【金工】短线维持反转，低估值或持续受益——金融工程市场跟踪周报20250714（祁嫣然/张威）

Market Overview - The A-share market experienced a rebound last week, with the Shanghai Composite Index reaching its highest point of the year. Trading sentiment improved as major broad-based indices showed increased volume, signaling a bullish outlook as of July 11, 2025 [3][5]. - All major indices rose last week, with the Shanghai Composite Index increasing by 1.09%, the Shanghai 50 by 0.60%, the CSI 300 by 0.82%, the CSI 500 by 1.96%, the CSI 1000 by 2.36%, the ChiNext Index by 2.36%, and the Northbound 50 Index by 0.41% [5]. Valuation Insights - As of July 11, 2025, broad-based indices such as the Shanghai Composite, CSI 300, CSI 500, CSI 1000, and ChiNext are at a "moderate" valuation level, while the Shanghai 50 is at a "danger" valuation level [6]. - In terms of sector valuation, industries such as home appliances, food and beverage, agriculture, non-bank financials, and transportation are classified as "safe" [7]. Market Dynamics - The market exhibited reversal characteristics last week, suggesting that the trend may continue, particularly benefiting low-valuation investments [4]. - The cross-sectional volatility of the CSI 300, CSI 500, and CSI 1000 index constituents decreased compared to the previous week, indicating a weakening short-term Alpha environment [8]. - Time series volatility for the CSI 300 index constituents increased week-on-week, suggesting an improvement in the Alpha environment, while the CSI 500 and CSI 1000 constituents saw a decrease [9]. Fund Flow Analysis - Institutional research indicated that the top five stocks attracting the most attention from institutions last week were Lexin Technology (125 institutions), Haopeng Technology (111), Zoli Pharmaceutical (91), Xiangyu Medical (77), and Nandu Property (76) [11]. - For the period of July 7-11, 2025, southbound funds recorded a net inflow of HKD 26.356 billion, with the Shanghai Stock Connect net inflow at HKD 11.520 billion and the Shenzhen Stock Connect at HKD 14.836 billion [12]. - The median return for stock ETFs last week was 1.19%, with a net inflow of CNY 899 million, while the median return for Hong Kong stock ETFs was 0.52% with a net inflow of HKD 4.848 billion [12].