市场分析：防御行业走强 A股震荡整理

Market Overview - The A-share market opened lower and experienced fluctuations, with the Shanghai Composite Index finding support around 2960 points before rebounding in the afternoon. Sectors such as electricity, banking, insurance, securities, and aviation performed well, while communication equipment, software development, semiconductors, and automotive sectors lagged behind [2][5][12]. - The average price-to-earnings (P/E) ratios for the Shanghai Composite Index and the ChiNext Index are currently at 12.80 times and 28.80 times, respectively, which are below the median levels of the past three years, indicating that the market valuation remains low and is suitable for medium to long-term investments [2][12]. - The total trading volume on the two exchanges was 698.7 billion yuan, which is below the median trading volume of the past three years. The recent "New National Nine Policies" have been released, promoting market maturity and boosting long-term confidence [2][12]. Sector Performance - The report highlights that over 90% of stocks declined, with the electricity, banking, insurance, aviation, and securities sectors experiencing smaller declines. In contrast, sectors such as transportation equipment, optical electronics, electric machinery, semiconductors, and communication equipment saw larger declines [22]. - The report suggests short-term investment opportunities in sectors such as engineering machinery, petrochemicals, software development, and semiconductors [2][12]. Economic Context - The economic environment is relatively stable, with a slight decline in investment, a gradual stabilization in consumption, and a cooling in industrial production. The central bank's governor indicated a gradual inclusion of secondary market government bond trading into the monetary policy toolbox, aiming to create a suitable liquidity environment [2][12]. - U.S. inflation data came in below expectations, leading to a mixed performance in overseas markets. Future stock indices are expected to maintain a fluctuating pattern, with close attention needed on policy, funding, and external factors [2][12].