量化择时周报：市场重回箱体震荡，耐心等待缩量信号-2025-03-30

• The report mentions the "TWO BETA" model, which continues to recommend the technology sector, focusing on communication equipment and military industry[3][4][9] - The industry allocation model suggests a mid-term focus on sectors experiencing a turnaround, recommending industries such as new energy[3][4][9] - The timing system signal shows that the distance between the 20-day and 120-day moving averages of the Wind All A Index has narrowed to 3.28%, indicating a market in a volatile state[2][4][11] - The report suggests that if the trading volume falls below 1.1 trillion yuan, the market is expected to rebound[2][4][11] - The current PE ratio of the Wind All A Index is around the 60th percentile, indicating a medium level, while the PB ratio is around the 20th percentile, indicating a relatively low level[3][12] - The position management model recommends maintaining a 50% position for absolute return products based on the Wind All A Index[3][12] Model and Factor Construction - TWO BETA Model: This model recommends the technology sector, focusing on communication equipment and military industry. The model's construction details are not provided in the report[3][4][9] - Industry Allocation Model: This model suggests a mid-term focus on sectors experiencing a turnaround, recommending industries such as new energy. The model's construction details are not provided in the report[3][4][9] - Timing System: The timing system uses the distance between the 20-day and 120-day moving averages of the Wind All A Index to determine market trends. The latest data shows the 20-day moving average at 5253 points and the 120-day moving average at 5086 points, with a distance of 3.28%[2][4][11] Model and Factor Evaluation - TWO BETA Model: Continues to recommend the technology sector, focusing on communication equipment and military industry[3][4][9] - Industry Allocation Model: Recommends a mid-term focus on sectors experiencing a turnaround, such as new energy[3][4][9] - Timing System: Indicates a market in a volatile state, with the distance between the 20-day and 120-day moving averages narrowing to 3.28%[2][4][11] Backtest Results - Timing System: The distance between the 20-day and 120-day moving averages of the Wind All A Index is 3.28%, indicating a market in a volatile state[2][4][11] - Wind All A Index: The current PE ratio is around the 60th percentile, and the PB ratio is around the 20th percentile[3][12] - Position Management Model: Recommends maintaining a 50% position for absolute return products based on the Wind All A Index[3][12]