$SSE Index(000001.SH)$Shanghai Composite Index sh000001$ March is finally over! It fell from the beginning to the end of the month, not even stopping on the last day. Thankfully, it's finally turned the page.

Scrolling through a joke, both sour and funny: "Finally finished losing money this month, luckily only lost for 22 days," which sums up all the helplessness!

Looking back at March, the trigger for the adjustment was clear: the Middle East war triggered a chain reaction, international oil prices surged 50% in a month, global inflation expectations were maxed out, central bank interest rate hike expectations heated up, overvalued tech stocks bore the brunt, and global stock markets were under pressure. Compared to overseas markets, our decline wasn't the largest, but they rose more earlier and have a thicker cushion. We just got a taste of the soup and almost got our blood drained!

The median stock decline in March was -10.13%, meaning an average loss of around 10% is normal. If you're below that, you're already doing great! There are plenty of stocks that fell over 20%. In this kind of market, losing less is earning, don't be too hard on yourself~

Anyway, the April market is likely to improve, with two core positives: ① An important meeting will be held to set the tone for subsequent policies; ② The Middle East situation will cool down, Donald Trump is coming in May, and even if it doesn't end before then, it will gradually ease. Hope the war ends soon, world peace.

But don't set expectations too high either. April is the peak period for earnings disclosures, various landmines will emerge, which will dampen market sentiment. Overall, the worst phase should be over. No matter how tough April is, it's better than March!

Don't always mock the A-share market. The A-share market at low levels deserves a bit more expectation!

Now, about today's market: the index surged high then fell back, with full destructive power, especially the early-session bull trap—those who chased the high got buried again! But from the index perspective, it's still within the range. The subsequent move still needs to be upward to fill the gap, until it's filled.

Sentiment also turned from strong to weak today, closing at an ice point: if it dares to continue the decline by inertia tomorrow, that's an opportunity; if it opens high directly, be cautious instead!

Key themes:

1. Commercial Aerospace: Picking the tallest among the shorties. After the power sector fell, currently only it can hold the flag. There's an expectation gap in news (SpaceX IPO + domestic reusable rocket maiden flight). High positions diverged today, but the overall leader Shenjian held up. Watch it as a bellwether tomorrow.

2. New Energy: Strong differentiation today after consecutive strength, a normal adjustment. The sector has high prosperity, with product price increases and strong demand. Looking at a longer cycle, the trend is still 看好。

April is worth looking forward to.