市场环境因子跟踪周报（2025.12.19）：贵金属行情火热，权益等待春季行情-20251224

• The report tracks various quantitative factors across equity, commodity, options, and convertible bond markets, providing insights into market trends and factor performance during the week of December 15-19, 2025[3][9][24] - Equity Market Factors: - Market Style: The market showed a slight preference for large-cap and value styles, reversing the trend from the previous week[10][12] - Market Structure: Industry excess return dispersion and rotation speed increased, while the proportion of rising constituent stocks decreased. Concentration in the top 100 stocks remained stable, and the top 5 industries saw a slight decline in transaction concentration[10][12] - Market Activity: Both market volatility and turnover rate continued to decline[11][12] - Commodity Market Factors: - Trend Strength: All sectors except the black sector showed an increase in trend strength[24][29] - Volatility: Volatility decreased in the precious metals and agricultural sectors but increased in other sectors[24][29] - Liquidity: Liquidity declined in the energy and agricultural sectors but slightly improved in other sectors[24][29] - Basis Momentum: Basis momentum increased in the energy and black sectors but decreased in other sectors[24][29] - Options Market Factors: - Implied volatility for both the SSE 50 and CSI 1000 rebounded from low levels. The skew of call and put options for the SSE 50 decreased, while the skew of put options for the CSI 1000 continued to rise, indicating risk release in large-cap stocks and risk accumulation in small-cap stocks[32][36] - Convertible Bond Market Factors: - The market stabilized and recovered, with transaction volume exceeding the median level of the past year. The premium rate for bonds priced at 100 yuan reached a new annual high, while the proportion of low premium rate bonds continued to decline[34][38][40]