【广发金工】AI识图关注半导体、信息技术

Market Performance - The Sci-Tech 50 Index increased by 6.47% over the last five trading days, while the ChiNext Index rose by 1.96%. In contrast, the large-cap value index fell by 0.34%, and the large-cap growth index increased by 2.48%. The SSE 50 Index saw a gain of 1.07%, while the small-cap index represented by the CSI 2000 declined by 1.27%. The sectors of electric equipment and non-ferrous metals performed well, whereas social services and comprehensive sectors lagged behind [1]. Valuation Levels - As of September 26, 2025, the static PE of the CSI All Share Index is at a percentile of 77%. The SSE 50 and CSI 300 are at 70% and 69%, respectively, while the ChiNext Index is close to 51%. The CSI 500 and CSI 1000 are at 62% and 58%, respectively. The valuation of the ChiNext Index is relatively at the historical median level [1]. Risk Premium - The risk premium, calculated as the inverse of the static PE of the CSI All Share Index (EP) minus the yield of ten-year government bonds, stands at 2.88% as of September 26, 2025. The two standard deviation boundary is at 4.76% [1]. ETF Fund Flows - In the last five trading days, ETF inflows amounted to 17.8 billion yuan, while the margin trading balance increased by approximately 41.7 billion yuan. The average daily trading volume across the two markets was 22,921 billion yuan [2]. Thematic Indexes - The latest thematic allocations focus on semiconductor materials, chips, and information technology, including the SSE Sci-Tech Board Semiconductor Materials Equipment Index, CSI Semiconductor Industry Index, SSE Sci-Tech Board Chip Index, and SSE Sci-Tech Board New Generation Information Technology Index [2][3]. Long-term Market Sentiment - The report includes observations on the proportion of stocks above the 200-day moving average, indicating long-term market sentiment [12]. Financing Balance - The report tracks the financing balance, which reflects the risk appetite for equity assets compared to bond assets [15]. Individual Stock Performance - There is a statistical distribution of individual stocks based on their year-to-date return ranges, providing insights into performance trends [18]. Oversold Indices - The report notes instances of indices being oversold, which may present potential investment opportunities [19].