Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index down by 0.01% closing at 3853.30 points, while the Shenzhen Component Index increased by 0.67% to 13445.90 points. The Sci-Tech 50 Index rose by 1.24% to 1474.49 points, and the ChiNext Index gained 1.58% to 3235.76 points. Overall, there were 3875 stocks that declined, 1474 that rose, and 80 that remained unchanged. The total trading volume in the Shanghai and Shenzhen markets was 23,711 billion yuan, an increase of 443.06 billion yuan compared to the previous trading day [1][2]. Industry Performance - Among the primary industries, sectors such as media, telecommunications, non-ferrous metals, electric equipment, computers, and pharmaceuticals showed notable gains. Conversely, textiles and apparel, comprehensive sectors, agriculture, household appliances, transportation, and real estate experienced significant declines [1][2]. Sector Highlights - The leading sectors in terms of growth included servers, semiconductor silicon wafers, copper industry, nuclear fusion, Kimi, internet celebrity economy, optical modules (CPO), optical communication, partnerships with Pinduoduo, superconductors, online games, AIPC, short drama games, rare metals selection, and DeepSeek [2].

- Model Name: ETF Premium and Discount Rate Model; Model Construction Idea: The model calculates the premium and discount rates of ETFs to reflect investor sentiment; Model Construction Process: The premium and discount rates are calculated using the formula: $ \text{Discount Rate} = \frac{\text{Total Transaction Amount of Block Trade}}{\text{Total Market Value of Shares Traded on the Day}} - 1 $ [23][26][27] - Model Name: Margin Trading Balance Model; Model Construction Idea: The model measures the balance of margin trading to reflect market activity; Model Construction Process: The balance of margin trading is calculated by summing the financing balance and the securities lending balance. The proportion of margin trading balance to the market's total circulating market value and the proportion of margin trading transactions to the market's total transaction amount are also calculated [19][22][24] - Model Name: Stock Index Futures Basis Model; Model Construction Idea: The model calculates the annualized basis rate of stock index futures to reflect market expectations; Model Construction Process: The annualized basis rate is calculated using the formula: $ \text{Annualized Basis Rate} = \frac{\text{Basis}}{\text{Index Price}} \times \left( \frac{250}{\text{Remaining Trading Days of the Contract}} \right) $ [28][29][31] - Factor Name: Sealing Rate; Factor Construction Idea: The factor measures the proportion of stocks that hit the highest price and closed at the highest price; Factor Construction Process: The sealing rate is calculated using the formula: $ \text{Sealing Rate} = \frac{\text{Number of Stocks with Highest Price and Closed at Highest Price}}{\text{Number of Stocks with Highest Price}} $ [16] - Factor Name: Consecutive Sealing Rate; Factor Construction Idea: The factor measures the proportion of stocks that closed at the highest price for two consecutive days; Factor Construction Process: The consecutive sealing rate is calculated using the formula: $ \text{Consecutive Sealing Rate} = \frac{\text{Number of Stocks Closed at Highest Price for Two Consecutive Days}}{\text{Number of Stocks Closed at Highest Price Yesterday}} $ [16] Model Backtest Results - ETF Premium and Discount Rate Model, Premium Rate: 1.77% (New Energy Vehicle Battery ETF), Discount Rate: 0.95% (CSI 2000 ETF) [23][25] - Margin Trading Balance Model, Margin Trading Balance: 19847 billion yuan, Financing Balance: 19706 billion yuan, Securities Lending Balance: 142 billion yuan, Margin Trading Balance to Circulating Market Value Ratio: 2.3%, Margin Trading Transactions to Market Transaction Amount Ratio: 10.4% [19][21][22] - Stock Index Futures Basis Model, Annualized Basis Rate: 0.25% (SSE 50), -3.17% (CSI 300), -11.41% (CSI 500), -12.84% (CSI 1000) [28][29][31] Factor Backtest Results - Sealing Rate, 59% [16] - Consecutive Sealing Rate, 25% [16]

Market Overview - The A-share market saw most major indices decline today, with the Shanghai Composite Index falling by 0.33% to close at 3593.66 points, and the Shenzhen Component Index decreasing by 0.22% to 11168.14 points. The ChiNext Index dropped by 0.23% to 2340.06 points, while the Sci-Tech 50 Index increased by 2.07% to 1054.20 points. Overall, 2724 stocks declined, 2532 stocks rose, and 158 stocks remained flat, with total trading volume in the Shanghai and Shenzhen markets amounting to 12189 billion yuan, a decrease of 6258.16 billion yuan from the previous trading day [1][2]. Industry Performance - Among the primary industries, electronic, computer, real estate, light manufacturing, textile and apparel, and media sectors led the gains, while construction decoration, building materials, food and beverage, coal, comprehensive, and steel industries experienced declines [1][2]. Sector Highlights - The top-performing concept sectors today included GPU, Kimi, multimodal models, ChatGPT, photolithography machines, intelligent agents, servers, selected rare metals, AIGC, artificial intelligence, machine vision, ASIC chips, selected semiconductors, Xiaohongshu platform, and Pinduoduo partners [2].