Market Performance - The ChiNext 50 Index fell by 5.54% and the ChiNext Index dropped by 6.15% over the last five trading days, while the large-cap indices showed a decline of 1.73% for the large-cap value and 4.25% for the large-cap growth [1] - The Shanghai Composite Index decreased by 3.90%, and the small-cap index represented by the CSI 2000 fell by 6.24%, with banks and media sectors performing relatively well, while power equipment and conglomerates lagged behind [1] Valuation Levels - As of November 21, 2025, the static PE ratio of the CSI All Share Index is at the 76th percentile, with the Shanghai 50 and CSI 300 at 76% and 71% respectively, indicating that the ChiNext Index is close to the 46th percentile, while the CSI 500 and CSI 1000 are at 58% and 51% respectively [1] ETF Fund Flows - In the last five trading days, ETF inflows amounted to 40.2 billion yuan, while margin trading decreased by approximately 13.6 billion yuan, with an average daily trading volume of 1.8473 trillion yuan across the two markets [2] Thematic Indexes - The latest thematic allocations include energy and high dividend strategies, specifically focusing on the CSI Energy Index, CSI Select High Dividend Strategy Index, and CSI Tourism Theme Index [2][3] Market Sentiment - The report includes observations on the proportion of stocks above the 200-day moving average, indicating market sentiment trends [11] Risk Preference Tracking - The report tracks the risk preferences between equity and bond assets, providing insights into investor behavior [12] Financing Balance - The report discusses the changes in financing balances, which reflect market liquidity and investor sentiment [14]

Market Performance - The Sci-Tech 50 Index decreased by 3.85% over the last five trading days, while the ChiNext Index fell by 3.01%. In contrast, the large-cap value stocks rose by 1.44%, and large-cap growth stocks declined by 1.64%. The Shanghai Stock Exchange 50 Index saw a minimal increase of 0.003%, and the small-cap index represented by the CSI 2000 dropped by 0.53%. The comprehensive and textile apparel sectors performed well, whereas the communication and electronics sectors lagged behind [1]. Valuation Levels - As of November 14, 2025, the static PE of the CSI All Share Index is at a percentile rank of 81%. The Shanghai Stock Exchange 50 and CSI 300 indices are at 77% and 73%, respectively. The ChiNext Index is close to the 50th percentile, while the CSI 500 and CSI 1000 indices are at 62% and 61%, respectively. The valuation of the ChiNext Index is relatively at the historical median level [1]. Risk Premium - The risk premium, calculated as the inverse of the static PE of the CSI All Share Index minus the yield of ten-year government bonds, stands at 2.78% as of November 14, 2025. The two-standard deviation boundary is at 4.74% [1]. ETF Fund Flows - In the last five trading days, ETF inflows amounted to 12.2 billion yuan, while the margin trading balance increased by approximately 7.7 billion yuan. The average daily trading volume across both markets was 20.226 billion yuan [2]. Thematic Indexes - The latest thematic allocations include energy and high dividend strategies, specifically focusing on the CSI Energy Index, CSI High Dividend Strategy Index, and CSI Tourism Theme Index among others [2][3].

Core Viewpoint - The China Securities Tourism Index has shown mixed performance, with a recent increase but a decline over the past month and year-to-date [2]. Group 1: Index Performance - The China Securities Tourism Index rose by 0.9% to 2783.81 points, with a trading volume of 6.719 billion yuan [1]. - Over the past month, the index has decreased by 4.42%, while it has increased by 1.01% over the last three months. Year-to-date, it has declined by 5.28% [2]. Group 2: Index Composition - The index includes up to 50 listed companies involved in various sectors of the tourism industry, such as accommodation, sightseeing, shopping, entertainment, and transportation [2]. - The top ten weighted companies in the index are: China Duty Free Group (14.99%), Songcheng Performance (7.39%), Shanghai Airport (6.38%), Jinjiang Hotels (5.53%), Shougang Hotel (5.15%), China Eastern Airlines (5.13%), Southern Airlines (5.05%), Air China (4.48%), Spring Airlines (4.38%), and Hainan Airport (3.87%) [2]. - The industry composition of the index shows that consumer services account for 48.04%, transportation for 31.30%, retail for 14.99%, and real estate for 5.67% [2]. Group 3: Index Adjustment - The index samples are adjusted semi-annually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]. Group 4: Related Funds - Public funds tracking the China Securities Tourism Index include the Fortune China Securities Tourism Theme ETF and the Huaxia China Securities Tourism Theme ETF [4].