A股市场运行周报第26期：“左脚”已成型，枕戈待“右脚”

Market Overview - Major broad-based indices and CITIC first-level industries all rose this week, with the North Certificate 50 leading the gains at 9.63%[9] - The Shanghai Composite Index, after a rapid decline, confirmed a rebound in the 3087-3152 range, indicating a potential bottom formation[1][4] - The growth indices such as the CSI 1000 and ChiNext Index increased by 5.35% and 4.66% respectively, while the Shanghai Composite Index rose by 2.31%[9][44] Investment Strategy - Investors are advised to maintain current positions and consider increasing allocations during the formation of the "right foot" in the market[1][46] - Preference should be given to small-cap styles over industry selection, particularly in the "right foot" phase, with a focus on sectors like non-ferrous metals and real estate that have seen significant declines[1][46] Market Sentiment and Capital Flow - The average daily trading volume in the Shanghai and Shenzhen markets increased to 1.18 trillion CNY, up from 1.13 trillion CNY the previous week[13] - Margin trading balances rose to 1.83 trillion CNY, with the proportion of financing purchases increasing to 9.37% from 8.39%[19] - Equity ETFs saw a net inflow of 114 billion CNY, with electronic ETFs leading the inflows at 2.5 billion CNY[19] Economic Indicators - The National Bureau of Statistics reported a GDP of 13,490.84 billion CNY for 2024, growing by 5.0% year-on-year, with Q4 growth at 5.4%[39][41] - The People's Bank of China emphasized financial support for high-quality economic development, aiming to stabilize market expectations and manage risks[43] Risks - Potential risks include domestic economic recovery falling short of expectations and ongoing global geopolitical uncertainties[47]