【金工】春季躁动仍可期——金融工程市场跟踪周报20260111（祁嫣然/陈颖/张威）

Market Overview - The A-share market experienced a strong start in the week of January 5-9, 2026, with major indices showing significant increases. The Shanghai Composite Index rose by 3.82%, the Shanghai 50 by 3.40%, the CSI 300 by 2.79%, the CSI 500 by 7.92%, the CSI 1000 by 7.03%, the ChiNext Index by 3.89%, and the Northbound 50 Index by 5.82% [4] - Market sentiment improved, with major indices' volume indicators showing bullish signals. The financing amount increased significantly compared to the previous period, indicating a continued optimistic outlook for the market [4] Valuation Insights - As of January 9, 2026, the valuation levels of major indices indicate that the Shanghai Composite Index, Shanghai 50, and CSI 300 are in the "danger" zone, while the CSI 500, CSI 1000, and ChiNext Index are in the "moderate" zone [4] - In terms of industry classification, sectors such as steel, building materials, light manufacturing, electric equipment and new energy, defense and military, retail, textiles and apparel, pharmaceuticals, banking, electronics, computers, and comprehensive finance are also in the "danger" valuation zone. Conversely, food and beverage, as well as non-bank financials, are in the "safe" valuation zone [5] Fund Flow and Institutional Interest - The top five stocks attracting institutional attention this week were CITIC Securities (161 institutions), Entropy Technology (136), Huaqin Technology (121), Chaojie Co. (117), and Xin'ao Co. (115) [6] - Southbound capital saw a net inflow of HKD 32.694 billion, with the Shanghai-Hong Kong Stock Connect contributing HKD 11.966 billion and the Shenzhen-Hong Kong Stock Connect contributing HKD 20.728 billion [6] - The median return for stock ETFs this week was 4.25%, with a net inflow of CNY 816 million. In contrast, cross-border ETFs had a median return of 0.99% with a net outflow of CNY 6.3 million, while Hong Kong stock ETFs had a median return of 2.66% with a net inflow of HKD 14.042 billion [6] Market Trends - The report indicates a potential for further market uptrend under the backdrop of increased risk appetite, with expectations for a spring rally. The long-term investment strategy remains focused on a "dividend + technology" allocation theme [4]