Market Overview - The A-share market exhibited significant structural differentiation from April 14 to April 18, with major indices showing mixed performance. The Shanghai Composite Index rose by 1.19%, while the Shenzhen Index and the ChiNext Index fell by 0.54% and 0.64%, respectively [1] - The market sentiment was influenced by a shift in investment style, with funds moving from high-volatility technology sectors to traditional industries with stable cash flows. Blue-chip and high-dividend strategies performed well, while growth sectors continued to decline [1] Industry Performance - Concerns over supply chain disruptions led to a slowdown in economic recovery, affecting sectors such as industrials, consumer discretionary, healthcare, and information technology, with the latter experiencing the largest decline, though not exceeding 0.8% [1] - Real estate, telecommunications services, and utilities showed relatively strong performance, with real estate rising by 3.47% [1] Fund Issuance and Performance - A total of 25 funds were issued last week, including 17 equity funds, 7 bond funds, and 1 fund of funds (FOF), with a total issuance of 20.476 billion units [2][18] - The total index for Chinese funds increased by 0.02%, while the ordinary equity fund index decreased by 0.08%, and the mixed equity fund index fell by 0.04% [2] Global Asset Review - Global asset prices showed mixed performance, with U.S. indices under pressure, while European markets strengthened. The Dow Jones and Nasdaq indices fell by over 2%, while major Asian indices rose by over 2% [4] - In commodities, the energy sector led gains, while industrial metals showed mixed results. Gold prices rose nearly 3% due to increased risk aversion, reaching over $3,300 per ounce [4] Domestic Bond Market - The bond market remained stable, with the 10-year government bond futures rising by 0.04% and the 30-year futures increasing by 0.03%. Domestic long-term interest rates remained at historical lows [16]

- The report discusses the "Volume Timing Indicator" which signals market sentiment based on trading volume trends. As of March 14, 2025, the indicator shows a bullish signal for indices like SSE 50, CSI 300, and Beijing 50, while other indices remain cautious[28][29] - The "CSI 300 Upward Stock Count Ratio" is calculated as the proportion of CSI 300 constituent stocks with positive returns over the past N days. This indicator helps gauge market sentiment and identify potential market bottoms or overheating phases. The formula is: $ CSI\ 300\ Upward\ Stock\ Count\ Ratio = \frac{Number\ of\ Stocks\ with\ Positive\ Returns\ in\ N\ Days}{Total\ Number\ of\ CSI\ 300\ Constituents} $ As of March 14, 2025, the ratio is above 60%, indicating optimistic market sentiment[30][32] - The "CSI 300 Upward Stock Count Ratio Timing Strategy" uses smoothed short-term and long-term lines (N1=50, N2=35) to track sentiment changes. When the short-term line exceeds the long-term line, it signals a bullish market sentiment. As of March 14, 2025, both lines are trending downward, suggesting caution[33][35] - The "Moving Average Sentiment Indicator" evaluates the CSI 300 index trend using eight moving averages (8, 13, 21, 34, 55, 89, 144, 233). The indicator assigns values based on the position of the current price relative to these averages. If the price exceeds more than five averages, it signals a bullish sentiment. As of March 14, 2025, the CSI 300 index is in a non-optimistic sentiment zone[39][42] - The "Cross-sectional Volatility" measures the dispersion of stock returns within indices like CSI 300, CSI 500, and CSI 1000. Over the past week, cross-sectional volatility has decreased, indicating weaker short-term alpha opportunities. However, quarterly data shows CSI 300 and CSI 1000 volatility in the upper half of the past six months, suggesting better alpha environments[43][46] - The "Time-series Volatility" tracks the weighted volatility of index constituents over time. CSI 300 volatility has increased week-over-week, indicating improved alpha opportunities, while CSI 500 and CSI 1000 volatility have declined, signaling weaker alpha environments. Quarterly data shows CSI 300 and CSI 1000 volatility in the upper half of the past six months, suggesting favorable alpha conditions[44][49]