金吾财讯 | A股三大指数早盘涨跌不一，截至午间收盘，沪指跌1.11%，深成指跌0.42%，创业板指涨0.7%。
盘面上，碳化硅、IGBT概念、影视板块涨幅明显，工业气体概念回暖，贵金属、机器人、石油石化板块承压。
中信建投证券策略分析师认为，2026年下半年A股整体“拔估值”难度将有所提升，全A指数上涨斜率或较此前放缓，市场将更多呈现结构性行情特征。当前AI算力主线远未到达全面泡沫化的阶段，行情不会仅因估值恐高而撤退。行业布局方面，算力仍是景气主线，受益最大板块为光通信、存储芯片；受益于 AI 算力中心配储需求的爆发式增长，锂电行业迎来全新的结构性增量需求，其产业链代表性股票一季度业绩表现突出，板块向上动能不断延伸至整条产业链；并且国内近期的六张网政策发布下，基建、电网建设景气显著受益。创新药板块的景气度从业绩端与交易端获得双重确认，BD 合作常态化推进，龙头企业业绩保持高增长，持续关注小分子赛道；石油天然气制造是上游最确定性受益方向，与全球性的油气供给困难不同的是，在“富煤贫油少气”的资源禀赋下，我国煤炭供给充足，煤炭构成能源安全压舱石。
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