【广发金工】ETF资金大幅流入（20250413）

Market Performance - The recent five trading days saw the Sci-Tech 50 Index decline by 0.63%, the ChiNext Index drop by 6.73%, and the large-cap value index decrease by 2.61% [1] - The agricultural, forestry, animal husbandry, and fishery sectors, along with retail trade, performed well, while the power equipment and telecommunications sectors lagged behind [1] Risk Premium Analysis - The risk premium, measured as the inverse of the static PE of the CSI All Share Index minus the yield of ten-year government bonds, indicates that the implied returns of equity and bond assets are at historically high levels, reaching 4.17% on April 26, 2022, and 4.11% on January 19, 2024 [1] - As of April 11, 2025, the risk premium stands at 4.09%, with the two-standard deviation boundary at 4.73% [1] Valuation Levels - As of April 11, 2025, the CSI All Share Index's PE TTM percentile is at 45%, with the SSE 50 and CSI 300 at 56% and 43% respectively, indicating that the ChiNext Index is at a relatively low valuation compared to historical levels [2] - The long-term view of the Deep 100 Index suggests a cyclical pattern of bear and bull markets every three years, with the current adjustment phase starting in Q1 2021 showing sufficient time and space for a potential upward cycle [2] Fund Flow and Trading Activity - In the last five trading days, ETF inflows totaled 206.9 billion yuan, while margin financing decreased by approximately 98.3 billion yuan, with an average daily trading volume of 1.5742 trillion yuan [3] AI and Machine Learning Insights - The use of convolutional neural networks (CNN) for modeling price and volume data has been explored, with features mapped to industry themes, indicating a focus on sectors like securities as of April 11, 2025 [7][2]