【金工】向上突破仍待资金面支持——金融工程市场跟踪周报20250607（祁嫣然/张威）

Market Overview - A-shares experienced a volatile upward trend during the week of June 3-6, 2025, with small-cap stocks outperforming larger indices [3] - Major indices showed the following weekly performance: Shanghai Composite Index up 1.13%, SSE 50 up 0.38%, CSI 300 up 0.88%, CSI 500 up 1.60%, CSI 1000 up 2.10%, ChiNext Index up 2.32%, and Northbound 50 Index up 1.30% [3] Valuation Insights - As of June 6, 2025, the ChiNext Index is classified as "safe" in terms of valuation percentile, while other major indices are considered "moderate" [3] - In the CITIC industry classification, sectors such as building materials, light industry manufacturing, electric equipment and new energy, defense and military, textiles and apparel, computers, and comprehensive finance are rated as "dangerous" in valuation percentile [3] Fund Flow Analysis - Institutional focus this week was on top five stocks: Tianzhun Technology (389 institutions), Zhongkong Technology (312), Huichuan Technology (205), Huace Testing (204), and Huali Group (151) [5] - Southbound capital saw a net inflow of HKD 14.928 billion, with the Shanghai-Hong Kong Stock Connect recording a net inflow of HKD 15.957 billion and the Shenzhen-Hong Kong Stock Connect showing a net outflow of HKD 1.029 billion [5] - Stock ETFs had a median return of 1.32% with a net outflow of CNY 2.559 billion, while Hong Kong stock ETFs had a median return of 2.40% with a net outflow of HKD 3.716 billion [5] Market Sentiment - The current market is characterized by cautious trading signals, with volume timing indicators for major indices remaining in a cautious stance as of June 6, 2025 [4] - The trading theme remains unclear, with rapid rotation of themes observed during the week, indicating a need for stronger capital support for further upward movement [3]