“十五五”定调，A股韧性体现在哪些板块？

Market Performance - The A-share market experienced a fluctuation with the overall index declining by 0.48% from March 9 to March 13, 2026[2] - The ChiNext Index rose by 2.51%, while the Science and Technology Innovation 50 and North China 50 indices fell over 2%[4] - The daily average trading volume decreased to 24,987 billion yuan, down by 1,459.12 billion yuan from the previous week[11] Fund Flow - The margin trading balance increased to 26,646.47 billion yuan, up by 191.00 billion yuan from the previous week[13] - A total of 21 new equity funds were established this week, with a total issuance of 19.824 billion units, representing a 54.93% share of new fund issuance[19] - Global funds saw a net outflow of 3.615 billion USD from A-shares, reversing from a net inflow of 1.471 billion USD the previous week[27] Valuation Changes - The PE (TTM) ratio for the overall A-share index decreased by 0.44% to 23.33 times, placing it at the 94.22% percentile since 2010[36] - The PB (LF) ratio fell by 0.27% to 1.93 times, situated at the 56.66% percentile since 2010[36] - The bond yield spread for A-shares was 2.4717%, near the 42.78% percentile level since 2010[36] Investment Outlook - The government work report emphasizes domestic demand, fostering new growth drivers, and high-level technological self-reliance as key tasks[47] - The "14th Five-Year Plan" focuses on high-quality development and modern industrial system construction, indicating a long-term investment logic shift towards quality[47] - The market is expected to transition from "emotion-driven" to "fundamentals-driven," with corporate earnings becoming the core anchor for future trends[47]