【金工】市场或转向风格均衡——金融工程市场跟踪周报20250707（祁嫣然/陈颖）

Market Overview - The A-share market experienced a volatile upward trend last week, with the CSI 300 index rising by 1.54%, leading major broad-based indices [3] - The trading sentiment indicated that as of last Friday, the Shanghai Stock Exchange 50 index maintained a bullish signal, while other broad indices shifted to a cautious stance [3][6] - The market was influenced by the "anti-involution" theme, with strong performances in solar energy and commodities, although sustainability of these trends appears limited [3] Index Performance - The Shanghai Composite Index increased by 1.40%, the Shanghai 50 by 1.21%, the CSI 300 by 1.54%, the CSI 500 by 0.81%, the CSI 1000 by 0.56%, and the ChiNext Index by 1.50%. In contrast, the Northbound 50 index fell by 1.71% [4] Valuation Levels - As of July 4, 2025, the Shanghai 50 index is classified as "danger" in terms of valuation percentile, while other major indices are at a "moderate" level [5] - In the CITIC industry classification, sectors such as building materials, light manufacturing, electric equipment and new energy, defense, textiles, pharmaceuticals, banking, and computers are at "danger" valuation levels, while home appliances, food and beverage, agriculture, non-bank financials, and transportation are at "safe" levels [5] Fund Flow Analysis - Institutional research indicated that the top five stocks attracting institutional attention last week were Mindray Medical (382 institutions), Maiwei Bio-U (228), Taotao Automotive (137), Juguang Technology (132), and Tailin Micro (129) [7] - Southbound capital saw a net inflow of HKD 13.892 billion, with the Shanghai-Hong Kong Stock Connect net inflow at HKD 4.811 billion and the Shenzhen-Hong Kong Stock Connect at HKD 9.081 billion [8] - The median return for stock ETFs was 1.35%, with a net outflow of CNY 20.817 billion, while commodity ETFs had a median return of 1.12% and a net inflow of CNY 2.240 billion [8] Market Sentiment - The degree of separation among fund clusters increased slightly compared to the previous trading week, with excess returns for clustered stocks and funds rising [9]