Guoxin Securities·2026-01-03 13:09Investment Rating - The report maintains a "weaker than the market" rating for the U.S. stock market [4] Core Insights - The overall market trend is fading, with continued capital inflow into the semiconductor sector [2] - The S&P 500 index decreased by 1.0% this week, while the Nasdaq fell by 1.5% [1] - Energy sector showed the best performance with a gain of 3.3%, while the automotive sector saw the largest decline at -7.0% [1] Summary by Sections 2.1 Investment Returns - Energy sector recorded a weekly return of 3.3%, while the automotive sector experienced a decline of 7.0% [13] - The capital goods sector increased by 1.1%, and the semiconductor products and equipment sector had a slight gain of 0.2% [13] 2.2 Capital Flows - The estimated net capital inflow for the semiconductor products and equipment sector was $2.061 billion this week [15] - The automotive sector faced significant outflows, with a net capital outflow of $2.562 billion [15] - The capital goods sector saw a net inflow of $394 million [15] 2.3 Earnings Forecast - The earnings per share (EPS) forecast for the semiconductor products and equipment sector was adjusted upward by 0.5% this week [16] - The automotive sector's EPS forecast was increased by 0.7% [16] - Overall, the EPS expectations for all 24 sectors have risen [3] 2.4 Valuation Levels - The report does not provide specific valuation levels in the provided content [18]