【广发金工】AI识图关注能源、高股息

Market Performance - The Sci-Tech 50 Index decreased by 3.85% over the last five trading days, while the ChiNext Index fell by 3.01%. In contrast, the large-cap value stocks rose by 1.44%, and large-cap growth stocks declined by 1.64%. The Shanghai Stock Exchange 50 Index saw a minimal increase of 0.003%, and the small-cap index represented by the CSI 2000 dropped by 0.53%. The comprehensive and textile apparel sectors performed well, whereas the communication and electronics sectors lagged behind [1]. Valuation Levels - As of November 14, 2025, the static PE of the CSI All Share Index is at a percentile rank of 81%. The Shanghai Stock Exchange 50 and CSI 300 indices are at 77% and 73%, respectively. The ChiNext Index is close to the 50th percentile, while the CSI 500 and CSI 1000 indices are at 62% and 61%, 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 minus the yield of ten-year government bonds, stands at 2.78% as of November 14, 2025. The two-standard deviation boundary is at 4.74% [1]. ETF Fund Flows - In the last five trading days, ETF inflows amounted to 12.2 billion yuan, while the margin trading balance increased by approximately 7.7 billion yuan. The average daily trading volume across both markets was 20.226 billion yuan [2]. Thematic Indexes - The latest thematic allocations include energy and high dividend strategies, specifically focusing on the CSI Energy Index, CSI High Dividend Strategy Index, and CSI Tourism Theme Index among others [2][3].