Guoxin Securities·2025-11-09 03:20Investment Rating - The report maintains a "Weaker than Market" rating for the U.S. stock market [5] Core Views - The report highlights a significant divergence in price trends and a steady upward revision of earnings across various sectors [5] - The S&P 500 index fell by 1.6% this week, while the Nasdaq dropped by 3.0%, indicating a general market pullback [2] - 12 sectors experienced gains, while 11 sectors saw declines, with insurance, food and beverage, and energy sectors showing notable increases [2] Summary by Sections 1. Market Performance - The S&P 500 index decreased by 1.6%, and the Nasdaq fell by 3.0% this week [2] - Value style outperformed growth style, with large-cap value down only 0.1% compared to small-cap growth down 2.9% [2] 2. Fund Flows - The estimated fund flow for S&P 500 constituents was -$164.1 million this week, a significant increase in outflows compared to the previous week [3] - Key sectors with inflows included retail (+$4.2 million) and energy (+$2.5 million), while semiconductor products saw the largest outflow at -$49.6 million [3] 3. Earnings Forecast - The report indicates a 0.4% upward adjustment in the 12-month forward EPS expectations for S&P 500 constituents [4] - 20 sectors saw an increase in earnings expectations, with transportation and insurance leading the upward revisions [4] 4. Valuation Levels - The report provides insights into the valuation levels across various sectors, indicating a mixed outlook based on recent performance trends [10]