A股策略周报：短期波动提升，攻守如何兼备？-20250921

Core Insights - The A-share market experienced short-term volatility with a focus on balancing offensive and defensive strategies. The market saw fluctuations with the Shanghai Composite Index declining by 1.3%, while the ChiNext Index and STAR Market rose by 2.3% and 1.8% respectively. The semiconductor sector, particularly domestic chip expectations, drove significant gains in related indices, which rose by approximately 6-9% [2][12][16]. Economic Data - In August, industrial value added grew by 5.2% year-on-year, while retail sales increased by 3.4% year-on-year. The mining sector saw a slight uptick in growth to 5.1%, while high-tech industries maintained resilience with a 9.3% increase in value added [3][4]. Policy Developments - Recent policies aimed at expanding consumption were introduced, including 19 specific measures to stimulate service consumption. The government is also focusing on enhancing the urban convenience of living through initiatives like the "15-minute living circle" [4][20]. Market Performance - The A-share market showed a mixed performance with the ChiNext Index leading gains at 2.34%, while the Shanghai Composite Index fell by 1.3%. The average daily trading volume remained robust at approximately 2.52 trillion yuan, reflecting an 8.23% increase week-on-week [12][16][18]. Sector Performance - The coal and electric equipment sectors led the market with gains of 3.51% and 3.07% respectively. Other sectors such as electronics and automotive also performed well, with increases between 2% and 3%. Conversely, sectors like banking and non-bank financials lagged behind [12][13][16].