 50 indices faced significant losses [2][10] - The real estate, steel, and retail sectors led the gains, while the pharmaceutical, telecommunications, and defense sectors lagged behind. The high trading volume indicates active short-term capital participation, suggesting a strong risk appetite despite the lack of sustainability [2][10] Market Observation - The stock-bond yield spread has decreased to 1.18%, falling below the +1 standard deviation level, with the valuation dispersion index rising by 28.5% [14] - Market sentiment has shown signs of convergence, with the five-dimensional market sentiment index declining by 14.9% to 44.1. The industry rotation strength has increased, indicating a preference for small-cap stocks, particularly in rare earth and vanadium battery sectors [14][18] - The average daily trading volume of the Stock Connect increased by 86.67 billion yuan compared to the previous week, with net inflows of 60.2 billion yuan primarily into the power equipment, electronics, and public utilities sectors [19] Industry Highlights - Xiaomi's new model, the SU7, is expected to surpass 100,000 sales in November, with the SU7 Ultra officially unveiled. The company is also advancing its smart driving technology, which is anticipated to boost sales further [26] - The China Iron and Steel Association is accelerating research on capacity management and joint restructuring, aiming to optimize the competitive landscape of the steel industry [27] - The 15th China International Aviation and Aerospace Exhibition will showcase new military aircraft, presenting potential investment opportunities in the defense sector [28] Industry Configuration - The report suggests focusing on state-owned enterprises with low valuations and stable performance, as well as sectors driven by technological innovation. Additionally, opportunities in the photovoltaic sector and the home appliance sector, benefiting from policy changes and interest rate reductions, are highlighted [31]