金工策略周报2025年第01期：市场情绪持续弱化，强化沪深股指形态

Group 1 - The report indicates that the market sentiment continues to weaken, reinforcing the downward trend of the Shanghai and Shenzhen stock indices due to external shocks such as trade friction and high-tech suppression, alongside a policy vacuum period [3][21][31] - The average daily trading volume in the Shanghai and Shenzhen markets is 1.33 trillion, with the latest value at 1.36 trillion, down from 1.43 trillion in the previous period, indicating a continuous contraction in trading volume [15][20] - The report recommends the banking sector, specifically stock code 801780.SI, as it maintains an upward trend despite slight reductions in major fund holdings, while other sectors are primarily in a horizontal or downward trend [4][31] Group 2 - In terms of industry valuation, public utilities, social services, and food and beverage sectors are noted to have relatively low valuation percentile levels, while sectors like construction materials, electronics, real estate, and retail have higher valuation percentiles [22][26] - Over the past five trading days, domestic major funds have increased their holdings in the oil and petrochemical, as well as agriculture, forestry, animal husbandry, and fishery sectors, while reducing holdings in machinery, pharmaceuticals, TMT, and non-bank financial sectors [27][31] - The report highlights that the banking and home appliance sectors still show an upward trend based on monthly moving averages, while most other sectors are in a horizontal adjustment or downward trend [28][31]