A股近期有所反弹 4月28日，A股三大指数小幅下跌，沪指全天维持在3300点附近。4月以来，受特朗普政府所谓的"对等 关税"冲击，全球资本市场出现大幅波动，A股也被牵连。 不过，在中国多部门密集部署、推出多种举 措之后，A股有所反弹。 如何看待A股近期的走势？市场风险偏好是否正在边际性改善？东吴期货首席投资官吴照银为我们带来 他的解读。 0:00 南方财经全媒体记者杨雨莱 广州报道 A股"成绩单"表现亮眼 4月底，2025年一季报披露临近尾声，A股市场上市公司交出了一份较为亮眼的成绩单。截至4月27日， 超过2700家上市公司发布了2025年一季报，已发布一季报的公司中，约四成实现了营收和归母净利润的 双增长，约六成企业实现净利润同比增长，百余家公司增幅超100%。其中，基础化工、电力设备、有 色金属等板块表现突出。 市场风险偏好在稳步改善 吴照银：在过去的三周里，A股市场和全球资本市场的局势都有所缓和。尽管关税战尚未达成最终协 议，市场的整体趋势仍然是朝着稳定的方向发展。我们可以看到市场已经开始慢慢回升，波动幅度逐渐 减小，整体运行状态趋于平稳。同时，市场的风险偏好也在稳步改善。 在这个时间点上，我们对市场 ...

Core Viewpoint - Over 90% of the more than 100 A-share listed companies that have disclosed their Q1 2025 performance forecasts are optimistic, with over 30 companies expecting a "doubling" of net profits [1][2]. Group 1: Company Performance - 59 companies expect an increase in Q1 performance, 28 anticipate slight growth, 11 are turning losses into profits, and 4 are maintaining profitability [2]. - More than 30 companies forecast a net profit increase of over 100% year-on-year, with nearly 30 companies expecting an increase of over 50% [2]. - GuoDa Special Materials anticipates a nearly 26% increase in revenue and a 1504.79% increase in net profit attributable to shareholders [2]. - China Shipbuilding Defense expects a net profit increase of up to 1200.91% due to improved production efficiency and investment income [3]. - Xianggang Technology predicts a net profit increase of up to 916.65% driven by market expansion and cost control [3]. Group 2: Industry Insights - The automotive, electronics, and basic chemical industries are among the top performers, with 14, 13, and 13 companies respectively [2]. - The overall performance of companies in Q1 reflects a high industry prosperity, with many achieving both volume and price growth [3]. - Analysts suggest that the current market environment indicates a stable and improving Chinese economy [3]. Group 3: Investment Strategies - Investment strategies should focus on sectors with potential for exceeding expectations in Q1 and annual reports, particularly in TMT-related industries like semiconductors and consumer electronics [4]. - Analysts recommend attention to growth industries that are supported by advanced technology and policy, such as lithium batteries and high-end manufacturing [5]. - Defensive sectors like non-ferrous metals, national defense, and environmental protection are expected to perform well in the short term, alongside consumer sectors with significant profit and price increases [5].