每日市场观察 2026 年 3 月 27 日 【今日关注】 周四两市指数收跌，成交额 1.96 万亿，比上一交易日减少约 2300 亿。 除石油、煤炭银行小幅上涨，其余行业全部下跌，非银、计算机、环 保、军工、电子等行业跌幅居前。 周四 A 股市场未能延续前一日的普涨势头，近乎全天回调，抵抗力量 较弱，市场情绪降温迅速。周三刚刚站稳的 3900 点关口今日再度失守， 显示市场信心依然脆弱，多空双方在关键位置展开激烈博弈后，空方 暂时占据上风。指数在技术层面，先是出现 5 日均线之下的加速下行， 短暂反弹至 5 日线后即行遇阻回落明显，从而构建了一种弱势组合。 在市场整体走弱的大背景下，资金的避险和轮动特征明显。周三领涨 的 AI 应用、算力、通信等前期热门成长板块周四回调幅度较大。这表 明在存量博弈下，高位板块的筹码稳定性较差，一旦市场情绪转弱， 获利盘了结意愿强烈。综合来看，周四 A 股的调整，是情绪化反弹后 的理性回归。市场在面临前期套牢盘和短期获利盘的双重压力下，选 择以缩量下跌的方式进行整固。加之当前市场受中东局势的消息影响 较大，目前尚不能确定市场已经企稳。 随着伊朗否认进行过谈判，并提出伊方停战条 ...

【市场回顾】 市场概况：3 月 25 日，市场震荡反弹，沪指涨超 1%重回 3900 点上方， 创业板指涨超 2%。沪深两市成交额 2.18 万亿，较上一个交易日放量 9 70 亿。截至收盘，沪指涨 1.3%，深成指涨 1.95%，创业板指涨 2.01%。 【资金面】 主力资金流向：3 月 25 日，上证净流入 268.91 亿元，深证净流入 259.04 亿元。行业板块方面，主力资金流入前三的板块为电力、消费电子、 通信设备。主力资金流出排名前三的板块为光伏设备、工业金属、贵 金属。 每日市场观察 2026 年 3 月 26 日 【今日关注】 周三两市指数收涨，成交额 2.19 万亿，比上一交易日增加约 900 亿。 除煤炭、石油外，其余行业全部上涨，通信、有色、电子、建材等行 业涨幅居前。 周三在复杂多变的国际地缘政治背景下，隔夜外盘因中东局势反复而 承压，但 A 股主要指数高开后震荡走高，最终全线收红，展现出较强 韧性和一定独立性。周三市场一个显著的特征是普涨。在昨日超 5000 只个股上涨的基础上，市场情绪得到进一步巩固和释放。从指数层面 看，代表科技创新方向的创业板指和科创 50 指数涨幅居前，分别 ...

每日市场观察 2026 年 3 月 25 日 【今日关注】 周二沪深指数收涨，成交额 2.1 万亿，比周一减少约 3500 亿。除石油、 煤炭下跌外，其余行业全部上涨，环保、纺织、有色、建材等行业涨 幅居前。 中东冲突进程仍然牵动市场神经。特朗普宣称已经在和伊朗方面进行 沟通或谈判，而伊朗方面随后予以否认。鉴于战事进程需要，不排除 其类似言论是服务于战事的一种策略。在其言论影响下，隔夜欧美股 市收涨，但 A 股一度高开低走，且盘中深成指、创业板指均创出新低。 全天各大主要指数收红，但量能显著萎缩，并且上涨行业之间的涨幅 差异并不明显，尤其此前相对强势的锂电池、光伏储能等板块一度出 现补跌现象。这些现象综合表明，周二市场的上涨主要属于超跌反弹， 并具有较重的短线博弈性质。后续市场可能仍有反复。 有色贵金属近期跌幅较大，而在周二的反弹中涨幅居前。黄金的下跌， 主要由于短期事件影响被市场放大，但中长期美元信用缺失的逻辑未 变。A 股贵金属龙头估值不高，且近期正实施较大额回购，相关板块或 可分阶段逢低布局。算力通信板块较长时间以来表现坚挺，得益于行 业的高景气和确定性。 【市场回顾】 市场概况：3 月 24 日，市场 ...

每日市场观察 2026 年 3 月 24 日 【今日关注】 周一沪深指数重挫，成交额 2.45 万亿，比上一交易日增加约 1500 亿， 除石油、煤炭外，其余行业全部下跌，农业、商贸、电子、纺织等行 业跌幅居前。 周一指数大幅跳空低开，全天近乎无抵抗下跌且量能放大，行业方面， 跌幅超过 4%行业过半数，其中银行板块跌幅同样较大，而以往市场情 绪不佳时，银行数次成为资金退守方向。以上述情况，以及日韩等亚 太股市普遍重挫情况看，市场恐慌情绪有所加重。背后的原因在于， 霍尔木兹海峡紧张局势不断加剧，其影响正从地区安全层面外溢至全 球能源市场与经济体系。当前来看，中东局势的持续时间以及对金融 市场的影响难以预料。 受冲突影响，国际油价已突破每桶 100 美元，欧洲天然气价格显著上 涨。随着能源冲击向农业、制造业等多个领域扩散，化肥等产品价格 上涨，或进一步推高粮食生产成本。因而，从能源到化工、农业，以 及对化石能源具有替代作用的新能源光伏、风电、储能等相关链条， 可作为短期重点关注方向。 【市场回顾】 市场概况：3 月 23 日，市场全天震荡调整，三大指数低开低走盘中均 跌超 4%，沪指尾盘勉强守住 3800 点关口 ...

Market Overview - On March 20, the market indices closed lower with a trading volume of 2.29 trillion, an increase of approximately 160 billion from the previous trading day[1] - The Shanghai Composite Index fell by 1.24%, while the Shenzhen Component decreased by 0.25%, and the ChiNext Index rose by 1.3%[4] Industry Performance - Most industries experienced declines, particularly in computer, military, media, chemical, and oil sectors, while only a few, such as power equipment and communication, showed gains[1] - The market sentiment remains unstable, with significant fluctuations observed in various sectors, despite some temporary rebounds[1] Monetary Policy - The People's Bank of China emphasized maintaining stability in financial markets, including stocks, bonds, and foreign exchange, indicating a potential liquidity support mechanism for non-bank financial institutions[1] Fund Flows - On March 20, net outflow from the Shanghai Stock Exchange was 14.153 billion, while the Shenzhen Stock Exchange saw a net inflow of 12.275 billion[5] - The top three sectors for capital inflow were photovoltaic equipment, batteries, and communication devices, while IT services, software development, and communication services saw the most outflows[5] Economic Indicators - The March Loan Prime Rate (LPR) remained unchanged, with the 5-year LPR at 3.5% and the 1-year LPR at 3%[8] Employment Initiatives - The Ministry of Human Resources and Social Security and the Ministry of Finance announced measures to enhance youth employment, particularly focusing on private enterprises and advanced manufacturing sectors[9]

Market Overview - On March 19, the three major indices fell over 1%, with the Shanghai Composite Index dropping 1.39% and briefly falling below the 4000-point mark[3] - The total trading volume reached 2.13 trillion yuan, an increase of approximately 70 billion yuan compared to the previous trading day[1] Sector Performance - All sectors except for oil, coal, banking, and utilities experienced declines, with non-ferrous metals, chemicals, and steel leading the losses[1] - The leading stocks in the communication and new energy sectors showed high volatility, while the leading stocks in the non-ferrous and chemical sectors exhibited weaker performance[2] Monetary Policy - The People's Bank of China emphasized the continuation of a moderately loose monetary policy to promote stable economic growth and reasonable price recovery[4] - The central bank aims to maintain liquidity and ensure that the growth of social financing aligns with economic growth and price expectations[4] Industry Dynamics - In February 2026, 75.49% of the green certificates issued were related to renewable energy projects, with a total of 1.98 billion certificates issued[7] - Over 30 production companies have increased the specifications and prices of rebar by 20-50 yuan per ton, with some regions seeing increases of up to 80 yuan per ton[9] Fundraising Trends - On March 18, 11 new funds exceeded 1 billion yuan in size, with active equity funds and FOFs making up 7 of these funds[12] - The total scale of FOFs has surpassed 300 billion yuan for the first time, driven by high demand and rapid sales[12]

每日市场观察 2026 年 3 月 19 日 【今日关注】 周三沪深指数收涨，成交额 2.06 万亿，比上一交易日减少约 1600 亿。 行业过半数上涨，通信、计算机、电子、军工等行业涨幅居前。石油、 地产、食品饮料等行业跌幅居前。 周三早盘延续弱势，呈现一定缩量阴跌局面。午后市场反弹并维持到 收盘，但量能跟进显得有所不足。大盘指数再度收出一根长下影 K 线， 显示在前期震荡区间的低位获得一定技术支撑。反弹的延续性还需进 一步观察。指数日 K 线连续三日曾出现跌破 60 日均线现象，这在此前 4 个月的时间当中尚属首次，结合整体量能的逐渐萎缩，整体市场暂时 处于风偏下行的阶段。行业层面，继有色化工进入弱势调整之后，新 能源板块也轮动进入调整序列。 周三商业航天、算力、存储等板块反弹幅度居前。近日 GTC 大会，黄 仁勋给出乐观的收入指引，并谈及太空数据中心、新一代 AI 计算平台 芯片等。另外，近期陆续有国内半导体芯片公司上调产品价格，对上 述板块具有一定的利好作用。 【市场回顾】 市场概况：3 月 18 日，三大指数集体收红，沪指终结日线 4 连阴，深 成指涨逾 1%，创业板指涨超 2%。截至收盘，沪指涨 ...

Market Performance - On March 17, the Shanghai Composite Index fell by 0.85%, the Shenzhen Component Index dropped by 1.87%, and the ChiNext Index decreased by 2.29%[3] - The total trading volume on March 17 was 2.22 trillion CNY, a decrease of approximately 140 billion CNY from the previous trading day[1] Sector Analysis - Major sectors that declined included telecommunications, electronics, machinery, military industry, and power equipment, while banking, non-banking financials, food and beverage, and real estate saw slight increases[1] - The banking and non-banking sectors, along with real estate and pharmaceuticals, were among the top gainers, indicating a potential defensive positioning in a weak market[1] Economic Indicators - From January to February, the industrial added value increased by 6.3% year-on-year, and fixed asset investment (excluding rural households) rose by 1.8%[6] - Infrastructure investment grew by 11.4%, while retail sales of consumer goods increased by 2.8% compared to the previous year[6] Fund Flow - On March 17, net outflows from the Shanghai Stock Exchange amounted to 18.73 billion CNY, while the Shenzhen Stock Exchange saw net outflows of 15.01 billion CNY[4] - The top three sectors for capital inflow were photovoltaic equipment, electricity, and securities, while telecommunications equipment, semiconductors, and components experienced the highest outflows[4] Policy Developments - The Ministry of Finance announced a continuation of a more proactive fiscal policy for 2026, focusing on expanding fiscal expenditure and optimizing government bond tools[5] - The State-owned Assets Supervision and Administration Commission emphasized the need to expand effective investment and implement major projects to stabilize the economy[8]

Market Overview - On March 16, the Shanghai Composite Index fell by 0.26%, while the Shenzhen Component Index rose by 0.19% and the ChiNext Index increased by 1.41%[4] - The total trading volume on March 16 was 2.34 trillion yuan, a decrease of approximately 80 billion yuan from the previous trading day[1] Sector Performance - The semiconductor sector, particularly power semiconductors, showed strong performance, with price increases expected from major foundries starting in April[2] - The food and beverage, electronics, and social services sectors saw gains, while steel, non-ferrous metals, construction, chemicals, and coal sectors experienced declines[1] Geopolitical Impact - The geopolitical situation in the Strait of Hormuz is affecting global energy markets and suppressing risk appetite in financial markets[1] - Despite short-term impacts, China's assets are expected to become a safe haven due to strong manufacturing supply chains and ample market liquidity[1] Fund Flows - On March 16, net outflow from the Shanghai Stock Exchange was 4.645 billion yuan, while the Shenzhen Stock Exchange saw a net inflow of 11.407 billion yuan[5] - The semiconductor, components, and communication equipment sectors attracted the most capital inflows, while power, infrastructure, and photovoltaic equipment sectors faced the largest outflows[5] Economic Indicators - In January-February 2026, the manufacturing value added in the computer, communication, and other electronic equipment sectors grew by 14.2% year-on-year[9] - The electricity and heat production and supply sector's value added increased by 5.1% year-on-year, accelerating by 4 percentage points compared to December 2025[10] Real Estate Market - In February 2026, the sales prices of new residential properties in 70 large and medium-sized cities continued to narrow their month-on-month decline, with first-tier cities showing signs of stabilization[12][13] Hydrogen Energy Development - By 2030, the number of fuel cell vehicles in China is expected to double compared to 2025, aiming to reach 100,000 vehicles[14] Fund Management Trends - Public funds have purchased over 1 billion yuan of their own funds this year, with equity funds accounting for nearly 90% of the total[16]

Market Overview - On March 16, 2026, A-shares experienced fluctuations around the previous day's closing position, with all three major indices closing down, each declining by less than 1%[1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.42 trillion yuan, a decrease of over 430 billion yuan compared to March 12[1] - Only a few sectors, including food and beverage, construction, banking, and real estate, saw gains, while the majority of sectors declined[1] Sector Performance - Energy-related sectors such as chemicals, wind power, and lithium batteries showed resilience, supporting the market amid a weak overall performance[1] - Technology sectors (computing power, AI) and non-ferrous metals collectively retreated, negatively impacting the indices[1] - Approximately 1,500 stocks rose, with the proportion of rising stocks close to 30%, remaining stable compared to March 12[1] Investment Insights - The market's recent pullback confirms a weak market effect, prompting a defensive investment style among market participants due to geopolitical tensions and energy price fluctuations[1] - Investors are advised to focus on energy-related sectors, blue-chip stocks, and the pharmaceutical sector for potential opportunities[1] Fund Flow - On March 13, the Shanghai Composite Index saw a net outflow of 3.668 billion yuan, while the Shenzhen Composite Index experienced a net inflow of 6.444 billion yuan[5] - The top three sectors for net inflow were infrastructure, batteries, and agricultural chemicals, while IT services, software development, and consumer electronics faced the largest outflows[5] Private Fund Performance - As of the end of February 2026, the average return of private equity funds reached 6.89%, with 85.04% of the 12,270 products achieving positive returns[15]