1. 情绪模型观点：市场情绪平稳，价量一致性高 位震荡 根据《从结构化视角全新打造市场情绪择时模型》文中提到的构建思路，目前我们用于构建市场情绪结构指标用到的细分指标如下表。 | 指标简称 | 含义 | 情绪指示方向 | | --- | --- | --- | | 行业间交易波动率 | 资金在各板块间的交易活跃度 | 正向 | | 行业交易拥挤度 | 极值状态判断市场是否过热 | 负向 | | 价量一致性 | 资金情绪稳定性 | 正向 | | 科创 50 成交占比 | 资金风险偏好 | 正向 | | 行业涨跌趋势性 | 刻画市场轮涨补涨程度，趋势衡量 | 正向 | | BSI | 价格体现买方和卖方力量相对强弱 | 正向 | | 主力买入力量 | 主力资金净流入水平 | 正向 | | PCR 结合 VIX | 从期权指标看市场多空情绪 | 正向或负向 | | 融资余额占比 | 资金对当前和未来观点多空 | 正向 | 在指标合成方法上，模型采用打分的方式， 根据每个分项指标所提示的情绪方向和所处布林轨道位置计算各指标分数，指标分数可分为（-1，0，1）三种情况，最终对各个指标分数等权求和。最终的情绪结构指标为求 ...

Group 1: Market Sentiment - The market sentiment score continued to decline, reaching 2.4 as of December 5, down from 3.15 the previous week, indicating a bearish outlook from a sentiment perspective [2][8] - The overall trading activity in the market decreased, with total A-share trading volume dropping by 2.35% week-on-week, averaging 16,961.78 billion yuan, reflecting reduced market activity [15] - The financing balance ratio has been on the rise, reaching a three-year high, suggesting an increase in leveraged funds and a structural recovery in market risk appetite [28] Group 2: Sector Performance - The short-term scores for sectors such as telecommunications, household appliances, national defense, social services, and building materials have shown upward trends, with the petroleum and petrochemical sector having the highest short-term score of 79.66 [40][41] - The industry trading volatility has slightly decreased, indicating a slowdown in the pace of capital switching between sectors, with liquidity marginally weakening [23][26] - The correlation between sector crowding and weekly price changes is negligible, suggesting that high crowding sectors like national defense and telecommunications have experienced significant gains, but caution is advised regarding potential high-level pullbacks [44][46] Group 3: Timing Models - The current model indicates a preference for large-cap and value styles, with signals suggesting a potential strengthening of these trends in the future [40][50] - The communication sector has seen a rapid increase in short-term scores, indicating a favorable outlook for this sector [40] - The model's analysis of the relative strength index (RSI) suggests that while the value style is currently dominant, there may be a weakening of this signal in the near future [50]

Market Overview - The A-share market showed mixed performance today, with the Shanghai Composite Index down by 0.06% closing at 3875.79 points, while the Shenzhen Component Index rose by 0.40% to 13006.72 points. The ChiNext Index increased by 1.01% to 3067.48 points. Overall, 1454 stocks rose and 3874 stocks fell, with a total trading volume of 1549 billion yuan, a decrease of 121 billion yuan from the previous trading day [1][12]. Industry Performance - Among the Shenwan first-level industries, the top gainers included machinery and equipment (up 0.90%), electronics (up 0.78%), national defense and military (up 0.55%), telecommunications (up 0.50%), and non-ferrous metals (up 0.33%). Conversely, the sectors that experienced the largest declines were comprehensive (down 2.11%), beauty care (down 1.89%), social services (down 1.62%), commercial retail (down 1.55%), and textile and apparel (down 1.43%) [1][12]. Concept Sectors - The leading concept sectors today included Moore Threads, satellite internet, semiconductor equipment, commercial aerospace, GPU, decelerators, Yushu Robotics, embodied intelligence, satellite navigation, large aircraft, excavators, humanoid robots, industrial mother machines, new industrialization, and low-altitude economy [2][11].