【金工】交易信心有所提振，后市仍将震荡上行——金融工程市场跟踪周报20251215（祁嫣然/陈颖/张威）

Market Overview - The A-share market experienced a volatile upward trend during the week of December 8-12, 2025, with increased trading volume. By December 12, major broad-based index timing indicators turned bullish [4] - The Shanghai Composite Index fell by 0.34%, while the ChiNext Index rose by 2.74%, indicating a mixed performance across different indices [4] - The central economic work conference in December boosted market confidence, suggesting potential for further upward movement in the market [4] Valuation Insights - As of December 12, 2025, the Shanghai Composite Index and the Shanghai 50 Index were classified as "danger" in terms of valuation percentiles, while the CSI 300, CSI 500, CSI 1000, and ChiNext Index were deemed "moderate" [4] - In the CITIC industry classification, sectors such as coal, steel, building materials, and power equipment were categorized as "danger" in valuation percentiles, whereas food and beverage, and non-bank financials were classified as "safe" [5] Fund Flow Analysis - The top five stocks attracting institutional attention were Haiguang Information, Zhongke Shuguang, Anke Innovation, Jiangsu Bank, and Weichuang Electric, with the highest number of institutional surveys [6] - Southbound capital saw a net outflow of HKD 3.443 billion, with the Shanghai-Hong Kong Stock Connect experiencing a net outflow of HKD 9.381 billion [6] - Stock ETFs had a median return of 0.14% with a net outflow of CNY 2.974 billion, while commodity ETFs had a median return of 0.81% with a net inflow of CNY 241 million [6] Fund Concentration Trends - As of December 12, 2025, the degree of fund concentration among stocks increased compared to the previous week, with excess returns for concentrated stocks and funds rising [7]