A股午评 | 多利好助力A股反攻！沪指、创业板指半日涨超1%，防御性板块回暖

智通财经网07-20

7月20日，A股市场早间高开震荡，三大指数集体反弹。截至午间收盘，沪指涨1.18%，深证成指涨0.21%，创业板指涨1.13%。全市个股涨多跌少，全市上涨个股近3000只，全市半日成交1.67万亿元，较上一日放量成交681亿元，内资主力资金净卖出128.5亿元。盘面上，防御性板块回暖，电力股震荡走高，华银电力、涪陵电力等封涨停；煤炭板块震荡反弹，大有能源、郑州煤电、辽宁能源涨停，中煤能源、昊华能源...

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Shanghai Composite Index and GEM Index rose more than 1% in half a day, and defensive sectors picked up","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"159982":1.5,"399001":1.5,"399006":1.5,"399300":1.5,"SELV":1.5,"ONEY":1.5,"FTDS":1.5,"INRO":1.5,"DIVL":1.5,"SDY":1.5,"JAVA":1.5,"DHS":1.5,"IQDF":1.5,"CGDG":1.5,"LVOL":1.5,"DIV":1.5,"GINX":1.5,"HDV":1.5,"SCDL":1.5,"HIDV":1.5,"DIVD":1.5,"BGIG":1.5,"DVAL":1.5,"DIVB":1.5,"NUDV":1.5,"TDVG":1.5,"TPHD":1.5,"JQUA":1.5,"DTD":1.5,"EQIN":1.5,"BDVG":1.5,"FDV":1.5,"MDLV":1.5,"JHDV":1.5,"PFM":1.5,"GCOW":1.5,"RFDA":1.5,"WBIY":1.5,"LEAD":1.5,"DIVG":1.5,"SWP":1.5,"LCF":1.5,"FLV":1.5,"ROE":1.5,"TGLR":1.5,"LGLV":1.5,"SPDV":1.5,"UTES":1.5,"CGDV":1.5,"FDLO":1.5},"content_text":"7月20日，A股市场早间高开震荡，三大指数集体反弹。截至午间收盘，沪指涨1.18%，深证成指涨0.21%，创业板指涨1.13%。全市个股涨多跌少，全市上涨个股近3000只，全市半日成交1.67万亿元，较上一日放量成交681亿元，内资主力资金净卖出128.5亿元。盘面上，防御性板块回暖，电力股震荡走高，华银电力、涪陵电力等封涨停；煤炭板块震荡反弹，大有能源、郑州煤电、辽宁能源涨停，中煤能源、昊华能源、兖矿能源跟涨；白酒逆势活跃，古井贡酒封板；创新药概念局部回暖，海正药业涨停，益方生物涨超13%。跌幅方面，算力硬件方向高开低走，PCB、铜箔概念震荡回落，铜冠铜箔、南亚新材等多股跌停；光模块概念走弱，剑桥科技、源杰科技跌停或跌逾10%；存储芯片概念延续弱势，德明利、时空科技等多股跌停；锂电产业链持续走低，天齐锂业盘中触及跌停；工业气体概念震荡下挫，中船特气、三孚新科跌停。此外，AI手机、氟化工、光伏设备等方向表现不佳。市场分析认为，指数走强主要与以下几方面因素相关：1、“国家队”率先出手护盘，稳市机制持续护航A股，中国国新19日晚间宣布已使用股票回购增持专项再贷款及配套资金超500亿元增持央企股票，同日，中国诚通也宣布已完成近百亿元增持。2、罕见盘前公告！中国神华、中国中车、中国铝业、国电南瑞、中煤能源五家央企旗下上市公司密集发布公告，通过资产注入、股东增持、股份回购、分红等方式集体出手，向市场传递积极信号。3、中国证监会将于7月20日召开上市公司、证券公司及基金机构座谈会，听取各方关于促进资本市场平稳健康发展的意见建议。4、7月19日晚，多家A股上市公司发布回购相关公告，引发市场热议。灵均投资、平方和投资等多家百亿私募也密集宣布回购。5、光模块“二哥”新易盛公告，上半年净利同比预增78%-103%，受益于人工智能相关算力投资持续增长产品结构优化。展望后市，中信证券认为，指数行情处于一轮中期行情的休整到新一轮行情的酝酿阶段，短期出清已接近尾声。热门板块1、电力股震荡走高电力股震荡走高，华银电力、涪陵电力等封涨停。点评：消息面上，江苏电网最高用电负荷达1.5759亿千瓦，再度刷新历史纪录。这是江苏电网最高用电负荷自2016年首破1亿千瓦后，连续第十年站上“亿级台阶”。2、煤炭板块震荡反弹煤炭板块震荡反弹，大有能源、郑州煤电、辽宁能源涨停，中煤能源、昊华能源、兖矿能源跟涨。点评：消息面上，数据显示，截至7月17日秦港动力煤价格升至821元/吨，环比上涨29元/吨。本周煤炭指数上涨2.79%。6月全国原煤产量同比骤降9.7%，创近十年最大降幅，晋陕蒙样本煤矿产量同比降幅也扩大至4.4%。南方电厂日耗升至612万吨/天，库存可用天数降至19.6天，补库需求开始释放。3、白酒板块震荡反弹白酒概念震荡反弹，古井贡酒涨停，贵州茅台、金徽酒、皇台酒业、泸州老窖跟涨。点评：消息面上，贵州茅台公告称，公司自2026年7月18日零时起，将飞天53%vol500ml贵州茅台酒(2026)i茅台平台零售价由1539元/瓶调整为1639元/瓶，销售合同价由1269元/瓶调整为1369元/瓶。4、创新药概念震荡回升创新药概念日内震荡回升，海正药业涨停，益方生物涨超13%，荣昌生物、益诺思、海特生物、诺诚健华、药明康德跟涨。点评：消息面上，国家药监局披露的最新数据显示，今年1月至6月，我国创新药对外授权共达成81笔合作，交易总额约1100亿美元，已达2025年全年总额的80%，再创历史新高。机构观点中信证券：指数行情处于一轮中期行情的休整到新一轮行情的酝酿阶段中信证券研报指出，当前有如下四个判断。第一，指数行情处于一轮中期行情的休整（以科技板块补跌为特征）到新一轮行情的酝酿阶段（需要新的有估值提升空间的板块启动），短期出清已接近尾声。第二，北美AI链短期可能是科技内部的避风港，7月底北美CSP的指引前后可能迎来一波修复，但重新上一个台阶需要新一次的AI模型/产品能力跃升和商业变现空间拓展，关键是打破硬件公司周期股估值框架，实现硬件和应用的新一轮系统级抬升。第三，国产AI链高度依赖催化和趋势资金强度，目前主要催化已陆续兑现，而趋势资金强度在经历剧烈回撤后很难迅速回归，国内目前仍相对健康的融资盘意味着目前不存在筹码出清式的布局点，国产切北美的估值收敛是比较可能的走向。第四，非AI链以轮流修复为特征，从创新药和非银开始，过渡到有色、化工和锂电的工业链条，期间伴随着内需链的政策预期交易。华安证券：情绪化急跌不会持续，对修复性行情有信心上周市场呈现出较明显的非理性下跌，复盘历史相似情形下的跌幅，短期已经明显超跌，继续大跌概率较低。随着科技股业绩继续验证高景气、大型IPO预期落地，行情有望迎来反弹。行情主线仍需聚焦AI产业上中游环节，这种结构性主线格局预计将持续至年底前。配置思路上，产业周期业绩强劲、经济周期仍弱，重视当下成长产业景气机会的逻辑仍然清晰。第二阶段业绩驱动行情并未结束，且6月底以来成长科技板块调整幅度较大，短期回调为后市打开了更多上涨空间。因此当下仍可紧密围绕AI产业趋势加大仓位，而上中游环节的算力中心及配套硬件是最不可或缺方向，该方向产业链长度和投资容纳能力足够大，现处于机构大规模抱团中期。尽管某些环节短期出现交易过热现象，但赛道足够宽广具备“停车换马”的能力且中期上涨趋势不改，当交易降温至换手率低位时应敢于布局。国金证券：调整接近后半段，市场交易结构调整完毕开启结构性反弹市场当下的核心矛盾可能并不是主线切换，而是AI硬件行情的最后演绎路径。国金证券认为未来市场有三种演绎路径：第一种，产业链的担忧被证伪，非线性的技术奇迹再次出现，那么此次的调整就是单纯的资金去杠杆，甚至有可能突破前高；第二种，产业链的担忧被证真，杠杆下跌后进入基本面主导的漫长调整阶段；第三种，也是我们认为最有可能的场景，AI投资相关的投资总量尚未放缓，基本面逆转信号并不充足，市场交易结构调整完毕，开启结构性反弹。本文转载自腾讯自选股，智通财经编辑：王秋佳。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.50.0","shortVersion":"4.50.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2652261278","isCrawlerRequest":true}