Group 1 - The report indicates that trading sentiment is gradually warming up, with market allocation indicators continuously improving and asset linkage indicators remaining at historical extreme levels [2] - The relative value of stocks compared to bonds is at historical extremes, with the equity risk premium (ERP) near one standard deviation [2][4] - The overall A-share index PE valuation is at 19.9, with most broad-based index PE valuations above the 50% historical percentile, while the ChiNext index PE valuation is around the 10% historical percentile, indicating relative undervaluation [2][17] Group 2 - Trading indicators have shown a month-on-month recovery, suggesting that market trading sentiment is gradually warming from a stage bottom [2] - The proportion of stocks above the 50-week moving average has increased compared to the previous month, indicating a positive trend in individual stocks [2][34] - The monthly maximum daily trading volume accounted for 47% of the previous high, showing a recovery in market trading activity [2][28] Group 3 - The report highlights that the net reduction of industrial capital reached 19.475 billion yuan in June 2025, indicating an increase in the scale of net reduction compared to the previous month [2][40] - The three major funding entities' indicators have shown a recovery, with financing balances and newly established fund shares increasing compared to the previous month [2][43] - The stock repurchase scale has decreased to 12.612 billion yuan, reflecting a decline in repurchase activity compared to May [2][37]

证券研究报告 2025年05月01日 策略报告：投资策略 分析师 林晨 SAC执业证书编号：S1110524040002 联系人 汪书慧 联系人 陈英奇 请务必阅读正文之后的信息披露和免责申明 1 摘要 部分指标延续上月走势，交易情绪持续降温、资产联动指标依然位于极值位置。我们将4大类指标展开进行分析，最新监测结论如下表所示： 1）资产联动指标中股债相关指标显示目前股票相对债券的配置价值在长周期上仍处高位，ERP处于1倍标准差之上；市场配置指标方面，目前全A 指数PE估值为18.5，大部分宽基指数PE估值历史分位数位于50%以下，创业板指PE估值历史分位数低于10%，估值相对偏低，估值分化程度较上月 基本持平。 5月，应对"特朗普"不确定 A股动静框架之静态指标 作者： 分析师 吴开达 SAC执业证书编号：S1110524030001 2）市场交易/情绪指标方面，换手率、成交额占前高比例等均出现一定幅度下滑，表明市场交易热度持续降温，行业趋势指标较上月未有明显变 化，而个股趋势指标表明50周均线上方的个股比例较上月有所下滑。 3）投资者行为方面，回购规模大幅上升，产业资本减持规模大幅收窄，主体资金流较上月回落 ...