外贸数据疲软拖累A股：中石油大涨引发市场跷跷板效应

外贸数据疲软拖累A股：中石油大涨引发市场跷跷板效应

Weak Trade Data Weighs on A-shares: PetroChina's Surge Triggers Market Seesaw Effect

记者/Reporter： 郑步春 Zheng Buchun | 编辑/Editor： 彭水萍 Peng Shuiping

【市场表现/Market Performance】 周二（3月7日）A股全线下跌，上证综指收跌1.11%至3285.10点，深证成指跌2.02%，创业板指跌2.17%。石油、煤炭等传统板块逆势走强，而6G、芯片等科技板块领跌。北向资金小幅净流出1.88亿元。

On Tuesday (March 7), China's A-share market fell across the board, with the Shanghai Composite Index dropping 1.11% to 3,285.10 points. The Shenzhen Component Index fell 2.02%, while the ChiNext Index declined 2.17%. Traditional sectors like oil and coal bucked the trend, while tech sectors including 6G and chips led the declines. Northbound capital saw a slight net outflow of 188 million yuan.

【数据解读/Data Analysis】 海关总署数据显示，按美元计，1-2月中国出口同比下降6.8%，进口下降10.2%。这是自2022年10月以来连续第四个月出口负增长，反映全球需求持续疲软。

Customs data showed China's exports in January-February fell 6.8% year-on-year in dollar terms, while imports dropped 10.2%. This marks the fourth consecutive month of export contraction since October 2022, reflecting persistent weakness in global demand.

【板块异动/Sector Rotation】 中石油（+5.82%）、中石化（+3.71%）罕见大涨，但引发市场"跷跷板效应"——超过4000只个股下跌。机构认为"中字头"估值修复行情将持续，主因：1）历史低估值；2）国企改革预期；3）经济复苏背景下的龙头溢价。

PetroChina (+5.82%) and Sinopec (+3.71%) saw rare surges, but triggered a "seesaw effect" with over 4,000 stocks declining. Institutions believe the "SOE revaluation" trend will continue due to: 1) historically low valuations; 2) SOE reform expectations; 3) premium for industry leaders amid economic recovery.

【投资建议/Investment Advice】 短期市场情绪受挫，但不宜过度悲观。建议：1）关注业绩确定性高的蓝筹股；2）规避业绩暴雷风险的小盘股；3）密切跟踪3月15日将公布的消费数据。

While short-term sentiment is weak, excessive pessimism isn't warranted. Recommendations: 1) Focus on blue-chips with stable earnings; 2) Avoid small-caps with earnings risks; 3) Monitor March 15 retail sales data for consumption recovery clues.

（本文图表来源/Source of Charts：视觉中国-VCG211276657648）