A股市场大势研判：大盘冲高回落，三大指数涨跌不一

Market Overview - The market experienced fluctuations with mixed performance across major indices, where the Shanghai Composite Index closed at 3295.06, down by 0.07%, while the Shenzhen Component Index rose by 0.39% to 9917.06 [2][4] - The trading volume in the Shanghai and Shenzhen markets reached 1.11 trillion, an increase of 45.5 billion compared to the previous trading day, indicating heightened market activity [7] Sector Performance - The top-performing sectors included Utilities (1.36%), Communication (1.15%), and Beauty Care (0.96%), while the underperforming sectors were Real Estate (-0.60%), Pharmaceutical Biology (-0.59%), and Coal (-0.59%) [3][4] - Concept indices such as Biomass Power Generation (1.92%) and F5G Concept (1.62%) showed strong performance, whereas sectors like China-Korea Free Trade Zone (-1.94%) and Recombinant Protein (-1.56%) lagged [3][4] Policy and Economic Outlook - The Central Political Bureau emphasized the need for proactive macroeconomic policies, including the issuance of special local government bonds and maintaining liquidity to support the real economy [5][6] - The focus on stabilizing employment and consumption was highlighted as essential for economic growth, with measures to enhance support for low-income groups and boost service consumption [5][7] Investment Strategy - The report suggests that the management's focus on stabilizing employment is crucial for ensuring consumer spending and economic growth, while also addressing the challenges posed by tariff impacts on businesses [7] - The outlook for the second quarter indicates a need for continued macroeconomic policy support, with an emphasis on expanding consumption and fostering technological innovation as key investment themes [7]