Guoxin Securities·2025-12-20 13:44Investment Rating - The report maintains a "weaker than market" rating for the U.S. stock market [4] Core Views - The semiconductor sector has driven a significant upward revision in market performance, with the S&P 500's estimated future 12-month EPS expectations raised by 0.8% this week [3] - The overall market saw a slight recovery, with the S&P 500 increasing by 0.1% and the Nasdaq by 0.5% [1] Summary by Sections 1. Market Performance - The S&P 500 rose by 0.1% and the Nasdaq by 0.5% this week, with the Russell 1000 Growth outperforming the Russell 1000 Value [1] - Nine sectors experienced gains, while fifteen sectors saw declines, with notable increases in the automotive sector (+4.3%) and semiconductor products (+1.3%) [1] 2. Fund Flows - The estimated fund flow for S&P 500 constituents was +67.4 billion USD this week, a recovery from the previous week's outflow of -72.0 billion USD [2] - Significant inflows were observed in the semiconductor sector (+42.8 million USD) and automotive sector (+23.6 million USD) [2] 3. Earnings Forecast - The earnings expectations for the semiconductor sector were revised upward by 6.0%, contributing to the overall increase in the S&P 500's EPS forecast [3] - Fourteen sectors saw upward revisions in earnings expectations, while four sectors experienced downward adjustments [3] 4. Valuation Levels - The report includes various valuation metrics, indicating a mixed performance across sectors, with the semiconductor sector showing strong growth in valuation [18]