【金融工程】假期临近，市场延续震荡——市场环境因子跟踪周报（2025.09.24）

Group 1 - The core viewpoint of the article indicates that as the long holiday approaches, the market is expected to continue its oscillating and structural trends, with a focus on growth styles supported by industry trends and performance outlooks [2][5] - The macro strategy team suggests that the market may maintain a balanced approach, recommending investments in large-cap indices and the ChiNext, while high-risk investors should consider opportunities in technology, new energy, and Hang Seng Technology sectors [2][5] Group 2 - In the stock market, the small-cap style is favored, and the growth style is showing stronger performance, while the volatility of small-cap styles has decreased and the volatility of growth styles has increased [7] - The market's trading concentration remains stable, with the top 100 stocks and the top 5 industries maintaining their share of total trading volume [7][8] - Market activity has seen a slight decrease in volatility, while turnover rates remain at a high level compared to the past year [8] Group 3 - In the commodity market, the trend strength of black and precious metals has increased, while the trend strength of energy and chemical sectors has decreased [19] - All sectors have experienced a slight increase in volatility, and liquidity performance has shown divergence across different sectors [19] Group 4 - In the options market, both the SSE 50 and CSI 1000 are in a state of oscillation, with a gradual decline in bullish option skew, indicating a lack of confidence for further upward movement in the market [22] Group 5 - The convertible bond market experienced a slight adjustment, with a notable increase in the proportion of low conversion premium bonds, indicating a trend of oscillation and elevation [24]