【金工】量能决定短期反弹高度——金融工程市场跟踪周报20251130（祁嫣然/陈颖/张威）

Market Overview - The A-share market experienced a rebound this week, with the ChiNext Index leading the major broad indices. However, trading volume showed a contraction, indicating a potential mismatch with the market's rebound performance, which may limit the strength of future rebounds [4] - The Shanghai Composite Index rose by 1.40%, the SSE 50 by 0.47%, the CSI 300 by 1.64%, the CSI 500 by 3.14%, the CSI 1000 by 3.77%, and the ChiNext Index by 4.54% [4] Valuation Insights - As of November 28, 2025, the Shanghai Composite Index and SSE 50 are in the "danger" valuation percentile, while the CSI 300, CSI 500, CSI 1000, and ChiNext Index are in the "moderate" valuation percentile [4] - In terms of industry classification, sectors such as coal, steel, building materials, light manufacturing, electric equipment and new energy, defense, retail, textiles, pharmaceuticals, banking, electronics, computers, and comprehensive finance are in the "danger" valuation percentile. Conversely, food and beverage, as well as non-bank financials, are in the "safe" valuation percentile [5] Fund Flow and Institutional Interest - The top five stocks attracting institutional attention this week were Luxshare Precision (396 institutions), Dingtai High-Tech (240), Huichuan Technology (193), Jerry Holdings (168), and Amlogic (129) [6] - Southbound capital saw a net inflow of HKD 19.841 billion, with the Shanghai-Hong Kong Stock Connect contributing HKD 9.349 billion and the Shenzhen-Hong Kong Stock Connect contributing HKD 10.492 billion [6] - The median return for stock ETFs this week was 2.31%, with a net outflow of CNY 40.564 billion. In contrast, cross-border ETFs had a median return of 3.22% and a net inflow of CNY 0.279 billion [6] Market Sentiment - The degree of separation among fund clusters decreased compared to the previous week, indicating an increase in excess returns for clustered stocks and funds [7]