市场情绪监控周报（20250811-20250815）：本周热度变化最大行业为非银金融、通信-20250817

• The report introduces a "Total Heat Indicator" as a proxy variable for tracking market sentiment. This indicator is defined as the sum of browsing, watchlist additions, and clicks for individual stocks, normalized as a percentage of the total market on the same day, and then multiplied by 10,000. The value range is [0, 10,000][7] - A "Broad-based Index Heat Rotation Strategy" is constructed based on the weekly heat change rate (MA2) of major indices. The strategy involves buying the index with the highest heat change rate at the end of each week, or staying in cash if the "Others" group has the highest rate. The strategy achieved an annualized return of 8.74% since 2017, with a maximum drawdown of 23.5%, and a 2025 return of 24.5%[13][16] - A "Concept Heat Strategy" is developed by selecting the top 5 concepts with the highest weekly heat change rates. Two portfolios are constructed: 1. "TOP Portfolio" includes the top 10 stocks with the highest total heat within each concept 2. "BOTTOM Portfolio" includes the bottom 10 stocks with the lowest total heat within each concept Historical results show the BOTTOM Portfolio achieved an annualized return of 15.71% with a maximum drawdown of 28.89%, and a 2025 return of 33%[31][33]