【金工】市场风格或有切换——金融工程市场跟踪周报20250615（祁嫣然/张威）

Market Overview - The market experienced fluctuations and a slight decline during the week of June 9-13, 2025, with only the ChiNext index showing an increase [3] - Major indices showed mixed performance: Shanghai Composite Index down 0.25%, SSE 50 down 0.46%, CSI 300 down 0.25%, CSI 500 down 0.38%, CSI 1000 down 0.76%, and ChiNext up 0.22% [4] Valuation Insights - As of June 13, 2025, major indices such as Shanghai Composite, SSE 50, CSI 300, CSI 500, and CSI 1000 are at a "moderate" valuation level, while ChiNext is at a "safe" valuation level [5] - In terms of industry valuation, sectors like electricity and utilities, home appliances, food and beverage, agriculture, non-bank financials, and transportation are also at a "safe" valuation level [6] Volatility Analysis - The cross-sectional volatility of CSI 300 constituents increased compared to the previous week, indicating an improved short-term Alpha environment; however, the cross-sectional volatility for CSI 500 and CSI 1000 constituents decreased, suggesting a weakened Alpha environment [7][8] Fund Flow Tracking - The top five stocks attracting institutional attention this week were Zhongke Shuguang (145 institutions), Haiguang Information (145), Zhongwen Online (144), Sichuang Electronics (133), and Haiziwang (123) [9] - For the week of June 9-13, 2025, southbound funds saw a net inflow of HKD 15.457 billion, with Shanghai Stock Connect net inflow of HKD 5.626 billion and Shenzhen Stock Connect net inflow of HKD 9.831 billion [10]