【广发金工】AI识图关注新能源

Market Performance - The Sci-Tech 50 Index decreased by 6.46% over the last five trading days, while the ChiNext Index fell by 5.71%. In contrast, the large-cap value stocks rose by 2.08%, and large-cap growth stocks declined by 3.90%. The Shanghai Stock Exchange 50 Index dropped by 0.24%, and the small-cap stocks represented by the CSI 2000 fell by 4.69%. The banking and coal sectors performed well, while electronics and media lagged behind [1]. Risk Premium and Valuation Levels - As of October 17, 2025, the static PE of the CSI All Share Index indicates a risk premium of 2.97%, calculated as the inverse of the PE minus the yield of ten-year government bonds. The two standard deviation boundary is set at 4.75%. The valuation levels show that the CSI All Share Index's PETTM is at the 77th percentile, with the Shanghai 50 and CSI 300 at 73% and 70%, respectively. The ChiNext Index is close to the 47th percentile, while the CSI 500 and CSI 1000 are at 60% and 54% [1]. Fund Flows and Trading Activity - In the last five trading days, ETF inflows amounted to 68.6 billion yuan, and the margin trading balance increased by approximately 70.5 billion yuan. The average daily trading volume across both markets was 2.1746 trillion yuan [2]. Thematic Indexes - The latest thematic allocations focus on low-carbon economy, new energy, and semiconductor materials. Specific indices include the CSI Mainland Low-Carbon Economy Theme Index, ChiNext New Energy Index, and the Shanghai Stock Exchange Sci-Tech Board Semiconductor Materials Equipment Theme 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 trends [13]. Financing Balance - The report tracks the financing balance, which reflects the overall leverage and risk appetite in the market [16].