2026年以来A股尽显分化： 科创、有色领跑“老登”失落

Core Viewpoint - Since 2026, the A-share market has shown significant structural differentiation, with technology and non-ferrous metal stocks leading the market, while traditional sectors like banks and liquor have lagged behind [1][3]. Index Performance - The A-share market has experienced notable index performance differences, with the CSI 500 index rising by 14.09% since 2026, achieving a monthly trading volume exceeding 11 trillion yuan, marking a historical high [4]. - The STAR 50 index has also performed well, with a cumulative increase of 12.16% since 2026, following a substantial rise of 35.92% in 2025 [4]. - The North Securities 50 index has increased by 6.64% since 2026, while the Shenzhen Component Index and Shanghai Composite Index have seen more moderate gains of 5.73% and 4.77%, respectively [5]. Sector Performance - Among sectors, the non-ferrous metals sector has led with a cumulative increase of over 30% since 2026, followed by strong performances in oil and petrochemicals, media, electronics, construction materials, steel, basic chemicals, coal, power equipment, and computers [7]. - Conversely, the banking sector has underperformed, with a cumulative decline of over 2%, along with other sectors like automotive, beauty care, transportation, non-bank financials, home appliances, defense, and food and beverage showing relative weakness [8]. Individual Stock Performance - Individual stock performance has shown even greater differentiation, with over 40 stocks doubling in value since 2026, particularly in the non-ferrous metals sector, which has nine doubling stocks [10]. - Notably, some stocks have experienced severe declines, with over 100 stocks dropping more than 30% from their peak since 2026, including several that have "halved" in value, such as *ST Aowei and *ST Changyao, with the largest drop exceeding 50% [11].