股指周报：市场短期震荡上行可期-20250512

Report Summary 1. Report's Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The A - share market is expected to continue its trend of oscillating upward or having a strong oscillation. Investors are advised to closely monitor market dynamics, flexibly adjust their position allocations, and reasonably control their position levels to seize market opportunities and cope with potential market fluctuations [22] 3. Summary by Relevant Catalog 3.1 Market Performance - Last week, IF2505 closed at 3840.2 points, up 88.2 points from the previous week with a decline of 2.35%. IH2505 closed at 2683.6 points, up 56.4 points with a gain of 2.15%. IC2505 closed at 5702.4 points, up 112.2 points with a gain of 2.01%. IM2505 closed at 6056.2 points, up 150.8 points with a gain of 2.55% [2] 3.2 Fundamental Analysis - In April 2025, the national consumer price index (CPI) decreased by 0.1% year - on - year. The average CPI from January to April decreased by 0.1% compared with the same period of the previous year [5] - In April 2025, the national producer price index (PPI) for industrial products decreased by 2.7% year - on - year and 0.4% month - on - month. The purchase price index for industrial producers decreased by 2.7% year - on - year and 0.6% month - on - month. From January to April, the average PPI and purchase price index for industrial producers decreased by 2.4% compared with the same period of the previous year [8] 3.3 Valuation Analysis - As of May 10, the PE of the CSI 500 index is 28.8 times, the quantile is 66.27%, and the PB is 1.77 times. The PE of the SSE 300 index is 12.44 times, the quantile is 50.2%, and the PB is 1.3 times. The PE of the SSE 50 index is 10.84 times, the quantile is 70.98%, and the PB is 1.19 times. The PE of the CSI 1000 index is 40.58 times, the quantile is 61.57%, and the PB is 2.05 times [11] 3.4 Other Data - The equity - bond yield spread is the difference between the stock market yield and the treasury bond yield. There are two formulas: Formula 1 (reciprocal of price - earnings ratio): Equity - bond yield spread=(1/Index static price - earnings ratio) - 10 - year treasury bond yield; Formula 2 (dividend yield): Equity - bond yield spread = 10 - year treasury bond yield - Index static dividend yield [19] 3.5 Comprehensive Analysis - In the previous trading cycle, the A - share market showed an oscillating upward trend. Sino - US trade negotiations were held over the weekend. Next week, attention should be paid to the impact of these negotiations on the market and investment opportunities derived from them [22]