政策面上，国家刚启动第三批830亿超长期特别国债，重点投向新能源和基建，这对新能源车、智能电网是实打实的利好。央行也在释放流动性，居民储 蓄转移加上两融余额突破2万亿，增量资金入场的趋势没变。不过技术面得提个醒：中证2000指数已经出现三次顶背离，短线调整压力不小，但中长期向 上的趋势还在。 最后聊聊策略。中长线投资者可以关注两类机会：一是政策支持的硬科技，比如新能源车、半导体，回调就是上车机会，尤其是那些有核心技术的龙 头；二是防御性板块，白酒和公用事业既能抗跌又有分红，适合风险偏好低的朋友。短线操作的话，盯着算力大会、央行降息这些催化剂，比如中兴通 讯昨天成交164亿创纪录，带动国产算力板块走强，这种资金扎堆的地方可能有短期机会。 但有一点得警惕：如果鲍威尔今晚释放鹰派信号，全球市场可能又得抖三抖。不过换个角度想，美股连跌五天后，市场已经提前消化了部分风险，反而 给A股留出了独立空间。记住，真正的机会往往藏在别人恐慌的时候，而不是人声鼎沸的顶点。咱们要做的，就是握紧优质筹码，耐心等待市场风格轮 动。 各位朋友早上好！我是帮主郑重。今天全球市场都在等一个人——美联储主席鲍威尔的讲话。但就在刚刚，三位美联储官 ...

Market Overview - The three major indices experienced a decline, with the ChiNext Index dropping by 1.1% and over 4600 stocks in the market showing negative performance [1][3] - The Shanghai Composite Index fell by 0.86%, the Shenzhen Component Index decreased by 1.01%, and the North China 50 Index also saw a nearly 1% drop, with trading volume exceeding 800 billion, an increase of over 40 billion compared to the previous day [3] Economic Factors - Recent macroeconomic data has shown signs of pressure, leading to hesitance in market recovery expectations [3] - Popular sectors such as AI and weight-loss drugs are experiencing corrections, prompting funds to shift towards defensive sectors [3] - External market instability has also contributed to negative sentiment in the domestic market [3] Sector Performance - Solid-state batteries, PCB, and oil sectors saw gains, with stocks like Nord and Xiangtan Electric achieving limit-up [3] - The solid-state battery sector is gaining attention due to recent technological breakthroughs and a reasonable valuation after previous adjustments in the new energy sector [3] - The oil sector's rise may be linked to geopolitical tensions in the Middle East, particularly the potential for U.S. actions against Iran, leading to short-term oil price volatility [3] Declining Sectors - The nuclear fusion, military, and weight-loss drug sectors faced significant declines, with Changshan Pharmaceutical hitting the limit down and Hanyu Pharmaceutical dropping over 10% [4] - The military sector's adjustment is attributed to a lack of new catalysts, leading to fund withdrawals [4] - The nuclear power sector saw stocks like Hezhan Intelligent and China Nuclear Technology hitting the limit down, possibly due to negative news from specific companies [4] Investment Strategy - In a broad market decline, it is essential to maintain a calm mindset and focus on identifying quality stocks [4] - Long-term investors should prioritize company fundamentals and industry prospects over short-term price fluctuations [4] - The solid-state battery sector is highlighted as a promising long-term investment, while caution is advised in the weight-loss drug sector due to speculative trading [4]

Core Viewpoint - The A-share market experienced a decline, with the Shanghai Composite Index falling by 0.30% and the ChiNext Index dropping by 1.28%, indicating a bearish sentiment in the market [1][3]. Market Performance - The A-share market saw a total trading volume of 661.07 billion, with 2,527 stocks rising, 2,624 stocks falling, and 257 remaining unchanged [3]. - The Shanghai Composite Index closed at 3,338.42, down by 9.95 points, while the Shenzhen Component Index closed at 10,060.36, down by 72.06 points [3]. - The ChiNext Index fell to 1,995.61, marking a decline of 25.89 points [3]. Sector Performance - Sectors such as controllable nuclear fusion, cloud gaming, superconductors, and shipping saw significant gains, while innovative drugs and automotive sectors weakened [2]. - Main capital flows showed a net inflow into electronic, mechanical equipment, and computer sectors, while there was a net outflow from pharmaceutical, automotive, and banking sectors [4]. Individual Stock Movements - Notable stocks with net inflows included Shenghong Technology (9.31 billion), Shanghai Electric (8.14 billion), and Wuhan Fanggu (6.57 billion) [5]. - Conversely, stocks like BYD, CATL, and Kweichow Moutai faced significant sell-offs, with net outflows of 16.55 billion, 9.29 billion, and 7.88 billion respectively [6]. Market Sentiment and Strategy - Analysts suggest that the rising volatility in the A-share market indicates an increase in risk aversion among investors, recommending a focus on defensive sectors and a "barbell strategy" for asset allocation [8]. - The market is expected to oscillate within the range of 3,340 to 3,360 points, with key support at 3,316 points [9]. Currency and Economic Indicators - The offshore RMB appreciated against the USD, reaching a midpoint of 7.1833, the highest since April 2 [11]. - The People's Bank of China conducted a 3,820 billion reverse repurchase operation with a rate of 1.40% [11]. Other Market Highlights - The Hong Kong market also faced declines, with the Hang Seng Index dropping by 1% and the Hang Seng Tech Index down by 1.32% [1][12]. - The gaming sector showed strength, with stocks like Ice Age Network and Youzu Network experiencing significant gains [26].

Core Viewpoint - The market experienced a significant downturn after a month of strong performance, with A-shares and Hong Kong stocks collectively declining, particularly in the AI and robotics sectors [2][4]. Market Performance - On March 21, A-shares and Hong Kong stocks opened lower and continued to decline, with the Shanghai Composite Index falling by 1.29% and the ChiNext Index dropping by 2.17%. The Hang Seng Tech Index saw a decline of 3.37%, marking its largest single-day drop recently. The total trading volume in A-shares reached 1.55 trillion yuan, an increase of 109.3 billion yuan from the previous trading day, indicating heightened market divergence and some panic selling [2][4]. Sector Analysis - Defensive tendencies in capital allocation were noted, with sectors like steel and oil showing resilience due to supply-demand adjustments and cost control, while previously strong sectors like AI and robotics faced corrections. The automotive sector also saw declines due to market sentiment [5][6]. - The AI concept index had a TTM P/E ratio of 80 times, and the robotics concept index had a TTM P/E ratio of 32 times as of March 21, both at historically high levels, contributing to the recent adjustments in these sectors [6]. Future Market Outlook - Multiple fund companies suggest that the market may shift from a volatile phase to a range-bound trend, with increased individual stock differentiation and a renewed focus on the alignment of valuations and earnings [8][9]. - The upcoming earnings reports in April are expected to shift market attention back to fundamentals, with a potential increase in focus on companies with earnings certainty [9][10]. - The overall market is anticipated to lack significant downward risks while also not showing strong upward momentum, indicating a transition to a range-bound market [9].