Zheshang Securities(SH:601878) ZHESHANG SECURITIES·2025-12-06 07:38Core Insights - The market continues to rebound, but with increased volatility. The expectation is for a range-bound market due to significant gains in Q3 and the lack of a leading narrative or sector driving the market upward [1][4][52] - The strategy suggests a "wait and see" approach, avoiding chasing prices and setting targets based on key index levels, while selectively entering positions [1][5][54] Market Overview - Major indices mostly rose, with the ChiNext Index leading the gains. The Shanghai Composite Index, Shanghai 50, and CSI 300 increased by 0.37%, 1.09%, and 1.28% respectively. The ChiNext Index rose by 1.86% [2][12][52] - The materials sector, particularly non-ferrous metals, saw a significant increase of 5.07%, while consumer sectors experienced declines [14][52] - Market sentiment showed a slight decrease in trading volume, with average daily turnover at 1.68 trillion yuan, down from the previous week [20][52] Sector Analysis - The non-bank financial sector, identified as a "key eye" in the market, rose by 2.33%, contributing to the overall market rebound [14][53] - The home appliance sector, which had lagged in the current bull market, increased by 1.73%, marking it as the only industry index to reach a new high in the past three weeks [53] Fund Flows - The margin trading balance slightly increased to 2.48 trillion yuan, with a rise in the proportion of financing purchases to 9.9% [26][52] - The stock ETF saw a net outflow of 6.5 billion yuan, with the securities ETF experiencing the highest inflow [26][52] Valuation Metrics - The current PE ratios indicate that the market is generally reasonably valued, with the ChiNext Index at a relatively low valuation percentile of 38.04% [44][52] - The downward energy model shows that the market's downward energy is at a normal level, indicating no immediate sell signals [45][52]