市场分析：军工半导体行业领涨，A股先抑后扬

Market Overview - On April 9, 2025, the A-share market experienced a slight upward trend after an initial decline, with the Shanghai Composite Index closing at 3,186.81 points, up 1.31%[8] - The Shenzhen Component Index rose by 1.22%, while the ChiNext Index increased by 0.98%[8] - The total trading volume for both markets reached 17,413 billion yuan, above the median of the past three years[3] Sector Performance - Semiconductor, military, software development, and computer equipment sectors showed strong performance, while banking, insurance, electricity, and pesticide sectors lagged[3] - The defense and military sector led with a gain of 6.48%, followed by comprehensive finance at 5.27%[11] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 13.42 times and 32.30 times, respectively, indicating a mid-level valuation compared to the past three years[3] - The market is deemed suitable for medium to long-term investment strategies[3] Policy Outlook - The 2025 fiscal policy is expected to be more proactive, with potential interest rate cuts to maintain liquidity and support economic recovery[3] - The central economic work conference has confirmed a "moderately loose monetary policy" and "more proactive fiscal policy" for 2025[3] Investment Recommendations - Investors are advised to focus on structural opportunities while balancing defensive and growth strategies, particularly in technology, military, and software sectors[3] - The upcoming earnings reports in April will shift market focus from expectations to fundamental validations, favoring industry leaders with better-than-expected performance[3]