Market Overview - On June 18, the Shanghai Composite Index rose by 0.04%, the Shenzhen Component Index increased by 0.24%, the ChiNext Index went up by 0.23%, and the CSI 300 Index gained 0.12% [1] - Among the tradable A-shares, 1,813 stocks rose, accounting for 33.54%, while 3,479 stocks declined [1] Capital Flow - The main capital experienced a net outflow of 17.787 billion yuan, marking five consecutive trading days of net outflows [1] - The ChiNext saw a net outflow of 7.021 billion yuan, while the STAR Market had a net outflow of 378 million yuan; however, the CSI 300 constituents had a net inflow of 1.425 billion yuan [1] Industry Performance - Out of the 28 first-level industries classified by Shenwan, 9 industries saw gains, with the electronics and communication sectors leading with increases of 1.50% and 1.39%, respectively [1] - The sectors with the largest declines were beauty care and real estate, which fell by 1.73% and 1.35%, respectively [1] Industry Capital Inflow and Outflow - The electronics industry had the highest net capital inflow of 4.346 billion yuan, with a daily increase of 1.50% [1] - The banking sector also saw a net inflow of 1.314 billion yuan, with a daily increase of 0.92% [1] - Conversely, the pharmaceutical and biological industry experienced the largest net outflow of 3.729 billion yuan, declining by 0.85% [1] - Other sectors with significant net outflows included the computer industry, which saw a net outflow of 3.030 billion yuan, and non-bank financials, basic chemicals, and non-ferrous metals [1] Individual Stock Performance - A total of 1,750 stocks had net capital inflows, with 515 stocks seeing inflows exceeding 10 million yuan; 52 stocks had inflows over 100 million yuan [2] - The stock with the highest net inflow was Huadian Technology, which rose by 10.00% with a net inflow of 718 million yuan [2] - Other notable inflows included Zhongchao Holdings and Bank of China, with net inflows of 624 million yuan and 465 million yuan, respectively [2] - Stocks with net outflows exceeding 100 million yuan included Lakala, Rongfa Nuclear Power, and Dongfang Caifu, with outflows of 826 million yuan, 735 million yuan, and 415 million yuan, respectively [2]

Quantitative Models and Construction Diffusion Index Model - **Model Name**: Diffusion Index Model [6][26] - **Model Construction Idea**: The model is based on the principle of price momentum, aiming to capture upward trends in industry performance. It selects industries with positive momentum for rotation. [26] - **Model Construction Process**: - The model calculates a diffusion index for each industry, which reflects the proportion of stocks within the industry exhibiting upward momentum. - Industries are ranked based on their diffusion index values, and the top industries are selected for portfolio allocation. [6][27] - **Model Evaluation**: The model has shown strong performance in capturing trends during momentum-driven markets but struggles during market reversals or when trends shift to mean-reversion. [26] - **Testing Results**: - 2025 YTD excess return: -0.44% [25][30] - June 2025 excess return: 1.20% [30] - Weekly average return: 0.21%, excess return over equal-weighted industry index: 0.37% [30] GRU Factor Model - **Model Name**: GRU Factor Model [7][32] - **Model Construction Idea**: This model leverages GRU (Gated Recurrent Unit) deep learning networks to process high-frequency price and volume data, aiming to identify industry rotation opportunities. [37] - **Model Construction Process**: - The model uses minute-level price and volume data as input features. - A GRU neural network is trained to predict industry factor scores, which are then used to rank industries for rotation. [37] - **Model Evaluation**: The model performs well in short-term trading environments but faces challenges in long-term trend-following scenarios, especially during extreme market conditions. [37] - **Testing Results**: - 2025 YTD excess return: -4.13% [32][35] - June 2025 excess return: 0.00% [35] - Weekly average return: 0.42%, excess return over equal-weighted industry index: 0.58% [35] --- Backtesting Results of Models Diffusion Index Model - **YTD Excess Return**: -0.44% [25][30] - **June 2025 Excess Return**: 1.20% [30] - **Weekly Average Return**: 0.21% [30] - **Weekly Excess Return**: 0.37% [30] GRU Factor Model - **YTD Excess Return**: -4.13% [32][35] - **June 2025 Excess Return**: 0.00% [35] - **Weekly Average Return**: 0.42% [35] - **Weekly Excess Return**: 0.58% [35] --- Quantitative Factors and Construction GRU Industry Factor - **Factor Name**: GRU Industry Factor [7][33] - **Factor Construction Idea**: The factor is derived from GRU neural network outputs, representing the relative attractiveness of industries based on high-frequency trading data. [37] - **Factor Construction Process**: - The GRU model processes minute-level trading data to generate factor scores for each industry. - Industries are ranked based on their factor scores, and the top industries are selected for portfolio allocation. [37] - **Factor Evaluation**: The factor effectively captures short-term trading signals but may underperform in broader market trends or during periods of concentrated market themes. [37] - **Testing Results**: - Top industries by factor score (as of June 13, 2025): Steel (2.42), Construction (1.47), Transportation (0.85), Real Estate (0.59), Utilities (-0.01), Oil & Gas (-1.52) [7][33] - Bottom industries by factor score: Food & Beverage (-49.88), Comprehensive Finance (-33.65), Consumer Services (-25.42), Media (-21.94), Automotive (-20.34), Non-Banking Finance (-18.36) [33] Diffusion Index Factor - **Factor Name**: Diffusion Index Factor [6][27] - **Factor Construction Idea**: The factor measures the proportion of stocks within an industry showing upward momentum, serving as a proxy for industry strength. [6] - **Factor Construction Process**: - Calculate the diffusion index for each industry based on the percentage of stocks with positive momentum. - Rank industries by their diffusion index values to identify the strongest performers. [6][27] - **Factor Evaluation**: The factor is effective in identifying momentum-driven industries but may lag during market reversals. [26] - **Testing Results**: - Top industries by diffusion index (as of June 13, 2025): Comprehensive Finance (1.0), Non-Banking Finance (0.997), Banking (0.97), Media (0.953), Computing (0.936), Retail (0.93) [6][27] - Bottom industries by diffusion index: Coal (0.166), Oil & Gas (0.297), Food & Beverage (0.323), Utilities (0.604), Real Estate (0.629), Building Materials (0.657) [27] --- Backtesting Results of Factors GRU Industry Factor - **Top Industries by Factor Score**: Steel (2.42), Construction (1.47), Transportation (0.85), Real Estate (0.59), Utilities (-0.01), Oil & Gas (-1.52) [7][33] - **Bottom Industries by Factor Score**: Food & Beverage (-49.88), Comprehensive Finance (-33.65), Consumer Services (-25.42), Media (-21.94), Automotive (-20.34), Non-Banking Finance (-18.36) [33] Diffusion Index Factor - **Top Industries by Diffusion Index**: Comprehensive Finance (1.0), Non-Banking Finance (0.997), Banking (0.97), Media (0.953), Computing (0.936), Retail (0.93) [6][27] - **Bottom Industries by Diffusion Index**: Coal (0.166), Oil & Gas (0.297), Food & Beverage (0.323), Utilities (0.604), Real Estate (0.629), Building Materials (0.657) [27]

Market Overview - The Shanghai Composite Index increased by 0.05% as of the morning close, with a trading volume of 635.63 million shares and a transaction amount of 805.66 billion yuan, representing a decrease of 13.90% compared to the previous trading day [1]. Industry Performance - The top-performing sectors included Media, Real Estate, and Comprehensive, with gains of 2.40%, 2.13%, and 1.77% respectively [1]. - The sectors with the largest declines were Agriculture, Forestry, Animal Husbandry, and Fishery, Beauty and Personal Care, and Pharmaceutical Biology, with losses of 0.84%, 0.81%, and 0.75% respectively [1][2]. Detailed Industry Data - **Media**: Increased by 2.40%, with a transaction amount of 422.57 billion yuan, up by 8.45% from the previous day. Leading stock: Light Media, up by 19.98% [1]. - **Real Estate**: Increased by 2.13%, with a transaction amount of 102.77 billion yuan, up by 20.27%. Leading stock: Hefei Urban Construction, up by 9.99% [1]. - **Comprehensive**: Increased by 1.77%, with a transaction amount of 16.81 billion yuan, down by 13.30%. Leading stock: Dongyangguang, up by 6.27% [1]. - **Pharmaceutical Biology**: Decreased by 0.75%, with a transaction amount of 709.73 billion yuan, down by 20.93%. Leading stock: Kanghui Pharmaceutical, down by 8.63% [2]. - **Beauty and Personal Care**: Decreased by 0.81%, with a transaction amount of 45.08 billion yuan, down by 35.60%. Leading stock: Huaye Fragrance, down by 4.74% [2]. - **Agriculture, Forestry, Animal Husbandry, and Fishery**: Decreased by 0.84%, with a transaction amount of 99.27 billion yuan, down by 26.97%. Leading stock: Guibao Pet, down by 4.82% [2].

并购重组是支持上市公司注入优质资产，提升投资价值的重要工具。近年来，在政 策持续优化与产业转型升级的推动下，上市公司并购重组市场显著升温。特别是"并购六 条"等政策发布以来，沪深市场并购重组案例同比明显多增，产业协同和发展新质生产力 成为主线。 上海证券交易所日前公布的数据显示，"科创板八条"2024年6月发布以来，科创板新 增披露产业并购超100单，已披露交易金额超330亿元。今年以来，科创板新增披露40多 单并购交易。拉长时间维度看，"科创板八条"发布后推出的现金重大收购及发股类交 易，已超过2019年至2023年5年单数总和。 丨 来源：新华社 2025-06-12 新华社北京6月12日电 题：政策暖风频吹 上市公司并购重组活跃 上交所相关负责人表示，并购重组已成为科创企业快速获取技术能力、获得上下游 产业链协同支持的重要途径。一大批体现新质生产力方向、具有产业整合逻辑的上市公 司之间并购重组案例已在科创板渐次落地。 深市方面，据深交所统计，2024年9月24日"并购六条"发布以来，深市新增披露864 单并购重组，金额合计3972亿元。其中重大资产重组100单，金额合计1803亿元，分别 同比增长213 ...

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report - From June 3rd to June 6th, 2025, the A-share market oscillated and consolidated, with major stock indices rising moderately. The small and medium-cap and science and technology innovation sectors performed prominently. The convertible bond market warmed up overall, with funds preferring small and medium-cap high-elasticity targets. The daily average trading volume rose to 64.57 billion yuan. The valuation of low-par convertible bonds was significantly repaired, while the medium and high-par range showed caution, and risk appetite increased. At the industry level, convertible bonds in sectors such as media and light manufacturing led the gains. At the individual bond level, those with higher gains were mostly driven by underlying stocks. The supply in the primary market was stable, and clause games were active. It is necessary to pay attention to changes on the supply side. Overall, the market's rotation and repair trend continued. Short-term allocation suggestions should balance low-valuation repair opportunities and the defensive value of high-rated blue-chip convertible bonds, and flexibly grasp the structural market [2][6]. Summary According to Relevant Catalogs Market Weekly Review - **A-share Market**: The major A-share stock indices continued their moderate warming trend. The Shanghai Composite Index rose 1.1%, the Shenzhen Component Index rose 1.4%, and the ChiNext Index led the gains with a 2.3% increase. In terms of style, small and medium-cap and science and technology innovation indices were more elastic, with the Science and Technology Innovation 50 Index rising 2.3%, indicating a gradual repair of market risk appetite. In terms of funds, the daily average trading volume rose to 1.2 trillion yuan, and the net outflow of main funds narrowed by 6.4 billion yuan to 7.3 billion yuan compared with the previous week, and trading activity increased moderately. Overall, the risk appetite of the A-share market warmed up, and capital games were concentrated in small and medium-cap and science and technology innovation directions. The market entered a rotation and repair stage. It is recommended to focus on high-prosperity and low-level repair opportunities in the short term, and balance the structural opportunities of active small and medium-cap sectors [10]. - **Convertible Bond Market**: The convertible bond market significantly warmed up, and activity was moderately repaired. The ChinaBond Convertible Bond Index rose 1.08% across weeks, and the daily average trading volume rose to 64.57 billion yuan. Structurally, small and medium-cap convertible bonds were more active, indicating that funds were seeking offensive opportunities under the previous cautious sentiment, and market risk appetite increased. There was a differentiation in the parity range. The valuation of low-par convertible bonds was significantly repaired, while the medium and high-par range had limited fluctuations, reflecting active capital games on low-level high-elasticity targets. The implied volatility and price median increased slightly, and there was still repair momentum. At the industry level, convertible bonds in the media and light manufacturing sectors performed prominently, while adjustment pressures emerged in high-elasticity directions such as home appliances and communications. At the individual bond level, those with higher gains were mostly driven by underlying stocks, and the market preferred repair opportunities that combined fundamental support and elasticity. Overall, the convertible bond market continued to be actively volatile, and capital allocation focused on medium and low-price high-elasticity targets [10]. - **Primary Market**: The supply in the primary market of convertible bonds was generally stable. One enterprise updated its convertible bond issuance plan and was in the stage of passing the listing committee. The total scale of convertible bond issuance projects at the exchange acceptance stage and later remained at 58.99 billion yuan, and the supply rhythm was generally stable. In terms of clause games, five convertible bonds announced that they were expected to trigger downward revisions, and five announced no downward revisions. On the redemption side, two announced that they were expected to trigger redemptions, one announced no early redemption, and one announced early redemption. Overall, the market supply remained stable, and clause games and redemption operations continued. It is still necessary to pay attention to marginal changes on the supply side in the future [10]. Convertible Bond Allocation Suggestions - The convertible bond market was actively volatile during the week, and risk appetite increased slightly. In terms of allocation, it is recommended to adhere to the idea of "balanced allocation + gaming elasticity": focus on allocating large-cap blue-chip convertible bonds with high ratings, low premiums, and sufficient liquidity to balance low volatility and stable returns; at the same time, moderately grasp the periodic repair opportunities of low-par high-elasticity convertible bonds, focus on high-quality bonds in sectors such as media and light manufacturing with underlying stock prosperity support and performance certainty, and balance returns and risks [8]. Market Theme Weekly Review - **Equity Theme Weekly Review**: From June 3rd to June 6th, 2025, the A-share market continued its structural rotation. The technology sector warmed up, and short-term gaming sentiment was active. The daily limit style was prominent, with the daily limit index rising 8.0%, the first daily limit non-ST index rising 7.5%, and the first daily limit index rising 7.1%, reflecting high activity of short-term funds. Meanwhile, high-prosperity directions such as the digital economy and communication infrastructure strengthened. The optical module (CPO) index and the optical communication index rose 9.6% and 6.6% respectively, and the digital currency index and the east-west computing index also recorded gains of over 4%. Funds focused on structural repair opportunities for high-quality themes. The financial technology and pharmaceutical sectors also performed well, with the financial technology index rising 3.9%, the pharmaceutical centralized procurement index rising 3.7%, the cross-border payment index rising 3.4%, and the innovative drug index rising 2.6%. However, the automotive sector corrected, with theme sectors such as the new energy vehicle index, intelligent driving index, humanoid robot index, and Huawei automotive index experiencing corrections. Overall, the market was still mainly driven by events and capital games in the short term, with obvious characteristics of rotation repair and high-low level switching. The technology sector warmed up, but funds preferred low-level directions with fundamental support [14]. - **Convertible Bond Weekly Review**: From June 3rd to June 6th, 2025, the convertible bond market significantly warmed up, and overall trading activity increased significantly. Capital allocation tilted towards small and medium-cap directions with high elasticity and prosperity support. In terms of the market, the ChinaBond Convertible Bond Index rose 1.08% across weeks, the large-cap index rose 0.66%, the medium-cap index rose 1.19%, and the small-cap index performed the strongest, with a gain of 1.61%, indicating an increase in market risk appetite and a preference for small and medium-cap elastic targets. In terms of the parity range, the valuation of medium and low-par convertible bonds stretched significantly, while the medium and high-par range overall warmed up slightly. There was also a structural differentiation in the market price range, and the high-price range adjusted. At the industry level, the media, light manufacturing, and beauty care sectors led the gains. At the individual bond level, the convertible bonds with higher gains were mostly driven by underlying stocks, and trading opportunities were concentrated in targets with prosperity support and high elasticity. The supply rhythm in the primary market slowed down. Only one listed enterprise updated its convertible bond issuance plan during the week, with a scale of 450 million yuan, and the supply risk was temporarily controllable. Overall, the risk appetite of the convertible bond market warmed up moderately in the short term, and capital preferences were concentrated in medium and low-price and some medium and high-par range convertible bonds. It is recommended to pay attention to repair opportunities in the medium and low-par range and balance the stable allocation of large-cap convertible bonds [17]. Weekly Market Outlook - **A-share Market**: The A-share market is expected to continue its oscillating rotation characteristics, and the market style will gradually tilt towards balanced allocation. Capital layout will also tend to low-level repair and growth directions. In the short term, it is necessary to be vigilant against the high-level adjustment pressure of some previously strong sectors. It is recommended to focus on sectors such as pharmaceuticals and consumption with good prosperity sustainability and performance support [19]. - **Convertible Bond Market**: In the short term, the convertible bond market may experience a decline in activity with the fluctuations of the equity market, and risk appetite will still be differentiated. It is recommended to focus on allocating medium and high-price convertible bonds with low premiums, high certainty, and underlying stock elasticity, and pay attention to targets with capital allocation value in industries such as basic chemicals and transportation. In terms of strategy, it is recommended to balance the defensive attributes of high-rated blue-chip convertible bonds and the periodic gaming opportunities of small and medium-cap elastic convertible bonds, moderately grasp the structural repair window, and prevent the trading congestion risk of high-level sectors [19].

Market Overview - The A-share market saw most indices decline today, with the Shanghai Composite Index down by 0.44% closing at 3384.82 points, and the Shenzhen Component Index down by 0.86% closing at 10162.18 points [1] - The ChiNext Index fell by 1.17% to close at 2037.27 points, while the Sci-Tech 50 Index decreased by 1.47% to 982.90 points [1] - Overall, 4034 stocks declined while 1260 stocks rose, with a total trading volume of 14154 billion yuan, an increase of 1289.67 billion yuan compared to the previous trading day [1] Industry Performance - Among the Shenwan first-level industries, sectors such as beauty care, banking, pharmaceutical biology, transportation, media, and non-ferrous metals led the gains, while sectors like defense, computer, electronics, communication, non-bank financials, and construction materials experienced declines [1] Sector Highlights - The top-performing concept sectors today included tax refunds for outbound tourists, rare earth permanent magnets, medical beauty, pet economy, and biobreeding, among others [1]

Group 1 - The core viewpoint of the news is that the recent approval of a merger and acquisition project by Fulede marks the first successful case under the new restructuring regulations, indicating a significant shift in the M&A landscape in China [1][2] - Since the introduction of the "M&A Six Guidelines" in September 2024, the Shenzhen market has seen a substantial increase in M&A activities, with 817 disclosed transactions totaling 379.7 billion, representing year-on-year growth of 63% and 111% respectively [1] - The new regulations have led to a notable rise in major asset restructurings, with 99 transactions amounting to 178.4 billion, reflecting year-on-year increases of 219% and 215% [1] Group 2 - The revised regulations by the China Securities Regulatory Commission (CSRC) aim to simplify the approval process and enhance the inclusivity of the M&A market, thereby facilitating quicker resource integration for companies [2] - The new rules introduce a classification system for regulatory standards, increasing tolerance for same-industry competition and related transactions, while also adjusting requirements for improving financial conditions [2][3] - The regulations encourage private equity funds to participate in M&A activities by implementing a "reverse linkage" mechanism for investment and lock-up periods, which is expected to enhance market liquidity [3] Group 3 - The Shenzhen Stock Exchange plans to continue improving the M&A restructuring system and enhance regulatory services to support the quality of listed companies [4] - There is a strong emphasis on maintaining regulatory oversight to prevent market irregularities such as false restructurings and excessive speculation, ensuring a stable development of the M&A market [4]

- The report suggests that the market is currently at a good point for building positions due to sufficient pessimistic expectations indicated by factors such as futures discount and reduced trading volume[1][10][11] - The report highlights that if the annualized discount of the CSI 500 index futures exceeds 15%, buying the CSI 500 index and holding it for more than 12 trading days can lead to average cumulative returns increasing, with a win rate exceeding 50% after 33 trading days and reaching about 60% after 50 trading days[1][11] - The report mentions that the public funds are inclined to adjust their benchmark to the CSI 800, which has higher allocations in pharmaceuticals, chemicals, and computers compared to the previous mainstream benchmark CSI 300, potentially bringing event-driven returns[2][12] - The report constructs a "active capital activity indicator" based on the Dragon and Tiger list data, which has been declining since the end of April, indicating a decrease in risk appetite among active funds, but has recently shown signs of marginal recovery[3][13] - The report monitors the activity of informed traders, noting that the informed trader activity indicator has been hovering near the zero line, suggesting a cautious attitude towards the market[15] - The report calculates the rolling 12-month ROE and net profit growth rate changes for Shenwan first-level industries, with industries like light manufacturing, building materials, and real estate showing significant growth in net profit expectations[18][19] - The report observes that the net inflow of margin trading funds this week is highest in the pharmaceutical and biological industry, with a net inflow of 2.69 billion yuan[20][21] - The report analyzes the performance of BARRA style factors, noting that fundamental-related factors have shown significant positive excess returns, and funds prefer growth over value in the short term[23][24] Quantitative Models and Construction Methods 1. **Model Name: Active Capital Activity Indicator** - **Construction Idea**: Based on Dragon and Tiger list data to measure the activity level of active funds - **Construction Process**: The indicator is constructed by tracking the trading activity of active funds listed on the Dragon and Tiger list, with a focus on their buying and selling behavior over time[3][13] - **Evaluation**: Indicates the risk appetite of active funds, useful for understanding market sentiment[3][13] 2. **Model Name: Informed Trader Activity Indicator** - **Construction Idea**: Measures the activity level of informed traders to gauge market sentiment - **Construction Process**: The indicator is constructed by analyzing the trading activity of informed traders, focusing on their buying and selling patterns and their impact on market movements[15] - **Evaluation**: Provides insights into the cautious or optimistic attitudes of informed traders towards the market[15] Quantitative Factors and Construction Methods 1. **Factor Name: Futures Discount Factor** - **Construction Idea**: Based on the annualized discount of the CSI 500 index futures - **Construction Process**: The factor is constructed by calculating the annualized discount of the CSI 500 index futures and analyzing its impact on the index's performance over different holding periods[1][11] - **Evaluation**: Historical data shows that a significant discount can indicate a good entry point for building positions[1][11] 2. **Factor Name: Industry ROE and Net Profit Growth Factor** - **Construction Idea**: Based on the rolling 12-month ROE and net profit growth rate changes for Shenwan first-level industries - **Construction Process**: The factor is constructed by calculating the rolling 12-month ROE and net profit growth rate changes for each industry, and identifying industries with significant growth[18][19] - **Evaluation**: Helps identify industries with strong growth potential and positive market expectations[18][19] Factor Backtesting Results 1. **Futures Discount Factor** - **Win Rate after 33 Trading Days**: >50%[1][11] - **Win Rate after 50 Trading Days**: ~60%[1][11] 2. **Industry ROE and Net Profit Growth Factor** - **Light Manufacturing Net Profit Growth**: 0.63%[18][19] - **Building Materials Net Profit Growth**: 0.56%[18][19] - **Real Estate Net Profit Growth**: 0.49%[18][19] Style Factor Performance 1. **Turnover**: -0.3%[24] 2. **Financial Leverage**: 0.0%[24] 3. **Earnings Volatility**: 0.3%[24] 4. **Earnings Quality**: 0.2%[24] 5. **Profitability**: 0.3%[24] 6. **Investment Quality**: 0.1%[24] 7. **Long-term Reversal**: 0.1%[24] 8. **EP Value**: -0.1%[24] 9. **BP Value**: 0.0%[24] 10. **Growth**: 0.1%[24] 11. **Momentum**: 0.2%[24] 12. **Non-linear Size**: -0.3%[24] 13. **Size**: -0.5%[24] 14. **Volatility**: 0.2%[24] 15. **Near-term Reversal**: 0.4%[24] 16. **Dividend Yield**: -0.1%[24]

证券时报·数据宝统计，今日有4个行业主力资金净流入，27个行业主力资金净流出。资金净流入金额最 大的行业为银行，涨跌幅0.64%，整体换手率0.29%，成交量较前一个交易日变动30.64%，主力资金净 流量7.87亿元；今日资金净流出最大的行业为计算机，涨跌幅-1.69%，整体换手率3.57%，成交量较前 一个交易日变动-13.22%，主力资金净流量-67.41亿元。（数据宝） 今日各行业主力资金流向一览 | 轻工制 | 20.61 | -4.76 | 2.49 | -1.67 | -12.48 | | --- | --- | --- | --- | --- | --- | | 造 | | | | | | | 食品饮 料 | 18.10 | -12.73 | 1.99 | -0.87 | -12.98 | | 传媒 | 35.77 | 3.78 | 2.46 | -1.31 | -13.31 | | 有色金 属 | 23.70 | -13.38 | 1.09 | -0.98 | -13.44 | | 非银金 | 26.52 | -6.83 | 0.64 | -0.51 | -17.04 | | 融 | | | ...

Market Performance - The overall market rebounded last week, with major indices showing mixed performance. The Shanghai Composite Index closed at 3367.46 points, up 0.76% for the week, while the ChiNext Index closed at 2039.45 points, up 1.38% [1] - In terms of sector performance, the automotive, non-bank financial, and retail indices had the highest gains, while comprehensive finance, computer, and defense industry indices experienced the largest declines [1] Valuation Levels and Weekly Changes - The ChiNext Index had a TTM PE of 30.95 and increased by 1.38% for the week, but decreased by 7.94% over the last quarter and 4% this year [2] - The Shanghai 50 Index had a TTM PE of 10.93, rising by 1.22% weekly, with a quarterly increase of 2.10% and a year-to-date increase of 1% [2] - The CSI 300 Index had a TTM PE of 12.56, with a weekly increase of 1.12%, but a quarterly decrease of 1.27% and a year-to-date decrease of 1% [2] Sector Performance - The automotive index rose by 2.71% last week, while the non-bank financial index increased by 2.67% [3] - The retail index saw a weekly increase of 2.23%, and the transportation index rose by 2.12% [3] - Conversely, the comprehensive finance index fell by 0.79%, and the computer index decreased by 1.40% [3] Major Market Events - Insurance capital is set to play a larger role in supporting the capital market, with the approval of an additional 600 billion yuan for long-term investments [5] - A new model of floating management fee funds has been introduced, which ties management fees to investor returns, promoting better alignment of interests between fund managers and investors [6] - The fund industry is seeing significant reforms, including the establishment of clear guidelines for public funds to act as "active shareholders" in corporate governance [9]