创业板指涨超5%，深成指涨2.75%，沪指涨0.16%。全市场上涨个股超3700只。

China Merchants Securities review of nine major A‑share drawdowns since 2015 finds sharp falls usually triggered by external shocks or liquidity stress; stabilization has historically been marked by policy response. Post‑adjustment mean rebound window is 34 trading days; Wind All‑A average bounce exceeds 19%, with larger prior declines tending to produce bigger recoveries. Sector rotation is two‑phased: first 10 trading days led by high‑beta, oversold names (electronics, computers/TMT); between 20–60 trading days the market reverts to earnings‑supported leaders (power equipment, food & beverage). Recommended two‑step positioning for the current leg: early allocation to oversold, high‑elasticity TMT (priority on onshore and offshore compute‑capacity leaders); after ~10–20 trading days shift toward earnings/rebalancing exposure — focus on power equipment, specialty pharmaceuticals/chemicals, coal and non‑bank financials. Tradeable themes: beneficiaries of rising overseas compute pricing, domestic compute hardware elasticity, and gold for hedge/rebalancing. Overall portfolio framework: technology innovation, corporates expanding abroad, and rebalancing into undervalued traditional sectors.

U.S. equity futures rose at the start of the month as attention shifts to a heavy week of corporate earnings and after Monday's drop in oil prices bolstered risk sentiment. Raymond James chief market strategist Matt Orton said: "Earnings remain the primary market focus; by market cap, about 15% of S&P 500 constituents are due to report." He flagged energy, healthcare, utilities and industrials as beneficiaries of recent rotation and said their results will help determine whether that relative strength is sustainable on fundamentals.