【广发金工】AI识图关注银行、能源

Market Performance - The Sci-Tech 50 Index decreased by 3.19% over the last five trading days, while the ChiNext Index increased by 0.50%. The large-cap value index fell by 0.38%, and the large-cap growth index dropped by 0.40%. The Shanghai 50 Index declined by 1.12%, whereas the small-cap index represented by the CSI 2000 rose by 1.18%. The power equipment and non-ferrous metals sectors performed well, while telecommunications and beauty care sectors lagged behind [1]. Risk Premium and Valuation Levels - As of October 29, 2025, the risk premium, calculated as the inverse of the static PE of the CSI All Share Index minus the yield of ten-year government bonds, stands at 2.84%. The two-standard deviation boundary is 4.75% [1]. - The valuation levels indicate that the CSI All Share Index's PETTM is at the 81st percentile, with the Shanghai 50 and CSI 300 at 75% and 73%, respectively. The ChiNext Index is close to the 53rd percentile, while the CSI 500 and CSI 1000 are at 63% and 61%, respectively. The ChiNext Index's valuation is relatively at the historical median level [1]. ETF Fund Flow - In the last five trading days, there was an outflow of 6.9 billion yuan from ETFs, while the margin trading balance increased by approximately 46.9 billion yuan. The average daily trading volume across both markets was 22,967 billion yuan [2]. Convolutional Neural Network Analysis - A convolutional neural network (CNN) model was utilized to analyze charted price and volume data, mapping learned features to industry themes. The latest thematic allocations include banking, energy, and dividends, specifically focusing on indices such as the CSI Bank Index, CSI Energy Index, and CSI Central Enterprises Dividend Index [2][11].