指數持續調整,結構性機會猶存
一、指數表現:三大指數集體調整,創業板領跌
今日,A股市場延續調整態勢。截至收盤,上證指數報3276.00點,收升0.26%;深證成指報9774.73點,下跌0.85%;創業板指跌幅最大,達1.21%,收於1907.11點。兩市成交額突破11000億元,市場情緒偏謹慎。
從盤面看,市場呈現普跌格局,滬深兩市上升個股1000只。下跌板塊中,生物科技、算力、消費電子等前期熱門賽道大幅回調,農業綜合、動物保健等板塊跌幅居前,部分高位股出現調整。
二、逆勢上升板塊:銀行、貴金屬與防禦性資產受追捧
儘管市場整體低迷,但部分板塊逆勢走強,凸顯資金避險需求與政策支持的雙重邏輯:
1. 銀行板塊:受益於政策利好與低估值優勢,銀行股成為護盤主力。工商銀行、建設銀行等大行與央國企合作增持回購的千億級資金計劃提振了市場信心,多隻銀行ETF上升。
2.貴金屬與軍工:國際地緣局勢緊張疊加美國關税政策不確定性,黃金概念股與軍工板塊升幅居前。
三、下跌主因:貿易摩擦升級衝擊市場情緒
今日市場調整的核心導火索是中美貿易摩擦加劇。近期美國政府提出激進的關税政策,中國隨即做出相應的對等,雙方博弈升級引發投資者對全球供應鏈的擔憂。此外,美國進口訂單數據在3月底出現斷崖式下跌(環比降幅達64%),進一步加劇了市場對貿易萎縮的恐慌。
受此影響,外資主導的科技成長板塊(如AI應用、半導體)及出口依賴度較高的製造業(如光伏、消費電子)遭遇拋壓,資金加速向防禦性資產轉移。
四、無需過度恐慌:政策護盤與結構性機會並存
儘管短期市場承壓,但以下因素為市場提供了支撐:
1. 國家隊資金入場託底:近期多家商業銀行與央國企合作,推出千億級股票回購增持計劃,工商銀行、建設銀行等大行表態將提供流動性支持。此外,職業年金等長期資金入市規模已達3.11萬億元,成為市場“壓艙石” 。
2. 貨幣政策寬鬆預期:央行3月社融數據超預期,降準降息預期增強,流動性寬鬆環境有望延續,為市場提供緩衝空間。
五、總結:保持耐心,聚焦政策與業績主線
當前市場處於“貿易摩擦衝擊”與“政策託底”的博弈階段,短期波動或延續。
1、控制倉位,避免追高:優先配置低估值、高股息資產(如銀行、公用事業)。
2、逢低佈局中長期賽道:AI算力及國產替代等方向具備政策與產業共振潛力。
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注意:文中所提個股和題材板塊不構成任何推薦,僅為覆盤和學習交流所用,投資決策需建立在自我獨立理性思考和專業研判之上,市場有風險,投資需謹慎。
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