宏观点评：“哑铃”风格涨幅居前

Market Overview - A-shares experienced a decrease in trading volume, with a total turnover of CNY 12,118.85 billion, down CNY 1,601.09 billion from the previous trading day[12] - The Shanghai Composite Index fell by 0.43% to 3,227.12 points, down 3.72% from the end of 2024[12] - The ChiNext Index dropped 1.82% to 2,037.93 points, down 4.84% from the end of 2024[12] Sector Performance - The media sector rose by 1.29%, while banking and social services increased by 0.81% and 0.51%, respectively[12] - The comprehensive sector declined by 3.11%, with defense and military down 1.80% and non-ferrous metals down 1.30%[12] Capital Flow - Northbound trading totaled CNY 1,845.14 billion, with southbound net purchases amounting to CNY 121.83 billion[12] - Margin trading balances showed a slight recovery after a rapid decline, indicating insufficient incremental capital in the market[13] Economic Indicators - The People's Bank of China conducted a reverse repurchase operation of CNY 9,595 billion at a fixed rate of 1.50% to maintain liquidity[9] - The RMB/USD central parity rate was reported at 7.1883, depreciating by 5 basis points[10] Market Sentiment - The market is expected to remain in a volatile state due to insufficient incremental capital and a lack of clear economic data and policy direction[14] - Long-term outlook suggests potential upward movement supported by policy shifts and market sentiment stabilization[14] Risks - Potential changes in market style and insufficient willingness for capital entry pose risks to market stability[20]