A股深V强势收涨：三大股指全线飘红，两市成交超2万亿元，超5100股上涨

3月24日，A股市场经历了一场教科书级别的"深V"反转。早盘三大股指集体高开后迅速回落，创业板指一度跌超2.4%，令不少投资者捏了一把汗。然而午后形势急转直下，多个板块轮番发力，指数强势拉升，最终实现全线收涨。截至收盘，上证综指涨1.78%，报3881.28点；科创50指数以2.33%的涨幅领跑，报1290.79点；深证成指涨1.43%，创业板指涨0.5%，均收复早盘失地。

从市场广度来看，这场反弹颇具说服力。Wind数据显示，两市及北交所合计5135只个股上涨，仅328只下跌，涨跌比超过15:1。两市总成交额达2.08万亿元，虽较前一交易日缩量约3487亿元，但万亿成交的持续本身仍释放出市场活跃度的积极信号。

哪些板块领涨？

本次反弹中，环保股是最亮眼的主角。午后环保板块突然发力，雪浪环境、恒誉环保、卓锦股份等多只个股涨停或涨超10%，一举成为当日涨幅最大的板块之一。

其他值得关注的主线包括：

• 有色金属：锂矿、贵金属概念活跃，新莱福、融捷股份等多股涨停，契合全球大宗商品价格波动的背景
• 纺织服饰：尾盘突然放量拉升，孚日股份、浪莎股份等集体涨停，属于低估值板块的补涨行情
• 银行股：早盘率先企稳，平安银行、中信银行等带头回升，被市场视为此次深V反转的"稳定器"
• AI与算力：算力硬件、AI应用、半导体等科技题材全天保持活跃，是科创50指数领涨的重要支撑

与此同时，石油石化与煤炭板块逆市下跌，两者跌幅均较明显，折射出市场对传统能源短期前景的分歧判断。

地缘政治扰动下，机构如何看后市？

近期中东局势波动引发全球市场情绪动荡，但多家机构对A股的中长期走势保持相对乐观。

瑞银证券指出，中国对石油天然气的对外依赖度在全球主要经济体中处于较低水平，油价短期跳涨对A股主要指数的冲击相对有限，近期A股隐含波动率也低于2025年4月贸易冲突高峰期，判断"去风险化"进程可能已接近尾声。

国泰海通证券则强调，地缘政治事件虽会短期扰动A股情绪，但中国市场自身的内生逻辑更具主导性。从历史复盘来看，A股在全球范围内始终属于跌幅偏小的市场，决定其长期走向的，仍是国内经济基本面与政策预期。

在配置方向上，西部证券建议上半年增配石油、化工等PPI链条资产，同时关注光伏、风电、储能等具备弯道超车潜力的中国先进制造；平安证券则提示短期风格偏向防御性资产（红利/低估值），中长期可重点关注能源化工周期板块与电力设备等先进制造方向。

综合来看，3月24日A股市场的深V反转行情，既体现了市场在外部压力下的韧性，也显示出资金对环保、有色、AI等结构性机会的持续关注。在地缘政治不确定性尚未完全出清的背景下，A股的内生驱动逻辑与板块轮动节奏，将是投资者近期最值得持续跟踪的核心变量。

China A-Shares Surge in V-Shape Rebound: All Three Major Indices Close Higher, Turnover Tops 2 Trillion Yuan

On March 24, China's A-share market staged a textbook V-shaped reversal. After opening higher across the board, all three major indices quickly retreated in early trading, with the ChiNext Index briefly tumbling more than 2.4% — enough to rattle even seasoned investors. However, sentiment shifted decisively in the afternoon as multiple sectors surged in succession, driving a powerful broad-based recovery. By the close, the Shanghai Composite Index gained 1.78% to 3,881.28 points, while the STAR 50 Index led with a 2.33% gain to 1,290.79. The Shenzhen Component Index rose 1.43%, and the ChiNext Index added 0.5%, all erasing their earlier losses.

The breadth of the rebound was equally impressive. According to Wind data, 5,135 stocks across the Shanghai, Shenzhen and Beijing exchanges advanced, with only 328 declining — a ratio of more than 15 to 1. Combined turnover reached 2.08 trillion yuan, down roughly 348.7 billion yuan from the prior session, yet the sustained trillion-yuan trading volume continues to signal a highly active market.

Which Sectors Led the Charge?

Environmental protection stocks stole the spotlight in Monday's session. The sector surged dramatically in afternoon trading, with companies such as Xuelang Environment, Hengyu Environmental and Zhuojin Co. hitting the daily limit-up or gaining more than 10%, making it one of the day's top-performing segments.

Other notable themes included:

• Non-ferrous metals: Lithium mining and precious metals concepts were highly active, with multiple stocks including Xinlaifu and Rongjie Co. hitting limit-up, reflecting broader global commodity price volatility
• Textiles and apparel: A late-session surge saw stocks like Furishare and Langsha hit the daily limit, representing a catch-up rally in undervalued consumer names
• Banking stocks: Banks were among the first to stabilize in early trading, with Ping An Bank and China CITIC Bank leading the recovery — widely seen as the "anchor" of this V-shaped reversal
• AI and computing power: Themes including AI chips, AI applications, semiconductors and smart grid technology stayed active throughout the day, providing key support for the STAR 50's outperformance

On the downside, oil & gas and coal stocks bucked the trend, both declining noticeably, reflecting divergent market views on near-term prospects for traditional energy sectors.

How Are Institutions Positioning Amid Geopolitical Uncertainty?

Recent turbulence in the Middle East has rattled global markets, but major Chinese brokerages remain relatively constructive on the medium-to-long-term outlook for A-shares.

UBS Securities noted that China's dependence on imported oil and natural gas is relatively low among major global economies, suggesting that short-term oil price spikes should have a limited impact on major A-share indices. The bank also observed that A-share implied volatility remains below levels seen during the April 2025 global trade conflict peak, and suggested that the "de-risking" process may be nearing its end.

Guotai Haitong Securities emphasized that while geopolitical events can create short-term noise, China's domestic market logic remains the dominant driver. Historically, A-shares have consistently shown smaller drawdowns than most global peers, and their long-term direction is ultimately determined by domestic fundamentals and policy expectations.

On sector allocation, Western Securities recommended overweighting PPI-linked assets such as oil and chemicals in the first half of the year, alongside advanced Chinese manufacturing names with leapfrog potential, including solar, wind, energy storage and construction machinery. Ping An Securities, meanwhile, advised a short-term defensive tilt toward dividend and low-valuation stocks, with a medium-to-long-term focus on energy and chemical cyclicals as well as power equipment and other advanced manufacturing sectors.

In summary, Monday's V-shaped reversal in A-shares demonstrated the market's resilience in the face of external headwinds, while underscoring sustained investor interest in structural opportunities across environmental protection, non-ferrous metals and artificial intelligence. With geopolitical uncertainties yet to fully dissipate, A-share investors would do well to keep a close eye on the market's internal growth drivers and the evolving rhythm of sector rotation in the weeks ahead.