今日A股冲高回落，上方存在阶段性压力。板块层面多数上涨，受海内外贵金属涨幅扩大刺激，有色、 矿业、光伏等板块领涨，前期表现强势的半导体、芯片、人工智能等板块表现稍逊。截至收盘，上证指 数放量上涨，报3963.68点，上涨0.1%，深证成指涨0.54%，创业板指涨0.14%。个股层面跌多涨少，约 1800家上涨，3400余家下跌。成交方面，沪深两市成交额约2.18万亿元，较昨日放量超两千亿元，高位 分歧渐显。 本周市场持续单边运行，沪指日线录得八连阳，虽盘中多有反复，但紧贴五日线上涨，涨势颇强。周一 市场高开站上整数关口，上周的反弹趋势得以延续。周二，指数上探短周期高点附近便遇阻回落。周 三，外围贵金属突破重要阻力位置，商品市场的做多情绪扩散，受此影响A股重拾涨势。周四、周五， 随着单边行情的演进，市场中逐渐出现了些许恐高的情绪，以高位盘整走势为主。 落到操作层面，"核心底仓+卫星轮动"的组合策略或是行情中段进可攻退可守的较优选择。核心方面， 虽然近期市场颇为震荡，但一旦出现新的热点催化，行情或随时到来，底仓的配置可以避免情绪化的追 涨杀跌等非理性操作，推荐中证A500ETF(159338)捕捉中国经济中长期投 ...

Market Performance - A-shares experienced a weak oscillation after a high opening and subsequent pullback, with the Shanghai Composite Index down 1.95% to 3839.76 points, Shenzhen Component Index down 3.04%, and ChiNext Index down 3.36% [1] - Market trading enthusiasm is gradually declining, with a trading volume of approximately 1.95 trillion yuan, remaining below 2 trillion yuan for two consecutive days [1] - The market continues to maintain a high-level oscillation pattern around the 3900-point mark, with multiple attempts to break through both upwards and downwards [1] Sector Performance - Technology growth sectors faced significant declines, while dividend-style stocks showed relative resilience [1] - After a major drop on Monday due to negative factors like renewed tariff concerns, the market saw a quick recovery driven by external funds, but technology stocks fell sharply on Tuesday [1] - On Wednesday and Thursday, dividend sectors such as banking and coal rebounded, helping the Shanghai Composite recover the 3900-point level [1] Market Outlook - Short-term oscillation is seen as a normal adjustment, with potential for further upward movement in the market [1] - Since the low in April, the index has risen over 30%, indicating a need for consolidation to facilitate the exchange of holdings [1] - The long-term bull market trend is forming, with external funds actively entering the market, as evidenced by the rapid recovery after multiple retests of key levels [1] Investment Strategy - A strategy of "core positions + satellite rotation" is recommended for optimal investment, focusing on high and low trading [2] - The China Securities A500 ETF (159338) is suggested for capturing strategic opportunities in the long-term stabilization of the Chinese economy [2] - Attention is drawn to the "anti-involution + technology" sectors, which represent two major driving forces for the pricing of domestic equity assets [2] International Market Context - The Hang Seng and Hang Seng Technology indices showed weak performance, with significant selling pressure evident [2] - U.S. stock indices entered a correction after reaching historical highs, influenced by regional bank issues, highlighting the fragility of the record-high U.S. market compared to domestic markets [2]