【广发金工】AI识图关注通信设备

Market Performance - The Sci-Tech 50 Index decreased by 5.42% over the last five trading days, while the ChiNext Index increased by 2.35%. The large-cap value index fell by 1.25%, and the large-cap growth index rose by 1.68%. The SSE 50 Index dropped by 1.15%, and the small-cap index represented by the CSI 2000 fell by 2.41%. The power equipment and comprehensive sectors performed well, while the defense, military, and computer sectors lagged behind [1]. Risk Premium Analysis - The risk premium, calculated as the inverse of the static PE of the CSI All Share Index minus the yield of ten-year government bonds, indicates that the implied returns of equity and bond assets are at historically high levels. This metric reached 4.17% on April 26, 2022, and 4.08% on October 28, 2022, leading to a rapid market rebound. As of January 19, 2024, the indicator was at 4.11%, marking the fifth occurrence since 2016 of exceeding 4%. As of September 5, 2025, the indicator stands at 2.99%, with the two-standard-deviation boundary at 4.76% [1]. Valuation Levels - As of September 5, 2025, the CSI All Share Index's TTM PE is at the 76th percentile. The SSE 50 and CSI 300 are at 71% and 69%, respectively, while the ChiNext Index is close to 47%. The CSI 500 and CSI 1000 are at 59% and 55%, respectively, indicating that the ChiNext Index's valuation is relatively at the historical median level [2]. Long-term Market Trends - The technical analysis of the Deep 100 Index suggests a cyclical pattern of bear markets every three years, followed by bull markets. Historical declines have ranged from 40% to 45%. The current adjustment, which began in the first quarter of 2021, appears to have sufficient time and space for a potential upward cycle [2]. Fund Flow and Trading Activity - In the last five trading days, ETF inflows totaled 29.7 billion yuan, and the margin trading balance increased by approximately 35.8 billion yuan. The average daily trading volume across both markets was 25,676 billion yuan [2]. AI and Neural Network Analysis - A convolutional neural network (CNN) has been utilized to model price and volume data, mapping learned features to industry themes. The latest focus areas include communication and artificial intelligence, covering sub-indices such as communication equipment, AI industry, and 5G [8]. Indexes of Interest - The following indices are highlighted as of September 5, 2025: - CSI All Share Communication Equipment Index - CSI Artificial Intelligence Industry Index - CSI Communication Equipment Theme Index - ChiNext Artificial Intelligence Index - CSI 5G Communication Theme Index [3][9].