【广发金工】AI识图关注通信、5G、云计算

Market Performance - The Sci-Tech 50 Index increased by 1.84% and the ChiNext Index rose by 2.34% over the last five trading days, while the large-cap value index fell by 3.23% [1] - The large-cap growth index gained 1.95%, and the Shanghai 50 Index decreased by 1.98%, with the small-cap index represented by the CSI 2000 showing a slight increase of 0.03% [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, suggesting a market rebound [1] - As of January 19, 2024, the risk premium indicator was at 4.11%, marking the fifth occurrence since 2016 of exceeding 4% [1] Valuation Levels - As of September 19, 2025, the CSI All Index's PE TTM percentile was at 77%, while the Shanghai 50 and CSI 300 were at 69% and 68%, respectively [2] - The ChiNext Index is close to the 50th percentile, indicating a relative valuation at historical median levels [2] Long-term Market Trends - The Shenzhen 100 Index has experienced bear markets every three years, with declines ranging from 40% to 45%, suggesting a potential upward cycle following the current adjustment that began in Q1 2021 [2] Investment Themes - The latest investment themes focus on communication, 5G, cloud computing, digital economy, and artificial intelligence, with specific indices such as the CSI Communication Equipment Index and CSI 5G Industry 50 Index highlighted [2][3] Fund Flow and Trading Activity - Over the last five trading days, ETF inflows totaled 26.5 billion yuan, and margin trading increased by approximately 62.1 billion yuan, with an average daily trading volume of 2.49 trillion yuan [2]