中原证券认为，周二A股市场冲高遇阻、小幅震荡整理，早盘股指低开后震荡上行，盘中沪指在3294点 附近遭遇阻力，午后股指维持震荡，盘中汽车零部件、机器人、互联网服务以及通用设备等行业表现较 好；电力、保险、航运港口以及贵金属等行业表现较弱，沪指全天基本呈现小幅震荡整理的运行特征。 4月是年报和一季报密集披露期，市场将从预期驱动转向基本面验证。预计短期市场仍以区间震荡为 主，但政策托底与经济韧性为结构性机会提供支撑。市场或延续政策与业绩双轮驱动的结构性行情，投 资者需平衡防御与成长，聚焦业绩确定性高、政策催化明确的板块，同时警惕外部风险引发的短期波 动。 东莞证券认为，周二，市场全天震荡调整，三大指数缩量微跌。海外方面，本周美国将公布3月核心 PCE和4月非农就业等重要经济数据，或将一定程度上影响美国经济预期走势及贸易谈判进程。国内方 面，五一假期将近，节前资金避险情绪有所提升，部分资金选择在短期获利离场，市场继续缩量。随着 本周财报披露季结束，叠加海外冲击逐渐减弱，A股市场将进入一个相对均衡的阶段。但另一方面，指 数目前处于相对纠结的位置，指数上方有压力，同时估值不存在超跌情况，短期缺乏热点催化，市场或 将继续 ...

Market Overview - On April 22, the A-share market opened lower but experienced a slight upward trend, with the Shanghai Composite Index closing at 3,299.76 points, up 0.25%[3] - The Shenzhen Component Index closed at 9,870.05 points, down 0.36%, indicating a weaker performance compared to the main board[9] - Total trading volume for both markets reached 11,214 billion yuan, above the median of the past three years[4] Sector Performance - The logistics, automotive, financial, and electronic chemicals sectors performed well, while power equipment, tourism, general equipment, and engineering machinery sectors lagged[4] - Over 50% of stocks in the two markets rose, with logistics, agricultural chemicals, packaging materials, and automotive services leading the gains[9] Valuation Metrics - The average price-to-earnings (P/E) ratios for the Shanghai Composite and ChiNext indices are 13.98 times and 34.48 times, respectively, aligning with the median levels of the past three years[4] - The market is deemed suitable for medium to long-term investments based on current valuation levels[4] Future Outlook - The fiscal policy for 2025 is expected to be more proactive, with potential interest rate cuts to maintain liquidity and support economic recovery[4] - The market is anticipated to exhibit a structure characterized by technology leadership, defensive dividends, consumption recovery, and domestic demand-driven growth[4] Investment Recommendations - Investors are advised to focus on structural opportunities while balancing defensive and growth strategies, particularly in logistics, automotive, financial, and electronic chemicals sectors[4] - Continuous monitoring of policy changes, capital flows, and international market conditions is essential for investment decisions[4]