【金工】短线关注超跌反弹机会——金融工程市场跟踪周报20251123（祁嫣然/张威）

Market Overview - A-shares experienced a significant pullback this week, with a relative advantage in dividend style. Market volume initially decreased but later increased, showing a week-on-week contraction [4] - The market's trading rhythm shifted from previous range-bound fluctuations to a continuous decline, influenced by overseas trading sentiment. The artificial intelligence sector continued its adjustment, while previously strong sectors like chemicals, non-ferrous metals, and electrical equipment saw substantial corrections [4] - All major indices declined this week, with the Shanghai Composite Index down 3.90%, the Shanghai 50 down 2.72%, the CSI 300 down 3.77%, the CSI 500 down 5.78%, the CSI 1000 down 5.80%, the ChiNext Index down 6.15%, and the North Star 50 Index down 9.04% [4] Valuation Insights - As of November 21, 2025, broad indices such as the CSI 300, CSI 500, CSI 1000, and ChiNext Index are at a "moderate" valuation percentile, while the Shanghai Composite Index and Shanghai 50 are at a "danger" valuation percentile. The food and beverage sector is classified as "safe" in terms of valuation [4] Volatility Analysis - The cross-sectional volatility of the CSI 300 and CSI 500 index constituents decreased compared to the previous week, indicating a deterioration in the short-term Alpha environment. Conversely, the cross-sectional volatility of the CSI 1000 index constituents increased, suggesting an improvement in the short-term Alpha environment [5] - Time series volatility for the CSI 300 index constituents decreased week-on-week, indicating a worsening Alpha environment, while the CSI 500 and CSI 1000 index constituents saw an increase, indicating an improvement [5] Fund Flow Tracking - The top five stocks receiving the most institutional attention this week were Rongbai Technology (137 institutions), Lens Technology (121), Antu Biology (101), Shengmei Shanghai (96), and Liande Co. (74) [6] - During the trading period from November 17 to November 21, 2025, southbound funds saw a net inflow of 38.602 billion HKD, with the Shanghai Stock Exchange's southbound net inflow at 17.875 billion HKD and the Shenzhen Stock Exchange's at 20.727 billion HKD [6] ETF Performance - The median return for stock ETFs this week was -4.49%, with a net inflow of 49.533 billion CNY. Cross-border ETFs had a median return of -3.42% and a net inflow of 2.329 billion CNY. Hong Kong stock ETFs had a median return of -6.24% with a net inflow of 17.821 billion CNY. Commodity ETFs had a median return of -2.50% and a net inflow of 6.495 billion CNY [7]