【金工】市场仍将震荡上行——金融工程市场跟踪周报20251229（祁嫣然/陈颖/张威）

Market Overview - The A-share market continued to experience a volatile upward trend during the week of December 22-26, 2025, with major indices showing recovery in trading volume. By December 26, the Shanghai Composite Index rose by 1.88%, the CSI 300 by 1.95%, and the ChiNext Index by 3.9% [4][5] - The central economic work conference held in December boosted market trading sentiment, leading to improved liquidity conditions, which are expected to support further market gains. The short-term fundamental factors are performing well, and the "dividend + technology" allocation strategy is favored for the medium to long term [4] Index Valuation - As of December 26, 2025, the Shanghai Composite Index, CSI 50, CSI 300, and CSI 500 are classified as "dangerous" in terms of valuation percentiles, while the CSI 1000 and ChiNext Index are at a "moderate" level [4][5] Sector Analysis - According to the CITIC primary industry classification, sectors such as coal, steel, basic chemicals, construction materials, light manufacturing, electric equipment and new energy, defense and military, commercial retail, textiles and apparel, pharmaceuticals, banking, electronics, computers, and comprehensive finance are in the "dangerous" valuation percentile. In contrast, food and beverage, as well as non-bank financial sectors, are in the "safe" valuation percentile [5] Fund Flow and Performance - The weekly net inflow for stock ETFs was 36.341 billion yuan, with a median return of 2.66%. Cross-border ETFs had a median return of 0.99% with a net inflow of 655 million yuan. In contrast, Hong Kong stock ETFs reported a median return of -0.07% with a net inflow of 1.612 billion yuan [7] - The degree of separation among fund clusters slightly increased compared to the previous week, indicating a rise in excess returns for clustered stocks and funds [7] Institutional Interest - The top five stocks attracting the most institutional attention this week were Lingyi iTech (106 institutions), Prilite (76), Guangting Information (66), Anfu Technology (58), and Guangdian Measurement (56) [6]