金工周报（20250331-20250403）：短中长期择时模型中性，后市或震荡偏空

Investment Rating - The report indicates a bearish outlook for the A-share market, with a comprehensive model suggesting a bearish stance [3][14]. The Hong Kong stock market is viewed positively, with a model indicating a bullish outlook [15]. Core Insights - The A-share market experienced a general decline, with the Shanghai Composite Index falling by 0.28% and the ChiNext Index dropping by 2.95% during the week [8]. - The report highlights that the top five performing sectors were Power and Utilities, Agriculture, Pharmaceuticals, Banking, and Transportation, while the worst-performing sectors included Automotive, Power Equipment and New Energy, Home Appliances, Non-ferrous Metals, and Machinery [16]. - Fund flows showed net outflows in most sectors, particularly in Electronics, Machinery, Computing, Power Equipment and New Energy, and Automotive [16]. - The report recommends sectors for the upcoming week, including Consumer Services, Banking, Oil and Petrochemicals, Transportation, and Coal [23]. Summary by Sections Market Review and Outlook - The A-share market models are mostly neutral in the short, medium, and long term, with a comprehensive model indicating a bearish outlook [3][14]. - The Hong Kong market's mid-term model remains bullish, suggesting continued positive performance [15]. Fund Performance - The total position of stock funds decreased by 159 basis points to 93.18%, while mixed funds decreased by 109 basis points to 84.18% [22][27]. - The average return for stock ETFs was -1.31% for the week [33]. Sector Performance - The report notes that Automotive and Media sectors saw the largest institutional increases, while Communication and Machinery experienced the largest decreases [27]. - The report provides insights into the performance of various sectors, with Coal showing a positive return of 0.55% and Non-ferrous Metals declining by 2.97% [19]. Fundraising Activity - A total of 28 new public funds were established this week, raising a total of 4.713 billion yuan, with 21 stock funds raising 3.582 billion yuan [34]. VIX Index Monitoring - The VIX index has risen to 14.99, indicating increased market volatility [39]. Technical Analysis - The report includes performance metrics for various technical patterns, with the double bottom pattern outperforming the Shanghai Composite Index by 0.5% [41].