- The report mentions the "Four-Engine Model" as a quantitative model used to identify potential opportunities in various industry sectors[6][13] - The "Four-Engine Model" suggests focusing on sectors such as computers, automobiles, machinery, pharmaceuticals, non-bank financials, media, electronics, and telecommunications based on recent market signals and Sharpe ratio rankings[6][13] - The model evaluates sectors based on metrics like recent signal dates, potential profit-effect anomalies, and Sharpe ratio rankings over the past year[13]

- The "Four-Wheel Drive Model" issued multiple bullish signals for the TMT sector, indicating potential opportunities based on low-frequency thermometer metrics and crowding levels. The TMT sector remains at a relatively low position compared to the market, with slight upward movement after hitting a two-year low at the end of May[6][13] - Specific industries highlighted by the "Four-Wheel Drive Model" include electronics, computers, media, non-bank financials, food and beverages, textiles and apparel, communications, machinery, and military industries, all showing potential opportunities based on recent signals and market dynamics[6][13] - The "Four-Wheel Drive Model" uses metrics such as Sharpe ratio rankings and signal dates to identify potential opportunities in various industries, with recent signals indicating upward trends or crowding effects in sectors like electronics and media[13]

2025 年 05 月 18 日 或仅是整理，蓄势以待机 本期要点：或仅是整理，蓄势以待机 上期提到，全天候模型发出了技术面上的风险提示信号，从这个角度 看未来一段时间市场或将进入技术上的震荡整理期。事后来看，走势 基本符合预期。 对于大盘，从走势形态看，本轮反弹已经涨了两波，第二波是从五一 之后开始的。从周期分析模型对不同级别趋势的监控分析结果来看， 当前潜在的调整仅是针对于五一之后上涨过程的调整，而四月初以来 的上行趋势或并没有已经结束的充分证据。从这个角度看，本轮调整 或最多回到 4 月底 5 月初的震荡区间，随后有望重新开始一波上行 走势，只有在那波上行趋势再次衰竭的时候才能判断本轮反弹是否真 正结束了。 在当前潜在的蓄势震荡过程中，四轮驱动模型建议关注军工、家电、 农林牧渔、汽车、电子、计算机、非银等板块。整体风格上可以适当 偏小盘，结构上可以适当偏均衡一些。 风险提示：根据历史数据构建的模型在市场变化时可能失效。 金融工程定期报告 证券研究报告 杨勇 分析师 SAC 执业证书编号：S1450518010002 yangyong1@essence.com.cn 相关报告 结构重于仓位，继续关注先 进 ...