Core Viewpoint - The external environment has been disturbed, yet the domestic stock market shows strong resilience, with A-shares performing well despite global market adjustments triggered by U.S. tariff announcements and rising U.S. debt concerns [1][2]. Market Performance - The A-share market exhibited resilience with major indices showing slight fluctuations while individual stocks experienced significant gains [1][2]. - On the other hand, the Hong Kong market faced minor adjustments due to external influences [1][2]. Market Dynamics - The two markets experienced a divergence with shrinking trading volume, as the total trading volume was around 1 trillion yuan, a decrease from the previous Friday [1][2]. - The market saw more stocks rising than falling, with a notable number of stocks hitting the daily limit up, particularly in the TMT (Technology, Media, and Telecommunications) sector [1][2]. Investment Style - The investment style favored small and mid-cap stocks, which outperformed large-cap blue-chip stocks during this period [1][2]. Market Trends - The Shanghai Composite Index faced resistance in its rebound, entering a short-term adjustment phase after a month-long rally, influenced by pressure from this year's first-quarter market highs and last year's fourth-quarter trading volume [3]. - The index found support at the 60-day moving average, which will be crucial to monitor in the upcoming period [3].
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申万宏源证券上海北京西路营业部·2025-05-27 01:50