Market Overview - The A-share market experienced a wide fluctuation on March 21, 2025, with the Shanghai Composite Index encountering resistance around 3414 points before retreating in the afternoon [3][7] - The Shanghai Composite Index closed at 3364.83 points, down 1.29%, while the Shenzhen Component Index fell 1.76% to 10687.55 points [8][14] - Key sectors showing positive performance included shipbuilding, mining, wind power equipment, and traditional Chinese medicine, while sectors like electric machinery, consumer electronics, auto parts, and semiconductors underperformed [3][7] Future Market Outlook and Investment Recommendations - The average price-to-earnings ratios for the Shanghai Composite and ChiNext indices are currently at 14.47 times and 38.41 times, respectively, indicating a suitable environment for medium to long-term investments [3][14] - The total trading volume on March 21 was 15802 billion, above the median of the past three years, suggesting robust market activity [3][14] - Continued counter-cyclical policy adjustments, fiscal stimulus, and monetary easing are expected to support the market, with a focus on technology innovation, consumer recovery, and green economy initiatives [3][14] - The upcoming peak reporting season from March to April will significantly influence market confidence, with a need to be cautious of stocks that may not meet earnings expectations [3][14] - Short-term investment preferences are shifting towards defensive sectors, with high-dividend assets performing steadily, while technology growth sectors face valuation pressures [3][14] - Future market trends are anticipated to feature technology leadership, defensive dividends, consumer recovery, and domestic demand-driven growth, with recommendations to seize structural opportunities while balancing defense and growth [3][14] - Short-term investment opportunities are suggested in sectors such as military industry, wind power equipment, coal, and oil [3][14]

相关ETF方面，截至发稿，港股科技ETF（159751）涨3.28%，成交额超5588万元，换手率 11.8%，盘中交投活跃。成分股方面，药明康德涨超13%，药明生物涨超7%，药明合联涨超6%，阿里 巴巴-W、快手-W、哔哩哔哩-W涨超4%。 消息面上，据媒体报道，英伟达GTC 2025大会将举行China AI Day-云与互联网线上中文专场，于 北京时间3月18日上午9：30开始直播。本次专场包括字节跳动、火山引擎、阿里云、百度、蚂蚁集团、 京东、美团、快手、百川智能、赖耶科技以及Votee AI等国内多家云与互联网企业，这些企业将分享在 大语言模型 (LLM)、多模态大语言模型 (MLLM)、数据科学和搜推广领域的前沿进展，展示如何采用软 硬件协同优化方法实现生产级AI的性能和效率提升。 中建信投表示，整体来说，外部扰动稳定之后，春季行情依然有望继续，需求回稳与供给收缩带来 的盈利改善与资金流入等中期环境更没有改变，产业趋势共识下，科技成长板块仍为主线，从全球比较 与选择的角度来看，中国资产信心重估的中期趋势预计也将延续。 天风证券表示，在港股经历持续一个多月的上行势态后，恒指市场宽度(股价高于20均线 ...