Guoxin Securities·2025-08-24 09:03Investment Rating - The report maintains a "Weaker than Market" rating for the U.S. stock market [1] Core Insights - After a pullback, the U.S. stock market has shown significant recovery, with small-cap stocks outperforming [3] - The S&P 500 index increased by 0.3%, while the Nasdaq decreased by 0.6% [3] - Among 18 sectors, 12 experienced gains, with notable increases in banking (+3.2%), automotive (+2.9%), and energy (+2.8%) sectors [3] Price Trends - Small-cap value stocks (Russell 2000 Value) rose by 4.1%, outperforming small-cap growth (Russell 2000 Growth +2.6%) and large-cap value (Russell 1000 Value +1.7%) [3] - The report highlights that 18 sectors saw price increases, while 6 sectors faced declines, with the largest declines in food and staples retailing (-2.0%) and software and services (-1.9%) [3] Fund Flows - The estimated fund flow for S&P 500 constituents was +1.7 billion USD this week, a significant decrease from +75.8 billion USD the previous week [4] - Notable inflows were observed in automotive (+11.0 million USD), diversified financials (+4.6 million USD), and banking (+3.8 million USD) sectors [4] - Conversely, significant outflows were recorded in software and services (-29.9 million USD) and semiconductor products and equipment (-7.7 million USD) [4] Earnings Forecast - The report indicates a 0.3% upward revision in the 12-month forward EPS expectations for S&P 500 constituents, following a 0.2% increase the previous week [5] - 21 sectors saw upward revisions in earnings expectations, with the semiconductor sector leading with a +1.2% increase [5]