Guoxin Securities·2025-11-16 00:56Investment Rating - The report maintains a "Weaker than Market" rating for the U.S. stock market [4] Core Insights - The U.S. stock market is experiencing significant sector differentiation, with 14 sectors rising and 10 sectors declining. Notable gainers include Pharmaceuticals, Biotechnology, and Life Sciences (+6.1%), while the Automotive and Auto Parts sector saw a decline of -5.3% [1][2] Summary by Sections 1. Market Performance - The S&P 500 index increased by 0.1%, while the Nasdaq decreased by 0.5%. The performance of large-cap value stocks outperformed large-cap growth stocks, and small-cap growth stocks lagged significantly [1] 2. Fund Flows - The estimated fund flow for S&P 500 constituents was -$22.3 billion this week, a significant improvement from the previous week's -$164.1 billion. Over the past 13 weeks, the net fund flow was +$397.2 billion. Key sectors with inflows included Semiconductors (+$14.8 billion) and Pharmaceuticals (+$11.3 billion), while Automotive saw the largest outflow at -$28.3 billion [2] 3. Earnings Forecast - The earnings per share (EPS) forecast for S&P 500 constituents was adjusted upward by 0.3% this week. Notable upward revisions were seen in Semiconductors (+1.3%) and Technology Hardware (+0.4%). The Real Estate sector was the only one to see a downward adjustment of -0.3% [3][16] 4. Valuation Levels - The report includes various valuation metrics, indicating a mixed outlook across sectors. The overall market's price-to-earnings (P/E) ratio reflects a stable trend, with some sectors showing significant variations [18]