成交飙回2.56万亿！周期强势接棒科技，融资资金重燃A股战火【周观A股2.24-2.27】

Market Overview - The A-share market experienced a significant increase in trading volume post-holiday, with a notable shift in market style towards cyclical resource stocks, while small and mid-cap stocks maintained high elasticity [3][4][6]. - The market's risk appetite has been restored, leading to a strong performance in small-cap indices such as the CSI 500, CSI 1000, and CSI 2000, which outperformed large-cap blue chips [4][6]. Performance Summary - The CSI 1000 index led the market with a notable increase, reflecting a broader trend of funds flowing into high-elasticity stocks [4][6]. - The materials sector surged by 8.03%, and the energy sector rose by 6.31%, marking them as the top-performing sectors of the week, indicating a shift from "technology growth" to "cyclical value" [8][16]. - Only 5 out of 35 Wind secondary industries reported negative returns, highlighting a general upward trend across the market [16]. Sector Rotation - The materials and energy sectors emerged as the leading themes, with significant weekly gains, while previously strong technology growth sectors faced corrections [8][16]. - The media and entertainment sector saw a decline of 4.46%, indicating a "valuation kill" for AI applications, media, and gaming sectors that were previously active [16]. Trading Volume and Activity - Daily trading volume exceeded 2.4 trillion yuan, with a notable increase of over 300 billion yuan compared to the previous week, indicating heightened market participation [20][21]. - The turnover rate for the market increased by approximately 0.5 percentage points, with the information technology and materials sectors leading in trading activity [21][26]. Capital Flow - Despite the index's strength, there was a net outflow of 766.85 billion yuan from main funds throughout the week, with a peak outflow of 300.45 billion yuan on February 26 [31][35]. - The materials sector was the only one to see significant net inflows, while the TMT sector faced substantial selling pressure [32][35]. Market Sentiment - Market sentiment improved significantly, with an average of 93.5 stocks hitting the daily limit up, and the number of limit down stocks decreasing sharply [40][44]. - Margin trading balances increased by over 442 billion yuan, indicating a return of leveraged funds to the market, contributing to the upward momentum [40][45]. Upcoming Focus - The upcoming National People's Congress is expected to bring attention to key policy areas such as ecological protection and regional coordinated development, which may influence market direction [48][49].