【广发金工】AI识图关注汽车、通信、化工

Market Performance - The Sci-Tech 50 Index increased by 5.48% over the last five trading days, while the ChiNext Index rose by 2.10%. In contrast, the large-cap value index fell by 0.22%, and the large-cap growth index increased by 2.16% [1] - The performance of sectors showed that electronics and real estate were leading, while comprehensive and banking sectors lagged behind [1] Risk Premium Analysis - The risk premium, measured as the inverse of the static PE of the CSI All Share Index minus the yield of 10-year government bonds, has reached historical extremes. As of October 28, 2022, it was at 4.08%, indicating a market rebound. The latest reading on January 19, 2024, was 4.11%, marking the fifth time since 2016 it exceeded 4% [1] - As of September 12, 2025, the risk premium indicator was at 2.87%, with the two-standard deviation boundary set at 4.76% [1] Valuation Levels - As of September 12, 2025, the CSI All Share Index's TTM PE was at the 78th percentile, while the SSE 50 and CSI 300 were at 72% and 70%, respectively. The ChiNext Index was close to the 48th percentile, indicating a relative median valuation level historically [2] Long-term Market Trends - The Shenzhen 100 Index has historically experienced bear markets every three years, followed by bull markets. The current adjustment, which began in Q1 2021, has shown sufficient time and space for a potential upward cycle [2] Investment Themes - The latest investment themes identified include automotive, communication, artificial intelligence, and chemicals. Specific indices highlighted are the CSI 800 Automotive and Parts Index, CSI All Share Communication Equipment Index, CSI Artificial Intelligence Theme Index, and CSI Sub-segment Chemical Industry Theme Index [2][3] Fund Flow and Trading Activity - Over the last five trading days, ETF inflows totaled 11.6 billion yuan, while margin financing increased by approximately 59.1 billion yuan. The average daily trading volume across both markets was 22,948 billion yuan [2] Market Sentiment - The proportion of stocks above the 200-day moving average indicates market sentiment, with a focus on the long-term trend [12] Financing Balance - The financing balance reflects the overall market leverage and investor sentiment towards equity investments [15]