【金工】静待交易新主线——金融工程市场跟踪周报20250524（祁嫣然/张威）

Market Overview - The A-share market experienced a contraction with major indices declining during the week of May 19-23, 2025, with the Shanghai Composite Index down by 0.57% and the ChiNext Index down by 0.88% [3] - The market showed a rapid rotation in themes, with precious metals and automobiles performing well, while the "dividend + small-cap" strategy demonstrated significant strength since April [3] Valuation Insights - As of May 23, 2025, the ChiNext Index is classified as "safe" in terms of valuation, while other major indices are at a "moderate" level [3] - In the CITIC first-level industry classification, sectors such as building materials, light industry manufacturing, and electric equipment are at a "danger" valuation level, while non-ferrous metals and utilities are considered "safe" [4] Fund Flow and Institutional Interest - The top five stocks attracting institutional attention this week were Huichuan Technology, Fuchuang Precision, Bozhong Precision, Boshi Software, and Shengmei Shanghai [6] - Southbound capital saw a net inflow of 18.96 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing 19.05 billion HKD and the Shenzhen-Hong Kong Stock Connect showing a slight outflow [6] ETF Performance - The median return for stock ETFs was -0.40% with a net outflow of 11.34 billion CNY, while commodity ETFs had a median return of 3.74% with a net outflow of 470 million CNY [6] Fund Dynamics - As of May 23, 2025, the degree of separation among fund clusters decreased, indicating an increase in excess returns for clustered stocks and funds [7]