华福证券 2026 年 01 月 22 日 加配大盘与红利——主动权益类公募基金年报持 仓透视 投资要点： 本文以主动权益类公募基金的重仓持股为关注重点（普通股票型 基金+偏股混合型基金+灵活配置型基金），截至 1 月 22 日 15:00，主 动权益类公募基金年报披露率为 95.6%。 通过分析发现：（1）2025Q4 主动权益类公募基金 A 股持仓环比 上升，港股环比下降。（2）加配大盘和红利，减配小盘。（3）加配创 业板，风格特征偏好明显，周期与消费获加配，减配成长。（4）行业 方面，加配有色金属、通信、机械设备，减配国防军工、传媒和电子等。 主动权益类公募基金仓位变动 截至 2025Q4，主动权益类公募基金股票仓位为 86.45%（环比- 0.97pct），普通股票型、偏股混合型和灵活配置型仓位均下降，其中 A 股持仓比例环比+1.07pct，其它股票（港股）持仓比例环比-2.05pct。 板块配置 （1）加配大盘和红利，减配小盘。（1）静态绝对视角看，沪深 300 持仓比例（60.12%）位于高位，超配沪深 300 （14.51%）和中证 500 （3.68%）。（2）动态变化视角看，2025Q4 ...

Group 1: Market Strategy and Economic Insights - The market strategy indicates a shift towards cyclical styles while the sci-tech direction is undergoing adjustments, reflecting a change in investor preferences [4][6] - The macroeconomic data shows that the Loan Prime Rate (LPR) has remained stable for the eighth consecutive month, with the 1-year LPR at 3.0% and the 5-year LPR at 3.5% [14][15] - The Ministry of Natural Resources and the Ministry of Housing and Urban-Rural Development have issued measures to support urban renewal actions, which may positively impact related sectors [16][17] Group 2: Industry Dynamics - Southern Power Grid is expected to invest 180 billion yuan in fixed assets in 2026, marking a continuous five-year high with an average growth rate of 9.5%, focusing on new power systems and quality service improvements [23][24] - The Chengdu section of the Chengyu High-Speed Railway has completed its engineering, which is crucial for the CR450 train's operational assessment and design finalization [25][26] Group 3: Company Updates - Zhaoyan New Drug (603127.SH) forecasts a net profit of 233 million to 349 million yuan for 2025, representing a year-on-year growth of 214% to 371% [28][29] - Canan Co., Ltd. (301122.SZ) has received two patent certificates related to its core business, which may enhance its competitive edge in the market [30][31] - New Industry (300832.SZ) has obtained regulatory approval for its myoglobin testing kit, which is significant for early diagnosis of myocardial infarction [32][33] Group 4: Regional Economic Developments - Huasheng Co., Ltd. (600156.SH) has issued a profit warning, expecting a net loss of 46 million to 34 million yuan for 2025 due to intensified market competition and operational challenges during its transition phase [34][35] - Hunan province plans to implement ten measures to boost cultural and tourism consumption, aiming for a 20% increase in inbound tourists and a 15% rise in total spending [37][38]

Group 1 - UBS Securities' analyst Meng Lei expresses optimism for the A-share market in 2023, indicating that market sentiment is above moderate levels without signs of overheating [1] - A-share earnings growth is expected to accelerate to around 8% by 2026, with a balanced outlook between growth and cyclical styles compared to last year [1] - The first quarter may experience a seasonal boost due to the Chinese New Year, with global stock markets rising since the beginning of the year, reflecting an increase in valuations driven by global liquidity [1] Group 2 - UBS China Equity Strategy Head Wang Zonghao remains positive about the Chinese stock market, emphasizing that sustained performance in the innovation sector can uplift the overall market [1] - AI is identified as a major theme, with most institutional investors believing it represents the future, and both China and the US are seen as leading countries in this area [1] - There is a favorable outlook for domestic hardware companies, particularly in semiconductors, as well as beneficiaries in the internet sector, with preferences for brokerage firms, photovoltaic, and overseas expansion sectors [1]

Group 1 - The report indicates that the A-share market is experiencing a cautious sentiment, with the three major indices collectively declining and trading volume shrinking to below 2 trillion yuan, attributed to a triple pressure of policy vacuum, profit-taking, and weakness in the Asia-Pacific market [2][8][9] - The market style is shifting towards a more balanced approach, with a notable migration of funds from small and medium-sized growth stocks to heavyweight sectors like oil, petrochemicals, and banking, suggesting a structural equilibrium rather than a unilateral shift [2][9] - The report anticipates that the fourth quarter will see a more balanced market style, with a higher cost-performance ratio for a diversified allocation of "technology growth," "cyclical sectors," and "stable dividend core assets" [2][9] Group 2 - The report suggests a cautious and conservative investment strategy, focusing on low-cost acquisitions, with performance factors being a key consideration for fund allocation, while avoiding purely speculative stocks [3][10] - Key investment themes to watch include technology growth sectors such as AI, semiconductors, and robotics, high-dividend defensive sectors like banking and public utilities, and cyclical styles including solar energy, batteries, and rare earths, which are expected to benefit from policy optimization and improving profitability [3][10] - The report highlights the significant rise of the ice and snow economy, projecting that China's ice and snow industry will exceed 1 trillion yuan by 2025, driven by the upcoming winter sports events and increasing participation in winter sports [7]

Group 1 - The core conclusion of the report indicates a solid market win rate, with limited odds space under a "structural bull" scenario, and a continued focus on technology style [6] - The report highlights that the overall index showed a fluctuating trend in October, with the Shanghai Composite Index breaking through 4000 points by the 28th, and a daily average of 50.1% of stocks in the Wande All A index rising, indicating a recovery in profit-making effects [6] - The report notes that the technology style has seen some convergence, primarily due to trade environment disturbances, but is expected to rebound due to anticipated policy support for emerging industries [2][4] Group 2 - The report identifies three key investment strategies: focusing on less crowded segments within technology, globally priced resource products, and manufacturing related to external demand [7] - Specific recommendations for November include the ChiNext 50 ETF, Huari Precision, Hebei Steel Resources, Top Group, Meihu Co., Xiansheng Pharmaceutical, Tiger Medical, China Eastern Airlines, Kante Optical, and China Pacific Insurance, with a rationale provided for each [11][12] - The report emphasizes that the probability of style switching is low, as the industry valuation differentiation indicator has not triggered any signals for a style switch [5]

Report Industry Investment Rating No relevant information provided. Core Views - The US government shutdown and Sino-US frictions before the APEC meeting have led to a RISK OFF trading mode, negatively impacting overvalued and crowded AI technology assets. The upcoming 15th Five-Year Plan and the Fourth Plenary Session in China next week may bring unexpected positive effects; otherwise, the market may face further adjustment risks [4]. - Domestically, economic data remains weak, especially in consumption and real estate. Industrial enterprise capacity utilization has declined marginally, indicating slow progress in anti-involution policies and ongoing efforts to reverse deflation. Leading companies in pro-cyclical industries are expected to have better profit prospects [4]. - Domestic liquidity is generally loose, but the central bank has tightened funds in the open market. Passive ETF funds and margin trading funds have continued to attract capital, while industrial capital has increased its reduction, and foreign capital has flowed out significantly recently. Credit impulses have started to decline from their peak, weakening the positive impact of market liquidity [4]. - After a short-term small adjustment, the valuations of various indices remain at relatively high historical levels. The equity-bond risk premiums at home and abroad are at historical lows, and broad-based indices have limited attractiveness to allocation funds, but there are still structural opportunities [4]. - Overall, the limited liquidity in the large-scale market makes it difficult to drive continuous growth. During the window of positive macro-policy implementation, the market will choose a direction, with funds shifting from the aggressive growth style to the cyclical style for year-end valuation switching. It is recommended to adopt a high-selling and low-buying strategy for stock index futures next week, selling short IC and IM index futures on rebounds and buying long IF and IH index futures on sharp declines [4]. Summary by Directory 1. Market Review - **Global Stock Performance**: In the past week, the Dow Jones Index led the gains, while the Hang Seng Tech Index led the losses. The performance order was Dow Jones Index > FTSE Europe > FTSE Emerging Index > Shanghai Stock Exchange 50 > Nikkei 225 > Germany DAX > CSI 300 > CSI 500 > Hang Seng Tech Index [8]. - **Domestic Stock Performance**: The Shanghai Composite Index fell by 1.47%, the Shenzhen Component Index by 4.99%, the ChiNext Index by 5.71%, and the Hang Seng Index by 3.97%, among others [9]. - **Industry Performance**: The banking sector led the gains, while the consumer services sector led the losses [12]. - **Futures Performance**: The basis rates of the four major stock index futures (IH, IF, IC, and IM) changed by 0.47%, 0.63%, 0.9%, and 0.88% respectively, and the delivery discounts of the four major futures converged to par. The inter - period spread rates (between the current month and the next month) of the four major stock index futures changed by - 0.55%, - 0.67%, - 1.05%, and - 0.57% respectively, and the inter - period discounts significantly widened. The inter - period spread rates (between the next quarter and the current month) of the four major stock index futures changed by - 0.66%, - 0.73%, - 1.27%, and - 0.58% respectively, and the forward discounts of each futures contract widened significantly [20]. 2. Fund Flow - **Margin Trading and Stabilization Funds**: Margin trading funds continued to flow in 15.42 billion yuan last week, reaching 2.46 trillion yuan, and the proportion of margin trading balance to the circulating market value of the Shanghai and Shenzhen stock markets increased by 0.08% to 2.63%. The scale of passive stock ETF funds decreased by 70.07 billion yuan to 3638.85 billion yuan last week, due to the market decline [23]. - **Industrial Capital**: In October, the cumulative equity financing was 13.56 billion yuan, with 1 company involved. Among them, IPO financing was 0.79 billion yuan, private placement was 12.77 billion yuan, and convertible bond financing was 3.8 billion yuan. The scale of equity financing decreased significantly. The market value of stock market unlockings last week was 78.4 billion yuan, an increase of 32.6 billion yuan from the previous week. The annualized reduction in October was 248.4 billion yuan, and the scale of reduction continued to increase marginally [26]. 3. Liquidity - **Monetary Injection**: Last week, the central bank's OMO reverse repurchase expired at 1021 billion yuan, with a reverse repurchase injection of 67.3 billion yuan, resulting in a net monetary withdrawal of 347.9 billion yuan. The MLF had a net injection of 300 billion yuan in September, and the overall liquidity supply was neutral to loose but tightened marginally [28]. - **Monetary Demand**: Last week, the net monetary demand from national debt issuance was 16.63 billion yuan, and from local debt issuance was 18.09 billion yuan. The total net monetary demand from the bond market was 557.58 billion yuan. The debt financing demand of local governments and national debt decreased significantly, while that of enterprises increased marginally [31]. - **Fund Price**: DR007, R001, and SHIBOR overnight rates changed by - 1.4bp, 3.8bp, and 0bp respectively to 1.41%, 1.36%, and 1.32%. The issuance rate of inter - bank certificates of deposit rebounded by 8.2bp, and the CD rate of joint - stock banks increased by 4.4bp to 1.67%. The overall fund price fluctuated at a low level and increased marginally [34]. - **Term Structure**: Last week, the yields of 10 - year, 5 - year, and 2 - year national bonds changed by - 1.6bp, - 1.4bp, and - 0.7bp respectively, and the yields of 10 - year, 5 - year, and 2 - year national development bonds changed by - 4.6bp, - 2bp, and 0.3bp respectively. The yield term structure continued to flatten, the long - end yields declined slightly due to stock market adjustments and weak economic data, and the short - end yields were relatively strong due to liquidity tightening. The credit spread between national bonds and national development bonds narrowed at the long - end, and the expectation of broad credit cooled down [38]. - **Sino - US Interest Rate Spread**: As of October 17, the US 10 - year Treasury yield changed by - 3.0bp to 4.02%, the inflation expectation changed by - 3.0bp to 2.27%, and the real interest rate remained unchanged at 1.75%. The Sino - US interest rate spread inversion narrowed by 3.42bp to - 219.43bp, and the offshore RMB appreciated by 0.28% [40]. 4. Macroeconomic Fundamentals - **Real Estate Demand**: As of October 16, the weekly trading area of commercial housing in 30 large - and medium - sized cities was 2.129 million square meters, a seasonal increase of 0.483 million square meters from the previous week, but a 49.7% decrease compared to the same period in 2019. The second - hand housing sales rebounded seasonally, but the overall real estate market still showed a weak peak season. The market sales were supported by rigid demand at a low level, and more incremental policies were awaited to boost the recovery [43]. - **Service Industry Activity**: As of October 17, the average daily subway passenger volume in 28 large - and medium - sized cities decreased by 0.8% year - on - year to 81.44 million person - times, but increased by 24.8% compared to the same period in 2021. The Baidu congestion delay index of 100 cities rebounded slightly from the previous week, and the service industry economic activity tended to grow naturally and stably but cooled down marginally [47]. - **Manufacturing Tracking**: The capacity utilization rate of the manufacturing industry stopped falling and rebounded. The capacity utilization rates of steel mills, asphalt, cement clinker enterprises, and coke enterprises changed by - 0.22%, 1.3%, - 2.87%, and - 0.94% respectively. The average operating rate of the chemical industry chain related to external demand decreased by 0.13% from the previous week. Overall, the internal and external demand of the manufacturing industry cooled down, the capacity utilization rate decreased marginally, and the external demand was under short - term pressure due to the resurgence of Sino - US trade frictions [51]. - **Goods Flow**: The goods flow and passenger flow remained at relatively high levels but declined marginally beyond the seasonal norm, indicating the pressure on the real economy. The transportation volume of highways and railways decreased beyond the seasonal norm, indicating a cooling of exports [56]. - **Imports and Exports**: In terms of exports, the resurgence of Sino - US trade frictions, the approaching expiration of the 90 - day exemption, and the end of the rush to export under tariff disturbances will increase the export pressure marginally in the future [58]. - **Overseas Situation**: The US economic data is strong. Although the US government shutdown has affected the release of CPI and non - farm payroll reports, the market still expects the Fed to cut interest rates twice in the remaining part of 2025, with a total reduction of about 50bp. The probability of an interest rate cut in October is as high as 99%, and the probability in December has risen to 94%. The expected end - of - year interest rate is between 3.5% - 3.75% [61]. 5. Other Analyses - **Valuation**: The equity - bond risk premium was 2.68%, an increase of 0.1% from the previous week, at the 48.3% quantile, below the central level. The foreign capital risk premium index was 3.62%, a rebound of 0.08% from the previous week, at the 18.5% quantile, indicating a low level of attractiveness to foreign capital. The valuations of the Shanghai Stock Exchange 50, CSI 300, CSI 500, and CSI 1000 indices were at the 90.1%, 83.9%, 93.6%, and 79.7% quantiles respectively in the past five years, at relatively high levels. The quantiles changed by 3.3%, - 3.1%, - 5%, and - 4.1% respectively from the previous week, indicating that the attractiveness of the cyclical style decreased marginally, while that of the growth style index increased marginally [64][69]. - **Quantitative Diagnosis**: According to the seasonal pattern analysis, the stock market in October is in a period of seasonal oscillatory rise and structural differentiation, with the cyclical style dominant and the growth style generally oscillating at a high level. The stock market in October generally has a good profit - making effect, and the style is easy to switch. Considering the high valuation of the growth style and the relatively weak real economy, but with positive macro - policy expectations in October, it is recommended to buy long stock index futures on sharp declines this week and bet on the oversold rebound opportunities of IC and IM [72].

Core Viewpoint - The A-share market is entering a period of fluctuation as the third quarter concludes, with brokerages maintaining a relatively positive outlook for the fourth quarter, suggesting that the market trend is not yet over [1][2]. Market Performance - The A-share market has shown a daily trading volume exceeding 2 trillion yuan, with major indices experiencing divergence; the Shanghai Composite Index remains in a high-level fluctuation while the Shenzhen Component and ChiNext indices continue to rise [2]. - A structural recovery in A-share earnings is anticipated, driven by policy expectations, macro and micro liquidity improvements, and a resilient export growth forecast [2]. Policy Impact - The recent Federal Reserve interest rate cuts are expected to boost the RMB exchange rate, attracting global capital inflows into China, with a shift in market focus towards 2026 economic and policy expectations [3]. - Domestic liquidity is expected to remain loose, with increased allocation towards equity assets by residents, contributing to market growth [3]. Market Style - The market is expected to exhibit a more balanced style in the fourth quarter, with both growth and value styles having opportunities [4]. - Historical data suggests that value styles have a slightly higher probability of outperforming growth styles in the fourth quarter since 2013 [4]. Investment Focus - The primary investment focus for the fourth quarter includes technology growth sectors, particularly AI, alongside cyclical products and sectors with improving economic conditions [5][6]. - Specific sectors identified for potential growth include rare earth permanent magnets, precious metals, military, financial IT, and various consumer goods [6]. Sector Recommendations - Companies are advised to focus on sectors such as non-ferrous metals, AI hardware and applications, and consumer services, with particular attention to emerging trends in pet economy, IP toys, and beauty products [6].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - A-share market continued to rebound this week with an oscillating upward trend. The growth style performed well, driving up TMT-themed funds. However, many quantitative index-enhanced products still had mediocre excess returns. The weekly average daily trading volume of the two markets decreased by 10.63% week-on-week. If the trading volume continues to shrink, the chips in high-position sectors will loosen and differentiate, and the market will shift from a unilateral rise to a range-bound pattern. It is recommended to focus on the supplementary rise opportunities of low-position sectors. The basis of four types of stock index futures contracts showed differentiation, with the IM contract having a large discount and the IF contract having a large premium. In the upcoming week with a dense schedule of important macroeconomic events, the A-share market is likely to maintain a volatile and relatively strong market. It is recommended to focus on technology frontier tracks such as robotics and AI computing power, and also seize the rotation and supplementary rise opportunities of sectors such as securities, pig cycles, and games. After a deep adjustment, the national debt market has shown rare allocation value, and investors are advised to moderately increase the allocation ratio [1][11][16]. 3. Summary According to Relevant Catalogs 3.1 This Week's Market Review 3.1.1 Industry Index - The A-share market continued to rebound this week, with the growth style performing well and driving up TMT-themed funds. The weekly average daily trading volume of the two markets was 2.3 trillion yuan, a week-on-week decrease of 10.63%. The basis of four types of stock index futures contracts showed differentiation, and the average and median returns of neutral hedge funds this week were -0.06% and -0.08% respectively. This week, the electronics, real estate, agriculture, forestry, animal husbandry, and fishery, media, and computer sectors led the gains. The real estate and agriculture, forestry, animal husbandry, and fishery sectors had a relatively large increase in the weekly trading volume ratio compared with last week, while the trading activity of the comprehensive finance and national defense and military industry sectors decreased significantly. The real estate sector rose 5.82% this week, and the weekly trading volume ratio increased to a new high in the past four weeks at 1.50%. The power equipment and new energy sector only rose 0.50% this week, and the weekly trading volume ratio was a new high in the past four weeks at 9.04%, and the sector may face short-term adjustment pressure [11]. 3.1.2 Market Style - This week, the growth style index rose 3.56%, and the weekly trading volume ratio slightly decreased to 58.73%. The consumption style index rose 0.88%, and the weekly trading volume ratio increased to 11.85%. The financial style index performed weakly in the past month, rising only 0.24% this week, and the weekly trading volume ratio decreased significantly to a new low in the past four weeks at 5.59%. The cyclical style index rose 1.87%, and the weekly trading volume ratio increased to a new high in the past four weeks at 20.69%. The stable style index rose 1.14%, and the weekly trading volume ratio increased significantly to a new high in the past four weeks at 3.13%. Based on the CSI A-share index, the CSI 500 index led the gains this week, rising 3.38%, and the weekly trading volume ratio was a new high in the past four weeks at 19.03%, while the Shanghai and Shenzhen 300 index only rose 1.38%, and the weekly trading volume ratio decreased to 27.65%. In the past three months, the market has shown highly structured characteristics, and the CSI 500 index has performed strongly. In an environment with abundant liquidity, funds clearly prefer opportunities with certainty, driving the collective supplementary rise of high-quality leading stocks in various industries [15]. 3.2 Active Equity Funds 3.2.1 Funds with Excellent Performance in Different Thematic Tracks This Week - The report screened single-track and double-track funds based on six sectors: TMT, financial real estate, consumption, medicine, manufacturing, and cycle. Single-track funds are those with a position in a certain sector greater than 70% for multiple consecutive periods, and double-track funds are those with positions in two sectors both greater than 30% for multiple consecutive periods. The report listed the top five funds in each sector in terms of performance this week [20][21]. 3.2.2 Funds with Excellent Performance in Different Strategy Classifications - The report improved the growth, BP, and profit factors to obtain growth, valuation, and quality factors, and divided the funds into different types such as deep undervaluation, high growth, high quality, quality growth, quality undervaluation, GARP, and balanced cost-effectiveness. It also listed the funds with relatively excellent performance in different types of funds this week [22]. 3.3 Index-Enhanced Funds 3.3.1 Distribution of Excess Returns of Index-Enhanced Funds This Week - This week, the Shanghai Composite Index rose 1.52%, the Shenzhen Component Index rose 2.65%, the ChiNext Index rose 2.10%, the STAR 50 rose 5.48%, and the Beijing Stock Exchange 50 fell 1.07%. The representative indexes of the value style sector, such as the Shanghai 50, CSI 100, and Shanghai and Shenzhen 300, rose 0.89%, 1.54%, and 1.38% respectively, while the representative indexes of the growth style sector, such as the Small and Medium 100, CSI 500, CSI 1000, and CSI 2000, rose 3.66%, 3.38%, 2.45%, and 2.16% respectively. The report also listed the average and median excess returns of different index-enhanced funds and the top three funds in terms of excess returns in each category this week [25][26][30]. 3.4 This Week's Fund High-Frequency Position Detection - After excluding funds with high positions in Hong Kong stocks and Beijing Stock Exchange stocks, funds with a scale of less than 200 million yuan, industry-themed funds, and quantitative funds, the results showed that active equity funds significantly increased their positions in the basic chemical (0.61%), machinery (0.24%), and power equipment and new energy (0.19%) industries this week, and significantly reduced their positions in the electronics (0.55%), computer (0.41%), and national defense and military industry (0.19%) industries. From a one-month perspective, the positions in the electronics (2.12%) and communication (0.97%) industries increased significantly, while the positions in the banking (1.11%) and automobile (1.04%) industries decreased significantly [3][43].

Market Performance - On September 12, 2025, the three major indices collectively declined: Shanghai Composite Index down 0.12%, Shenzhen Component Index down 0.43%, and ChiNext Index down 1.09%[2] - Market turnover reached 25,483.13 billion CNY, an increase of 837.23 billion CNY from the previous trading day[2] - A total of 1,926 stocks rose while 3,373 stocks fell across the market[2] Sector and Style Analysis - Among the 30 CITIC first-level industries, the top performers were non-ferrous metals (up 1.96%), real estate (up 1.43%), and steel (up 1.34%); the worst performers included telecommunications (down 2.07%), banking (down 1.54%), and non-bank financials (down 1.48%)[20] - In terms of investment style, growth stocks outperformed value stocks, with small-cap growth leading the way[20] Capital Flow - On September 12, 2025, the net outflow of main funds was 536.40 billion CNY, with large orders contributing to a net outflow of 231.38 billion CNY and small orders showing a net inflow of 543.27 billion CNY[26] - Major ETFs saw a decrease in trading volume compared to the previous day, with notable declines in the turnover of several ETFs, including a drop of 18.85 billion CNY for the Huaxia SSE 50 ETF[30] Global Market Trends - On September 12, 2025, major Asia-Pacific indices closed higher, with the Hang Seng Index up 1.16% and the Nikkei 225 Index up 0.89%[33] - European indices also saw gains on September 11, 2025, with the DAX Index up 0.30% and the FTSE 100 Index up 0.78%[34]

Market Overview - The current market sentiment remains heated, with the A-share upward cycle not yet over, but transitioning from a unilateral rise to a "slow bull" phase, indicating potential short-term volatility [1][4] - Growth style shows greater elasticity supported by industrial trends and earnings growth prospects, while cyclical style remains more stable; a balanced approach is recommended for investors [1][4] Equity Market Analysis - Last week, the market style favored large-cap stocks, with value style significantly outperforming; the volatility of large and small-cap styles increased rapidly, while value and growth style volatility decreased [6][7] - The excess return dispersion of industry indices increased, indicating a rise in industry rotation speed, while the proportion of rising constituent stocks decreased, suggesting a weakening of the strong index trend [6] - The trading concentration increased, with the top 100 stocks' trading volume share rising, while the top five industries' trading volume share remained stable compared to the previous period [6] Market Activity - Market volatility and turnover rate continued to rise last week, indicating increased market activity [7] Commodity Market Insights - In the commodity market, the energy and chemical sector's trend strength increased, while other sectors remained stable; the basis differential momentum for black and energy sectors rose [21] - Volatility increased in the black and precious metals sectors, with liquidity performance showing divergence across sectors [21] Options Market Overview - Implied volatility for the SSE 50 and CSI 1000 remains high but has shown marginal easing; the skew of put options for the 50ETF has risen rapidly, while the CSI 1000 remains unchanged [25] Convertible Bond Market Analysis - The convertible bond market experienced a decline followed by recovery, with significant volatility; the premium rate for bonds convertible at 100 yuan stabilized at a mid-level [27] - The proportion of low premium convertible bonds has notably decreased, with these bonds performing relatively well; market trading volume has contracted but remains within a healthy range [27]