【金工】配置主题龙头或更优——金融工程市场跟踪周报20250922（祁嫣然/张威）

Market Overview - The A-share market experienced wide fluctuations last week, with large-cap stocks outperforming [4] - Trading sentiment turned cautious as major broad-based indices saw a decrease in volume, leading to a narrowing Alpha environment [4] - The market shifted from a high-slope upward trend to wide fluctuations, with growth sectors relatively outperforming [4] - The Shanghai Composite Index fell by 1.30%, while the ChiNext Index rose by 2.34% [4] Valuation Analysis - As of September 19, 2025, the valuation levels of major indices showed that the CSI 1000 and ChiNext Index were at "moderate" valuation levels, while the Shanghai Composite Index and others were at "danger" levels [4] - In terms of industry classification, sectors such as food and beverage, agriculture, non-bank financials, and transportation were rated as "safe" in terms of valuation [5] Volatility and Alpha Environment - Recent data indicated a decrease in cross-sectional volatility for the CSI 300, CSI 500, and CSI 1000 indices, suggesting a deterioration in the short-term Alpha environment [5] - Time series volatility also decreased for the same indices, further indicating a challenging Alpha environment [5] Fund Flow and Institutional Interest - The top five stocks attracting institutional attention last week were Huichuan Technology, Meier Technology, Xiamen Tungsten, Guanghe Technology, and Jepter [7] - Southbound capital saw a net inflow of 368.507 billion HKD, with significant contributions from both the Shanghai and Shenzhen stock connect [7] - Stock ETFs recorded a median return of 0.02% with a net inflow of 254.16 billion CNY, while commodity ETFs experienced a median return of -0.65% with a net outflow [7]