Thursday A-shares shrink and differentiate: micro-cap stocks rise against the trend, consumption and aerospace become the focus

On Thursday, A-shares shrank and differentiated, with the Shanghai Composite Index slightly up 0.16% and the ChiNext Index down 2.17%. Nearly 2,900 stocks in the entire market rose, but the total transaction volume in the two markets was only 1.66 trillion yuan (a reduction of 155.7 billion yuan), and the weak characteristics of insufficient capital support remained unchanged.

Market Overview: Defensive and thematic sectors such as pharmaceuticals, aerospace, consumption, and banking led the gains; growth sectors such as batteries, energy metals, and complete vehicles retreated, while the securities sector, except for resumed stocks, showed weak performance.

Themes: SPD, satellite internet, commercial aerospace, 6G, micro-cap stocks (strengthening in the middle of the CSI 2000) were active; previously popular themes like Kirin batteries, lithium mines, and AIPC retreated.

Core Messages: 1. Hainan Free Trade Port today started island-wide closure, with the central bank's financial policies continuing to support; 2. The National Development and Reform Commission focuses on expanding effective investment and new productive forces; 3. CICC's stock swap to absorb and merge Dongxing and Xinda Securities' plan has been implemented, and the three stocks resumed trading today.

Hot Sectors: Commercial aerospace (Tianyin Electromechanical 20cm limit up), CPO (Changfei Fiber 2 consecutive boards), autonomous driving (Wanlong Optoelectronics 20cm limit up) and related consumption sub-sectors of the "reward economy" were active.

Market Status: Institutions believe that the current period is a volatile adjustment cycle; the medium to long-term upward foundation remains unchanged, but short-term adjustments continue. The rumors about "mysterious funds buying ETFs" yesterday were untrue; funds were mostly routine allocations by institutions.

Reasons for Weakness: Global uncertainty (Japan's hawkish interest rate hikes triggering liquidity concerns) amplifies A-share risk aversion, with funds concentrating on low-volatility, high-dividend sectors, and growth stocks facing increasing differentiation pressure.

Operational Strategy: Focus on defense, avoiding high volatility and high valuation themes; pay attention to defensive varieties such as banks, public utilities, and consumer blue chips, as well as opportunities in pharmaceuticals and commercial aerospace themes. Do not blindly bottom fish; wait for clear signals of a stop-loss, such as increased trading volume and sector resonance.

Long-term Outlook: Under policy stimulus, A-shares and the economy may welcome an upward turning point; focus on sectors with prosperity such as semiconductors, AI, and commercial aerospace in the medium term; low-risk preference investors can accumulate broad-based ETFs at low levels. The current core is to control positions and select stocks. $BTC #巨鲸动向