【广发金工】AI识图关注通信、人工智能

Market Performance - The Sci-Tech 50 Index increased by 1.72% and the ChiNext Index rose by 2.74% over the last five trading days, while the large-cap value index fell by 1.21% and the large-cap growth index increased by 0.86% [1] - The static PE of the CSI All Share Index minus the yield of 10-year government bonds indicates a risk premium of 2.82% as of December 12, 2025, with a two-standard deviation boundary at 4.71% [1] Valuation Levels - As of December 12, 2025, the CSI All Share Index's PETTM percentile is at 79%, with the Shanghai Stock Exchange 50 and CSI 300 at 73% and 71% respectively, while the ChiNext Index is close to 55% [1] ETF and Fund Flows - In the last five trading days, ETF inflows amounted to 18.6 billion yuan, and the margin trading balance increased by approximately 23.5 billion yuan, with an average daily trading volume of 193.37 billion yuan across the two markets [2] Thematic Indexes - The latest thematic allocations include communication, artificial intelligence, and momentum growth in the ChiNext, specifically focusing on the CSI Communication Equipment Theme Index, ChiNext Artificial Intelligence Index, CSI 5G Communication Theme Index, and ChiNext Momentum Growth Index [2][3] Neural Network Analysis - A convolutional neural network (CNN) is utilized to model price and volume data, mapping learned features to industry thematic sectors, indicating a focus on AI and communication sectors [11]