A股市场大势研判：沪指微涨走出“九连阳”

Market Overview - The A-share market experienced a slight increase, with the Shanghai Composite Index rising by 0.04% to close at 3965.28, marking a "nine consecutive days" upward trend [1][4] - The Shenzhen Component Index and the ChiNext Index fell by 0.49% and 0.66%, respectively, indicating mixed performance across major indices [2][4] Sector Performance - The top-performing sectors included Oil & Petrochemicals (1.48%), Defense & Military (1.43%), and Banks (1.03%), while the worst-performing sectors were Nonferrous Metals (-1.95%) and Utilities (-1.24%) [3][4] - Concept indices showed strong performance in PEEK Materials (3.23%) and Carbon Fiber (2.52%), while Dairy (-1.90%) and Lithium Extraction (-1.89%) lagged behind [3][4] Future Outlook - The market is expected to continue its upward trend following a phase of adjustment, with a focus on improving liquidity and trading activity as year-end institutional reallocation occurs [6] - Key factors influencing the market include the selection of the new Federal Reserve chair and the implementation of domestic monetary and fiscal policies [6] - A balanced allocation strategy is recommended, with attention to sectors such as Nonferrous Metals, Technology Growth, New Energy, and Dividend Stocks [6] Fiscal Policy Insights - The Ministry of Finance announced a continuation of a more proactive fiscal policy in 2026, emphasizing the need to boost consumption through increased fiscal spending and optimized government bond tools [5] - Specific actions include enhancing the effectiveness of transfer payment funds and improving expenditure structures to support key areas [5]