Guoyuan Securities·2025-05-20 13:43Market Performance - On May 20, 2025, the market experienced a high and then a pullback, with the micro-cap stock index reaching an all-time high[2] - The Shanghai Composite Index rose by 0.38%, the Shenzhen Component Index increased by 0.77%, and the ChiNext Index also rose by 0.77%[2] - The total market turnover was 11,695.33 billion yuan, an increase of 832.28 billion yuan from the previous trading day[2] Sector and Style Analysis - All 30 sectors in the CITIC first-level industry index generally rose, with Media (1.93%), Retail (1.75%), and Comprehensive (1.74%) leading the gains[22] - The sectors that lagged included Defense (-0.55%), Coal (-0.24%), and Real Estate (-0.17%)[22] - Fund-heavy stocks outperformed the CSI All Share Index[22] Capital Flow - On May 20, 2025, the net outflow of main funds was 32.29 billion yuan, with large orders seeing a net outflow of 75.21 billion yuan and small orders continuing to see a net inflow of 94.47 billion yuan[27] - The major ETFs saw a decrease in turnover compared to the previous trading day, with the Huaxia Shanghai 50 ETF at 10.20 billion yuan, down by 2.69 billion yuan[32] Global Market Trends - On May 20, 2025, major Asia-Pacific indices had mixed results, with the Hang Seng Index up 1.50% and the Nikkei 225 Index up 0.08%[36] - European indices showed varied performance, with the DAX Index up 0.70% and the CAC40 Index down 0.04%[5] - In the US, major indices also saw gains, with the Dow Jones Industrial Average up 0.32%[5]