股市面面观丨节后A股市场稳步回暖，钢铁、有色领涨有何动力？

Market Overview - The A-share market has shown a significant recovery since the holiday, with the Shanghai Composite Index rising by 1.6%, the Shenzhen Component Index by 2.66%, and the ChiNext Index by 2.41% as of February 25 [1] - The average stock price in the A-share market increased by 1.62%, reaching 30.07 yuan per share, surpassing the 30 yuan mark [1] - Trading volume has also rebounded, with the first trading day post-holiday seeing a turnover of 2.2 trillion yuan, which further increased to 2.46 trillion yuan on the following day, exceeding the average daily turnover of approximately 2.09 trillion yuan before the holiday [1] Leverage and Fund Inflow - Leveraged funds have actively entered the market post-holiday, with net financing purchases reaching 338.9 billion yuan on the first trading day, marking the second-highest level of the year [2] - On February 25, net financing purchases amounted to 236.4 billion yuan, bringing the total for the two trading days to 575.3 billion yuan, surpassing the net selling scale before the holiday [2] - Prior to the holiday, the A-share market experienced a decline in financing balance from 2.722 trillion yuan to 2.572 trillion yuan, a drop of 150 billion yuan due to risk aversion among investors [2] ETF Market Stability - The A-share stock ETF market saw a rapid decline in late January, dropping from over 4 trillion yuan to around 3.1 trillion yuan, but has stabilized since February [2] - As of February 25, the asset scale of stock ETFs was reported at 3.18 trillion yuan, maintaining a steady state [2] Sector Performance - Among the 31 first-level industries, the steel, non-ferrous metals, building materials, oil and petrochemicals, and basic chemicals sectors showed the highest growth rates post-holiday, with the steel sector leading at a 7.19% increase [4][5] - Other notable sectors included non-ferrous metals at 6.90%, building materials at 6.56%, oil and petrochemicals at 5.73%, and basic chemicals at 5.68% [5] Economic Outlook and Policy Impact - Market participants have noted an increased expectation for macroeconomic recovery, particularly with the anticipation of stable growth policies being reflected in the A-share market [6] - Analysts predict that a series of investment-promoting policies will be implemented, leading to accelerated infrastructure investment in the first half of 2026 [6] - The market is expected to shift from "policy expectations" to "earnings realization" as companies begin to disclose their annual reports for 2025 and subsequent quarterly reports for 2026, which will serve as key market indicators [7]