【广发金工】融资余额增加，ETF资金流入

Market Performance - The recent 5 trading days saw the Sci-Tech 50 Index increase by 0.65%, the ChiNext Index by 0.49%, the large-cap value by 1.63%, the large-cap growth by 1.17%, the SSE 50 by 1.27%, and the small-cap represented by the CSI 2000 by 2.74% [1] - The sectors of defense, military, and non-ferrous metals performed well, while pharmaceuticals, biotechnology, and computers lagged behind [1] Risk Premium Analysis - The static PE of the CSI All Index minus the yield of 10-year government bonds indicates a risk premium, which reached 4.17% on April 26, 2022, and 4.08% on October 28, 2022, showing a market rebound [1] - As of January 19, 2024, the risk premium indicator was at 4.11%, marking the fifth time since 2016 it exceeded 4% [1] - The indicator as of August 8, 2025, was at 3.39%, with the two-standard deviation boundary at 4.77% [1] Valuation Levels - As of August 8, 2025, the CSI All Index's PE TTM percentile was at 68%, with the SSE 50 and CSI 300 at 69% and 61% respectively, while the ChiNext Index was close to 25% [2] - The long-term view of the Deep 100 Index shows a technical pattern of bear markets every three years followed by bull markets, with the current adjustment starting in Q1 2021 being substantial [2] Fund Flow and Trading Activity - In the last 5 trading days, ETF inflows amounted to 18.5 billion yuan, and the margin trading increased by approximately 27.8 billion yuan, with an average daily trading volume of 1.6748 trillion yuan [3] Neural Network Trend Observation - A convolutional neural network was utilized to model price and volume data, mapping learned features to industry themes, with a focus on semiconductor materials among the latest configurations [9]