1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - The overall domestic and overseas macro - environment in China remains stable. Domestically, the approaching "Two Sessions" brings positive policy expectations that strongly support the market. Overseas, the planned visit of Trump from March 31 to April 2 and the potential Sino - US summit reduce the short - term possibility of trade risks. The risk preference of the equity market is expected to remain strong. It is recommended to continue holding long - term long positions in stock index futures [6] 3. Summary by Related Catalog 3.1 Macro - financial Data - DRO01 closed at 1.37, down 1.71bp from the previous value; DR007 closed at 1.48, down 2.31bp [3] - GC001 closed at 1.55, unchanged; GC007 closed at 1.59, down 0.50bp [3] - SHBOR 3M closed at 1.57, down 0.30bp; LPR 5 - year remained at 3.50, unchanged [3] - 1 - year treasury bond closed at 1.30, unchanged; 5 - year treasury bond closed at 1.54, down 0.20bp; 10 - year treasury bond closed at 1.79, down 2.10bp; 10 - year US treasury bond closed at 4.05, up 1.00bp [3] - The central bank conducted 320.5 billion yuan of 7 - day reverse repurchase operations with an operating rate of 1.40% yesterday. The bid volume, winning bid volume were both 320.5 billion yuan. With 400 billion yuan of reverse repurchases maturing, the net withdrawal on the day was 79.5 billion yuan [3] - In February, the LPR rate remained unchanged: the 1 - year LPR was 3.0%, and the 5 - year and above LPR was 3.5%. During the week after the Spring Festival holiday (February 24 - 28), 2.2524 trillion yuan of reverse repurchases will mature in the central bank's open market. Additionally, 300 billion yuan of MLF and 150 billion yuan of treasury cash fixed - term deposits will mature on February 25 [4] 3.2 Stock Index Futures Market - The CSI 300 closed at 4727, down 0.19%; IF current - month contract closed at 4712, down 0.4% [5] - The SSE 50 closed at 3035, down 0.65%; IH current - month contract closed at 3035, down 0.8% [5] - The CSI 500 closed at 8557, up 0.35%; IC current - month contract closed at 8537, up 0.1% [5] - The CSI 1000 closed at 8491, up 0.76%; IM current - month contract closed at 8443, up 0.4% [5] - The trading volume of IF was 85,824, down 19.3%; the open interest was 269,977, down 4.7% [5] - The trading volume of IH was 42,698, down 19.0%; the open interest was 105,405, down 3.3% [5] - The trading volume of IC was 114,851, down 9.6%; the open interest was 290,740, down 2.6% [5] - The trading volume of IM was 145,580, down 12.6%; the open interest was 357,540, down 4.0% [5] - The turnover of the Shanghai, Shenzhen and Beijing stock markets was 2.5568 trillion yuan, an increase of 75.6 billion yuan from the previous day. Industry sectors showed mixed performance, with electronic components, wind power equipment, communication equipment, power supply equipment, electronic chemicals, and power grid equipment sectors leading the gains, while film and television theaters, rare earths, insurance, and real estate development sectors leading the losses [5] 3.3 Stock Index Futures Premium and Discount Situation - IF premium/discount rates for current - month, next - month, current - quarter, and next - quarter contracts were 5.15%, 3.13%, 3.80%, and 4.24% respectively [7] - IH premium/discount rates for current - month, next - month, current - quarter, and next - quarter contracts were 0.26%, - 0.32%, 0.43%, and 2.23% respectively [7] - IC premium/discount rates for current - month, next - month, current - quarter, and next - quarter contracts were 3.84%, 3.60%, 4.90%, and 5.42% respectively [7] - IM premium/discount rates for current - month, next - month, current - quarter, and next - quarter contracts were 9.23%, 7.95%, 8.76%, and 8.78% respectively [7]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The stock index continued its narrow - range oscillation yesterday. In the short term, after a continuous adjustment, the index rebounded and entered an oscillation phase. It is expected that the pre - holiday market will maintain a relatively strong oscillation pattern. Although the domestic policy environment provides support for the index and overseas pressure factors have marginally eased, the pre - holiday market risk appetite has decreased, sector rotation has accelerated, and the daily trading volume of A - shares has fallen to the range of 2 - 2.3 trillion yuan, which means it is more difficult for the pre - holiday index to make a strong upward attack, and it is more likely to accumulate momentum for subsequent upward movement through oscillation [8] 3. Summary by Relevant Catalogs 3.1 Macro Financial Data - **Interest Rates**: The closing price of DR001 was 1.37 with a 0.49bp increase, DR007 was 1.54 with a 1.87bp decrease, GC001 was 1.52 with a 10.00bp decrease, GC007 was 1.65 with a 3.00bp decrease, SHBOR 3M was 1.58 with no change, LPR 5 - year was 3.50 with no change, 1 - year treasury bond was 1.31 with no change, 5 - year treasury bond was 1.47 with a 0.75bp decrease, 10 - year treasury bond was 1.79 with a 0.75bp decrease, and 10 - year US treasury bond was 4.16 with a 6.00bp decrease [5] - **Central Bank Operations**: The central bank conducted 785 billion yuan of 7 - day reverse repurchase operations with an operating rate of 1.40% and 4000 billion yuan of 14 - day reverse repurchase operations. With 750 billion yuan of reverse repurchase maturing, the net daily injection was 4035 billion yuan. This week, 4055 billion yuan of reverse repurchase will mature, and 5000 billion yuan of 182 - day repurchase will mature on Friday [5][6] 3.2 Stock Index Futures and Stock Market - **Stock Index Futures**: The closing price of IF当月 decreased by 0.3% to 4716, IH当月 remained unchanged at 3092, IC当月 increased by 0.4% to 8342, and IM当月 increased by 0.1% to 8260. The trading volume of IF decreased by 4.4% to 62400, IH increased by 4.6% to 30833, IC increased by 7.5% to 101790, and IM increased by 0.3% to 133571. The open interest of IF decreased by 0.2% to 281980, IH increased by 0.3% to 101315, IC decreased by 0.6% to 294295, and IM increased by 0.4% to 380005 [7] - **Stock Market**: The closing price of CSI 300 decreased by 0.22% to 4713.8, SSE 50 increased by 0.03% to 3088.5, CSI 500 increased by 0.23% to 8325.8, and CSI 1000 decreased by 0.13% to 8239.5. The trading volume of the Shanghai - Shenzhen - Beijing stock markets was 20012 billion yuan, a decrease of 1237 billion yuan from the previous day. Glass fiber, energy metals, small metals, precious metals, and chemical fiber industries led the gains, while cultural media, education, tourism hotels, and aerospace industries led the losses [8] 3.3 Stock Index Futures Premium and Discount - The premium and discount rates of IF were - 2.05% for the current - month contract, - 0.21% for the next - month contract, 2.05% for the current - quarter contract, and 3.11% for the next - quarter contract; IH were - 4.13%, - 0.94%, 0.04%, and 1.89% respectively; IC were - 8.08%, - 1.25%, 3.10%, and 4.17% respectively; IM were - 10.18%, - 0.18%, 5.29%, and 6.48% respectively [9]

1. Report Industry Investment Rating - Not provided 2. Core Viewpoints - In the short term, it is expected that stock index futures will fluctuate strongly before the Spring Festival, accumulating strength for further upward movement [6] - In the long run, in the context of low - interest rates and an "asset shortage", domestic market funds are generally abundant, and the economy is in the process of bottom - building. The medium - to - long - term upward trend of stock indices is expected to continue [6] - The strategy is to continue to hold long positions in stock indices for the medium - to - long - term [6] 3. Summary by Related Catalog 3.1 Macro - financial Market Review - The central bank conducted 113 billion yuan of 7 - day reverse repurchase operations yesterday at an operating rate of 1.40%. With 75 billion yuan of reverse repurchases maturing, the net investment on the day was 38 billion yuan [4] - This week, 405.5 billion yuan of reverse repurchases will mature in the central bank's open market, and 500 billion yuan of 182 - day repurchase - style reverse repurchases will also mature on Friday [4] 3.2 Interest Rate Market | Variety | Closing Price | Change from Previous Value (bp) | | --- | --- | --- | | DRO01 | 1.27 | - 0.24 | | DR007 | 1.54 | 7.68 | | GC001 | 1.57 | 28.50 | | GC007 | 1.66 | 6.00 | | SHBOR 3M | 1.58 | 0.00 | | LPR 5 - year | 3.50 | 0.00 | | 1 - year Treasury Bond | 1.31 | - 0.50 | | 5 - year Treasury Bond | 1.55 | - 0.75 | | 10 - year Treasury Bond | 1.79 | - 0.85 | | 10 - year US Treasury Bond | 1.00 | 0.00 | [4] 3.3 Stock Index Market - Yesterday, the CSI 300 rose 1.63% to 4719.1, the SSE 50 rose 1.45% to 3081.8, the CSI 500 rose 2.02% to 8311.3, and the CSI 1000 rose 2.26% to 8233.8 [5] - The trading volume of the Shanghai - Shenzhen - Beijing stock markets reached 2.27 trillion yuan, an increase of 106.7 billion yuan from the previous trading day. Most industry sectors rose, with only the mining and gas sectors falling [5] 3.4 Stock Index Futures Market | Variety | Closing Price | Change from Previous Day (%) | Volume Change (%) | Open Interest Change (%) | | --- | --- | --- | --- | --- | | CSI 300 | 4719 | 1.63 | - | - | | IF Current Month | 4723 | 1.8 | - 23.3 | - 1.9 | | SSE 50 | 3082 | 1.45 | - | - | | IH Current Month | 3084 | 1.5 | - 25.8 | - 5.2 | | CSI 500 | 8311 | 2.02 | - | - | | IC Current Month | 8322 | 2.2 | - 31.3 | - 3.7 | | CSI 1000 | 8234 | 2.26 | - | - | | IM Current Month | 8256 | 29 | - 23.0 | - 4.2 | [5] 3.5 Stock Index Futures Premium and Discount | Variety | Current Month Contract | Next Month Contract | Current Quarter Contract | Next Quarter Contract | | --- | --- | --- | --- | --- | | IF Premium/Discount | - 2.49% | - 0.43% | 1.66% | 2.86% | | IH Premium/Discount | - 1.96% | - 0.67% | 0.25% | 1.80% | | IC Premium/Discount | - 4.28% | - 0.04% | 3.25% | 4.29% | | IM Premium/Discount | - 8.96% | 0.13% | 5.82% | 6.89% | [7]

Group 1: Interest Rate and Bond Market - DR001 closed at 1.28 with a -4.41bp change, DR007 at 1.46 with a -2.08bp change, GC001 at 1.29 with a -13.50bp change, GC007 at 1.60 with a 2.50bp change, SHBOR 3M at 1.58 with a -0.05bp change, LPR 5 - year at 3.50 with no change, 1 - year treasury at 1.32 with a 0.44bp change, 5 - year treasury at 1.56 with a -0.69bp change, 10 - year treasury at 1.81 with a -0.41bp change, and 10 - year US treasury at 4.22 with a 1.00bp change [4] - The central bank conducted 4055 billion yuan of 7 - day reverse repurchase operations and 6000 billion yuan of 14 - day reverse repurchase operations last week, with 3000 billion yuan of 14 - day reverse repurchase operations on Thursday and Friday respectively [4] - This week, 4055 billion yuan of reverse repurchases will mature in the central bank's open market, with 750 billion, 1055 billion, 750 billion, 1185 billion, and 315 billion yuan maturing from Monday to Friday respectively. Additionally, 5000 billion yuan of 182 - day repurchase - style reverse repurchases will mature on Friday [5] Group 2: Stock Index Market - The closing prices and changes of major stock indices and their corresponding futures contracts: CSI 300 closed at 4644 with a -0.57% change, IF current month at 4640 with a -%0.7 change; SSE 50 at 3038 with a -0.69% change, IH current month at 3037 with a -%0.9 change; CSI 500 at 8146 with no change and IC current month at 814 with a -0.%1 change; CSI 1000 at 8052 with a -0.20% change, IM current month at at 8027 with a -0.6% change [6] - The trading volume and open interest changes of stock index futures: IF trading volume was 118040 with a 1.8% change, IF open interest was at 29 with a -%1. change; IH trading volume was 55 with a 2. change, IH open interest was at 109 with a 0. change; IC trading volume was 19 with no change, IC open interest was at 31 with a -%2. change; IM trading volume was 24 with a 4. change, IM open interest was at 40 with a 1. change [6] - Last week, CSI 300 fell 1.33% to 4643.6, SSE 50 fell 0.93% to 3037.9, CSI 500 fell 2.68% to 8146.4, and CSI 1000 fell 2.46% to 8051.6. A - share trading volume shrank significantly due to pre - holiday risk - aversion sentiment. The daily trading volumes last week were 26066 billion, 25656 billion, 25033 billion, 21943 billion, and 21635 billion yuan respectively, with the average daily trading volume decreasing by 6565.9 billion yuan compared to the previous week [6] - In the Shenwan primary industry index, food and beverage (4.3%), power equipment (2.2%), comprehensive (2%), transportation (1.9%), and banking (1.7%) led the gains last week, while non - ferrous metals (-8.5%), communication (-6.9%), electronics (-5.2%), steel (-3.3%), and computer (-3.3%) led the losses [6] Group 3: Market Outlook and Strategy - During the US stock earnings season, the performance of the AI industry chain is under test, and US stock volatility has increased. Chip giants like NVIDIA and AMD have seen continuous stock price adjustments, and internet giants like Google and Amazon have raised market concerns due to poor profit efficiency and under - expected performance [7] - Last week, the domestic news was relatively calm, the selling pace of broad - based ETFs slowed down, indicating a significant weakening of regulatory control. As the Spring Festival holiday approached, market risk - aversion sentiment increased, and the total A - share trading volume narrowed significantly to around 2.1 billion yuan. Overseas, the increased volatility of non - ferrous metals and US technology stocks has had a significant impact on domestic non - ferrous and technology sectors [7] - In the short term, after a volume - shrinking rebound, the stock index is expected to consolidate through oscillations to accumulate strength for further upward movement. In the long run, in the context of low interest rates and an "asset shortage", domestic market funds are generally abundant, and as the economy is in the process of bottom - building, the medium - to - long - term upward trend of the stock index is not expected to end. The strategy is that stock index pullbacks may be opportunities to enter long positions [7] Group 4: Stock Index Futures Premium and Discount - The premium and discount rates of IF, IH, IC, and IM futures contracts for different delivery months are provided, with specific values for the current month, next month, current quarter, and next quarter contracts [8]

Group 1 - The report indicates that in January 2026, domestic asset BL strategy 1 achieved a return of 1.55%, while strategy 2 achieved 1.65%. The risk parity strategy yielded 0.94%, and the macro factor-based strategy returned 1.4% [1][4][19]. - The performance of major asset classes in January 2026 showed that gold led the gains with an increase of 18.48%, followed by the CSI 1000 at 8.68%, and the Nanhua Commodity Index at 8.61% [7][8]. - The report highlights the correlation between various asset classes, noting that the correlation between the CSI 300 and the total wealth index of government bonds was -32.28%, indicating a potential for diversification [13][15]. Group 2 - The macroeconomic outlook as of January 2026 shows a manufacturing PMI of 49.3%, indicating a contraction, while the non-manufacturing PMI also fell to 49.5%, suggesting a weak economic recovery [43]. - Inflation indicators show that the CPI rose by 0.8% year-on-year in December 2025, with expectations for a further increase to around 0.47% in January 2026 due to seasonal effects [44]. - The report discusses liquidity conditions, stating that the banking system remains "reasonably ample and slightly loose," which is expected to support economic stabilization in the first quarter [46]. Group 3 - The domestic asset BL strategy 1 has a maximum drawdown of 0.23% and an annualized volatility of 2.54%, while strategy 2 has a maximum drawdown of 0.35% and an annualized volatility of 2.64% [20][30]. - The risk parity strategy has a return of 0.94% with a maximum drawdown of 0.24% and an annualized volatility of 1.43%, indicating its stability compared to other strategies [39]. - The macro factor-based asset allocation strategy achieved a return of 1.4% with a maximum drawdown of 0.5% and an annualized volatility of 2.73%, reflecting its effectiveness in the current market environment [47].

- The report does not contain any specific quantitative models or factors, nor does it provide details on their construction or evaluation [1][2][3] - The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including metrics such as daily returns, moving averages, turnover rates, risk premiums, PE-TTM, dividend yields, and price-to-book ratios [5][6][19][28][40][49][55] - The analysis includes comparisons of indices against their historical averages, standard deviations, and percentile rankings over the past 1 and 5 years, providing insights into valuation and market sentiment [32][43][45][54] - Key indices analyzed include the SSE 50, CSI 300, CSI 500, CSI 1000, CSI 2000, CSI All Share, and ChiNext Index, with detailed metrics such as risk premiums, PE-TTM values, dividend yields, and net asset ratios provided for each index [13][19][32][45][54][58] - The report highlights the relative valuation and investment attractiveness of these indices based on their historical positioning and current market conditions, but does not delve into specific quantitative factor or model construction [43][45][54]

Core Viewpoint - The market is expected to experience volatility in February, with indices likely to perform better post-holiday compared to pre-holiday levels. The report emphasizes a preference for growth style investments, particularly in small-cap and growth sectors, as the market remains in a spring rally phase [1][2]. Market Style Outlook - Growth style is favored, with a convergence in performance between large-cap and small-cap stocks anticipated. The recommended indices include CSI 1000, ChiNext 50, CSI 300 Quality, and CSI 800 Information [2]. - Historical data from 2016-2025 indicates that small-cap and growth styles have a higher success rate in February. The late timing of the Spring Festival and the upcoming Two Sessions are expected to enhance the performance of small-cap stocks due to increased market risk appetite [2]. Fundamental Analysis - The manufacturing PMI for January recorded at 49.3, indicating a return to contraction territory, with both production and demand showing marginal declines. The ongoing structural issue of insufficient domestic demand remains, with policies aimed at expanding domestic consumption expected to be a primary focus [2]. - On the international front, expectations regarding the Federal Reserve's policies and a weaker dollar may lead to a temporary strengthening of the dollar, which could exert pressure on A-share cyclical styles. However, sectors benefiting from industrial trends, such as technology and AI, are likely to be less affected [2]. Liquidity and Capital Supply-Demand - February is projected to see continued net inflows of incremental capital, with foreign capital expected to continue flowing in before the holiday and financing likely to rebound afterward. The central bank's measures to counteract liquidity tightening from government bond issuances in January are expected to maintain a stable and ample liquidity environment in February [3][4]. - The stock market experienced a net outflow of tracked capital in January, with financing becoming the main source of incremental capital. The demand side shows an increase in net reductions by major shareholders, while IPO and refinancing scales have decreased, keeping overall funding demand stable [4]. Market Sentiment and Capital Preferences - In January, the risk premium for the entire A-share market fluctuated, with major indices experiencing initial gains followed by volatility. The technology sector remained the dominant style, with significant trading activity in small-cap growth and STAR 50 indices, while large-cap growth styles saw lower trading concentration [4].

1. Report Industry Investment Rating - Not mentioned in the provided content 2. Core View of the Report - In the context of expected tightening of overseas liquidity, the US dollar index rebounded significantly. Yesterday, all non - ferrous varieties in the domestic commodity market hit the daily limit down, triggering an overall adjustment of risk assets. The stock index dropped significantly due to the linkage between commodities and the stock market and concerns about overseas liquidity tightening [6]. - The current A - share market is dominated by capital and policy. About 70 billion yuan flowed out of broad - based ETFs from January 15th to 27th, presumably due to Central Huijin's reduction to cool the market. The redemption of broad - based ETFs weakened last Thursday and Friday. In the short term, the policy is expected to take flexible measures to support the market. In the long run, the medium - to - long - term upward trend of the stock index is not expected to end [6]. 3. Summary by Relevant Catalogs 3.1 Macro Financial Data - **Interest Rates**: DR001 closed at 1.36 with a 3.65bp increase; DR007 at 1.49 with a - 10.20bp change; GC001 at 1.78 with a 17.50bp increase; GC007 at 1.64 with a 3.00bp increase; SHBOR 3M at 1.59 with a - 0.01bp change; LPR 5 - year at 3.50 with no change; 1 - year treasury at 1.30 with a 0.50bp increase; 5 - year treasury at 1.57 with a - 0.10bp change; 10 - year treasury at 1.81 with a 0.10bp increase; 10 - year US treasury at 4.26 with a 2.00bp increase [3]. - **Central Bank Operations**: The central bank conducted 75 billion yuan of 7 - day reverse repurchase operations yesterday at an operating rate of 1.40%. With 150.5 billion yuan of reverse repurchases maturing, the net withdrawal was 75.5 billion yuan. This week, 1.7615 trillion yuan of reverse repurchases are due to mature, and 700 billion yuan of 91 - day repurchase - style reverse repurchases will mature on Wednesday [3][4]. 3.2 Stock Index Market - **Index Performance**: The Shanghai Composite Index fell to 4016, the CSI 300 dropped 2.13% to 4606, the SSE 50 declined 2.07% to 3003, the CSI 500 decreased 3.98% to 8037, and the CSI 1000 fell 3.39% to 7975. The decline of stock index futures was greater than that of the underlying indexes, and the discount widened, indicating a rapid cooling of market sentiment. The trading volume of the three major stock exchanges in Shanghai, Shenzhen, and Beijing was 2.6069 trillion yuan, a decrease of 255.8 billion yuan from the previous trading day. Most industry sectors fell, with only power grid equipment and the brewing industry rising [5]. - **Futures Performance**: The trading volume of IF increased by 6.8% to 191,408, and the open interest decreased by 5.6% to 313,881; IH trading volume rose 15.9% to 89,283, and open interest decreased by 2.5% to 119,304; IC trading volume increased 16.4% to 289,004, and open interest decreased by 5.9% to 328,769; IM trading volume rose 11.3% to 307,100, and open interest increased by 1.3% to 414,250 [5]. - **Premium and Discount**: The report provides the premium and discount rates for different contracts of IF, IH, IC, and IM [7].

Summary of Key Points from the Conference Call Industry Overview - The data pertains to the Chinese stock market, specifically focusing on major indices such as 中证500 (CSI 500), 沪深300 (CSI 300), 上证50 (SSE 50), and 中证1000 (CSI 1000) [1] Core Insights and Arguments - 中证500 has seen a reduction in short positions by 3,757, resulting in a net short position of 9,744 [1] - 沪深300 has reduced short positions by 629, leading to a net short position of 11,401 [1] - 上证50 has decreased short positions by 1,793, with a net short position of 3,967 [1] - 中证1000 has increased short positions by 1,023, resulting in a net short position of 32,452 [1] - The total reduction in short positions by 中信 today is 5,156, with a total net short position of 57,564 [1] - Major players in the market have reduced short positions in 中证500 by 7,544, leading to a net short position of 34,593 [1] - In 沪深300, major players have reduced short positions by 2,797, resulting in a net short position of 41,162 [1] - 上证50 has seen an increase in short positions by 884, with a net short position of 211 [1] - 中证1000 has decreased short positions by 2,008, resulting in a net short position of 52,724 [1] Additional Important Information - The total short positions reduced by major players today amount to 11,465, with a total net short position of 150,143 [1] - The total trading volume across the three markets is 26,069 billion, which is a decrease of 2,558 billion compared to the previous trading day [1] - There has been a net outflow of 1,019.98 billion from the main players [1] - The margin financing balance is 27,152.87 billion, which has decreased by 240.76 billion compared to the previous trading day [1]

- The report primarily focuses on tracking and analyzing the performance of broad-based indices in the A-share market, including metrics such as daily returns, moving averages, turnover rates, risk premiums, PE-TTM, dividend yields, and net asset ratios[1][3][4] - **Risk Premiums**: The risk premium is calculated using the yield of 10-year government bonds as the risk-free rate. It measures the relative investment value and deviation of indices. For example, the current risk premium for the SSE 50 is 1.64%, with a 5-year historical percentile of 94.21%, while the CSI 500 has a negative risk premium of -0.98% and a 5-year historical percentile of 16.35%[27][31][34] - **PE-TTM**: The PE-TTM (Price-to-Earnings Trailing Twelve Months) is used as a valuation reference. The CSI All Share Index and CSI 500 have the highest 5-year historical percentiles at 99.92% and 99.75%, respectively, indicating high valuation levels. In contrast, the SSE 50 and ChiNext Index have lower percentiles at 85.87% and 62.89%, respectively[39][42][44] - **Dividend Yields**: Dividend yield reflects the cash dividend return rate. The current dividend yield for the SSE 50 is 3.19%, while the CSI 500 and CSI 2000 have lower yields at 1.21% and 0.71%, respectively. The ChiNext Index has a 5-year historical percentile of 56.20%, indicating a relatively high historical level[48][53][55] - **Net Asset Ratios**: The net asset ratio measures the proportion of stocks trading below their net asset value. Currently, the SSE 50 has the highest ratio at 24.0%, while the CSI 2000 has the lowest at 2.35%, reflecting market valuation attitudes[54][57]