【广发金工】关注长周期超跌板块

Market Performance - The recent five trading days saw the Sci-Tech 50 Index decline by 1.55%, the ChiNext Index by 1.66%, while the large-cap value stocks rose by 1.07% and large-cap growth stocks fell by 0.54% [1] - The banking and telecommunications sectors performed well, whereas the beauty and textile sectors lagged behind [1] Risk Premium Analysis - The static PE of the CSI All Share Index indicates a risk premium, with the EP minus the ten-year government bond yield showing historical extremes at two standard deviations above the mean during previous market bottoms [1] - As of January 19, 2024, the risk premium indicator reached 4.11%, marking the fifth occurrence since 2016 to exceed 4% [1] Valuation Levels - As of June 20, 2025, the CSI All Share Index's TTM PE is at the 53rd percentile, with the SSE 50 and CSI 300 at 65% and 54% respectively, indicating that the ChiNext Index is relatively undervalued historically [2] Long-term Market Trends - The Deep 100 Index has historically experienced bear markets every three years, followed by bull markets, with the current adjustment since 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 17 billion yuan, with margin trading increasing by approximately 310 million yuan, and the average daily trading volume across both markets was 1.1863 trillion yuan [4] AI and Machine Learning Applications - A convolutional neural network is utilized to model price and volume data, mapping learned features to industry themes, with a focus on sectors such as non-ferrous metals and banking [3][10]