Market Performance - The Sci-Tech 50 Index increased by 2.85% over the last five trading days, while the ChiNext Index rose by 3.90%. The large-cap value index fell by 0.02%, and the large-cap growth index increased by 2.70%. The Shanghai 50 Index gained 1.37%, and the small-cap index represented by the CSI 2000 rose by 3.55%. The sectors of non-ferrous metals and national defense performed well, while beauty care and social services lagged behind [1]. Valuation Levels - As of December 26, 2025, the static PE ratio of the CSI All Share Index is at the 82nd percentile. The Shanghai 50 and CSI 300 both stand at 74%, while the ChiNext Index is close to 59%. The CSI 500 and CSI 1000 are at 62% and 64%, respectively. The valuation of the ChiNext Index is relatively at the historical median level [1]. Risk Premium - The risk premium, calculated as the inverse of the static PE of the CSI All Share Index minus the yield of the 10-year government bond, is at 2.69% as of December 26, 2025. The two standard deviation boundary is at 4.70% [1]. Fund Flows - In the last five trading days, ETF inflows amounted to 41.6 billion yuan, and the margin trading balance increased by approximately 45.7 billion yuan. The average daily trading volume across the two markets was 1.9454 trillion yuan [2]. Thematic Investment - The latest thematic investment configuration includes sectors such as chemicals, non-bank financials, communications, and satellite industries. Specific indices mentioned are the CSI Sub-Industry Chemical Index, CSI 300 Non-Bank Financial Index, CSI All Share Communication Equipment Index, and the National Satellite Communication Industry Index [2][3]. AI and Machine Learning Application - The application of convolutional neural networks (CNN) for modeling price and volume data has been explored, focusing on standardizing chart data to predict future prices and mapping learned features to industry themes [10].

- The report introduces a quantitative model based on Convolutional Neural Networks (CNN) to analyze price-volume chart data and predict future prices. The learned features are then mapped to industry theme indices, such as the CSI 300 Non-Bank Financial Index, the CNI Commercial Satellite Communication Industry Index, and the CSI Sub-Chemical Industry Theme Index[79][81] - The construction process involves standardizing price-volume data into chart formats and applying CNNs to extract features. These features are subsequently used to allocate weights to specific industry themes[79][81] - The model's evaluation highlights its ability to capture complex patterns in price-volume data and its application in identifying promising industry themes like non-bank financials, satellites, and chemicals[79][81]

Market Performance - The Sci-Tech 50 Index decreased by 2.99% over the last five trading days, while the ChiNext Index fell by 2.26%. In contrast, the large-cap value stocks rose by 1.52%, and large-cap growth stocks declined by 1.39%. The Shanghai Stock Exchange 50 Index increased by 0.32%, and the small-cap index represented by the CSI 2000 dropped by 0.37%. The retail and non-bank financial sectors performed well, while electronics and power equipment lagged behind [1]. Risk Premium and Valuation Levels - As of December 19, 2025, the static PE of the CSI All Share Index indicates a risk premium of 2.79%, calculated as the inverse of the PE minus the yield of ten-year government bonds. The two-standard deviation boundary is at 4.71%. The valuation levels show that the CSI All Share Index's PE TTM is at the 80th percentile, with the Shanghai 50 and CSI 300 at 74% and 73%, respectively. The ChiNext Index is close to 55%, while the CSI 500 and CSI 1000 are at 59% and 60%, respectively, indicating that the ChiNext Index's valuation is relatively at the historical median level [1]. ETF Fund Flows - In the last five trading days, ETF inflows amounted to 72.1 billion yuan, while the financing balance decreased by approximately 7.6 billion yuan. The average daily trading volume across the two markets was 1.738 trillion yuan [2]. Convolutional Neural Network Observations - The analysis utilized convolutional neural networks to model charted price and volume data, mapping learned features to industry themes. The latest thematic allocations include non-bank financials, satellite communications, and chemicals, specifically focusing on the CSI 300 Non-Bank Financial Index, the CSI Commercial Satellite Communication Industry Index, and the CSI Sub-Segmented Chemical Industry Theme Index [2][11]. Index Information - The report includes specific index codes and names, such as the CSI 300 Non-Bank Financial Index, the CSI Commercial Satellite Communication Industry Index, and the CSI Sub-Segmented Chemical Industry Theme Index, among others [3][12]. Market Sentiment and Risk Preference - The report tracks the proportion of market sentiment above the 200-day long-term moving average and monitors the risk preferences between equity and bond assets [14]. Financing Balance - The financing balance data is provided, indicating trends in market leverage and investor sentiment [16]. Individual Stock Performance - Statistics on individual stock performance year-to-date based on return ranges are included, providing insights into market dynamics [18]. Oversold Indices - The report notes instances of oversold conditions in certain indices, which may indicate potential buying opportunities [20].

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]

Market Performance - The Sci-Tech 50 Index decreased by 0.08% over the last five trading days, while the ChiNext Index increased by 1.86%. The large-cap value index rose by 0.74%, and the large-cap growth index increased by 1.61%. The Shanghai 50 Index gained 1.09%, and the small-cap index represented by the CSI 2000 rose by 0.19%. The metals and communications sectors performed well, while media and real estate lagged behind [1]. Risk Premium and Valuation Levels - As of December 5, 2025, the risk premium, calculated as the inverse of the static PE of the CSI All Share Index minus the yield of ten-year government bonds, stands at 2.81%. The two-standard deviation boundary is 4.72% [1]. - The valuation level indicates that the CSI All Share Index's PETTM is at the 80th percentile, with the Shanghai 50 and CSI 300 at 75% and 72%, respectively. The ChiNext Index is close to 49%, while the CSI 500 and CSI 1000 are at 61% and 57%, respectively. The ChiNext Index's valuation is relatively at the historical median level [1]. ETF Fund Flow - Over the last five trading days, ETF funds experienced an outflow of 1.4 billion yuan, while margin trading increased by approximately 11.5 billion yuan. The average daily trading volume across both markets was 168.24 billion yuan [2]. Thematic Indexes - The latest thematic allocations include the CSI Communication Equipment Index, the CSI Chengdu-Chongqing Economic Circle Index, the CSI Low Volatility Dividend 100 Index, the ChiNext Momentum Growth Index, and the National Food Index [2][3][11]. Market Sentiment and Risk Appetite - The report includes observations on market sentiment based on the proportion of stocks above the 200-day moving average and tracks the risk appetite between equity and bond assets [12][13]. Financing Balance - The financing balance statistics indicate trends in margin trading and overall market leverage [15]. Individual Stock Performance - The report provides a distribution of individual stock performance based on year-to-date return ranges, highlighting the performance of various stocks in the current market environment [17]. Oversold Indices - An analysis of indices that are currently considered oversold is included, providing insights into potential investment opportunities [19].

Market Performance - The Sci-Tech 50 Index increased by 3.21% and the ChiNext Index rose by 4.54% over the last five trading days, while the large-cap value index decreased by 0.21% [1] - The large-cap growth index gained 2.63%, the Shanghai 50 Index rose by 0.47%, and the small-cap index represented by the CSI 2000 increased by 4.50% [1] - The communication and electronics sectors performed well, while the oil, petrochemical, and banking sectors lagged behind [1] Valuation Levels - As of November 28, 2025, the static PE of the CSI All Share Index is at a percentile of 79%, with the Shanghai 50 and CSI 300 at 75% and 71% respectively [1] - The ChiNext Index is close to the 48th percentile, while the CSI 500 and CSI 1000 are at 60% and 57% respectively, indicating that the ChiNext Index's valuation is relatively at the historical median level [1] ETF and Fund Flows - In the last five trading days, ETF inflows amounted to 8.2 billion yuan, while margin trading decreased by approximately 19.1 billion yuan [2] - The average daily trading volume across both markets was 172.38 billion yuan [2] Thematic Investment Focus - The latest thematic investment focus includes traditional Chinese medicine, banking, and high-dividend stocks, specifically targeting indices such as the CSI Traditional Chinese Medicine Index, CSI Banking Index, and the Shanghai State-Owned Enterprises Dividend Index [2][3] Long-term Market Sentiment - The report includes observations on the proportion of stocks above the 200-day moving average, indicating long-term market sentiment [13] Risk Preference Tracking - The report tracks the risk preference between equity and bond assets, providing insights into market behavior [14] Financing Balance - The report discusses the financing balance, which is crucial for understanding market liquidity and investor sentiment [16] Individual Stock Performance - A statistical distribution of individual stock performance year-to-date based on return intervals is provided, highlighting the performance landscape [18] Oversold Indices - The report notes instances of oversold conditions in certain indices, which may present potential buying opportunities [20]

Market Performance - The ChiNext 50 Index fell by 5.54% and the ChiNext Index dropped by 6.15% over the last five trading days, while the large-cap indices showed a decline of 1.73% for the large-cap value and 4.25% for the large-cap growth [1] - The Shanghai Composite Index decreased by 3.90%, and the small-cap index represented by the CSI 2000 fell by 6.24%, with banks and media sectors performing relatively well, while power equipment and conglomerates lagged behind [1] Valuation Levels - As of November 21, 2025, the static PE ratio of the CSI All Share Index is at the 76th percentile, with the Shanghai 50 and CSI 300 at 76% and 71% respectively, indicating that the ChiNext Index is close to the 46th percentile, while the CSI 500 and CSI 1000 are at 58% and 51% respectively [1] ETF Fund Flows - In the last five trading days, ETF inflows amounted to 40.2 billion yuan, while margin trading decreased by approximately 13.6 billion yuan, with an average daily trading volume of 1.8473 trillion yuan across the two markets [2] Thematic Indexes - The latest thematic allocations include energy and high dividend strategies, specifically focusing on the CSI Energy Index, CSI Select High Dividend Strategy Index, and CSI Tourism Theme Index [2][3] Market Sentiment - The report includes observations on the proportion of stocks above the 200-day moving average, indicating market sentiment trends [11] Risk Preference Tracking - The report tracks the risk preferences between equity and bond assets, providing insights into investor behavior [12] Financing Balance - The report discusses the changes in financing balances, which reflect market liquidity and investor sentiment [14]

Market Performance - The Sci-Tech 50 Index decreased by 3.85% over the last five trading days, while the ChiNext Index fell by 3.01%. In contrast, the large-cap value stocks rose by 1.44%, and large-cap growth stocks declined by 1.64%. The Shanghai Stock Exchange 50 Index saw a minimal increase of 0.003%, and the small-cap index represented by the CSI 2000 dropped by 0.53%. The comprehensive and textile apparel sectors performed well, whereas the communication and electronics sectors lagged behind [1]. Valuation Levels - As of November 14, 2025, the static PE of the CSI All Share Index is at a percentile rank of 81%. The Shanghai Stock Exchange 50 and CSI 300 indices are at 77% and 73%, respectively. The ChiNext Index is close to the 50th percentile, while the CSI 500 and CSI 1000 indices are at 62% and 61%, respectively. The valuation of the ChiNext Index is relatively at the historical median level [1]. Risk Premium - The risk premium, calculated as the inverse of the static PE of the CSI All Share Index minus the yield of ten-year government bonds, stands at 2.78% as of November 14, 2025. The two-standard deviation boundary is at 4.74% [1]. ETF Fund Flows - In the last five trading days, ETF inflows amounted to 12.2 billion yuan, while the margin trading balance increased by approximately 7.7 billion yuan. The average daily trading volume across both markets was 20.226 billion yuan [2]. Thematic Indexes - The latest thematic allocations include energy and high dividend strategies, specifically focusing on the CSI Energy Index, CSI High Dividend Strategy Index, and CSI Tourism Theme Index among others [2][3].

Market Performance - The recent five trading days saw the Sci-Tech 50 Index increase by 0.01%, the ChiNext Index by 0.65%, the large-cap value index by 2.33%, the large-cap growth index by 0.28%, the SSE 50 by 0.89%, and the small-cap index represented by the CSI 2000 by 0.52% [1] - Sectors such as electric equipment and coal performed well, while computer and beauty care sectors lagged behind [1] Valuation Levels - As of November 7, 2025, the static PE of the CSI All Index is at an 82nd percentile, with the SSE 50 and CSI 300 at 77% and 74% respectively, while the ChiNext Index is close to 53% [1] - The valuation of the ChiNext Index is relatively at the historical median level [1] Risk Premium - The risk premium, calculated as the inverse of the static PE of the CSI All Index minus the yield of ten-year government bonds, stands at 2.78% as of November 7, 2025, with a two-standard deviation boundary at 4.74% [1] ETF Fund Flows - In the last five trading days, ETF inflows amounted to 37.2 billion yuan, while margin trading decreased by approximately 700 million yuan [2] Industry Themes - The latest thematic allocation includes banking, energy, and dividends, specifically focusing on indices such as the CSI Bank Index, CSI Energy Index, and CSI Central Enterprises Dividend Index [2][3] Long-term Market Sentiment - The proportion of stocks above the 200-day moving average is being tracked to gauge long-term market sentiment [13] Financing Balance - The financing balance is being monitored to assess market liquidity and investor sentiment [16] Individual Stock Performance - Statistics on individual stock performance year-to-date based on return ranges are being compiled to identify trends [18] Oversold Indices - Observations are being made regarding indices that are considered oversold, indicating potential investment opportunities [20]

Market Performance - The Sci-Tech 50 Index decreased by 3.19% over the last five trading days, while the ChiNext Index increased by 0.50%. The large-cap value index fell by 0.38%, and the large-cap growth index dropped by 0.40%. The Shanghai 50 Index declined by 1.12%, whereas the small-cap index represented by the CSI 2000 rose by 1.18%. The power equipment and non-ferrous metals sectors performed well, while telecommunications and beauty care sectors lagged behind [1]. Risk Premium and Valuation Levels - As of October 29, 2025, the risk premium, calculated as the inverse of the static PE of the CSI All Share Index minus the yield of ten-year government bonds, stands at 2.84%. The two-standard deviation boundary is 4.75% [1]. - The valuation levels indicate that the CSI All Share Index's PETTM is at the 81st percentile, with the Shanghai 50 and CSI 300 at 75% and 73%, respectively. The ChiNext Index is close to the 53rd percentile, while the CSI 500 and CSI 1000 are at 63% and 61%, respectively. The ChiNext Index's valuation is relatively at the historical median level [1]. ETF Fund Flow - In the last five trading days, there was an outflow of 6.9 billion yuan from ETFs, while the margin trading balance increased by approximately 46.9 billion yuan. The average daily trading volume across both markets was 22,967 billion yuan [2]. Convolutional Neural Network Analysis - A convolutional neural network (CNN) model was utilized to analyze charted price and volume data, mapping learned features to industry themes. The latest thematic allocations include banking, energy, and dividends, specifically focusing on indices such as the CSI Bank Index, CSI Energy Index, and CSI Central Enterprises Dividend Index [2][11].