A股周一收盘普跌：创业板指跌2.61%、逾4300只个股下跌 算力硬件领跌、银行股逆市创新高 茅台重夺“股王”
中国A股周一（10月12日）全天走低，三大指数收盘齐跌，与同日美股的窄幅分化形成对照。截至收盘，上证综指跌0.43%，深证成指跌2.03%，创业板指跌幅最深、达2.61%，午后一度跌超2%后未能收复。市场广度明显恶化：全市场仅1,167只个股上涨、48只涨停，下跌个股多达4,325只，资金整体转向防御。
结构上，权重与防御板块成为避风港：银行板块逆市走强，中国银行、工商银行、建设银行、中信银行股价齐创历史新高；贵州茅台涨近2%，股价反超联讯仪器、重夺A股“股王”宝座。传媒影视股延续活跃，新华传媒走出10连板，欢瑞世纪、博纳影业、慈文传媒均实现2连板；风电、光伏盘中拉升，首航新能、天顺风能、通达动力涨停。下跌一侧，算力硬件股成为重灾区，金安国纪、华正新材等跌停，前期热门的科技成长方向集中回调。
对于这轮下跌，市场复盘普遍给出三条线索。其一是外围拖累：韩国股市近期成交额较5月底峰值萎缩约七成，外资与本地散户同步退场，存储芯片行情“容易赚的钱已经赚完”的判断压制了整个亚洲科技链情绪。其二是政策不确定性：围绕美国联邦通信委员会（FCC）可能限制光模块的讨论持续发酵，外资券商倾向认为限制最可能落在3.2T代际产品、最早10月分阶段推进，但FCC下一次公开会议要到10月29日，悬而未决的预期压制科技板块远期估值。其三是资金结构：中泰证券研报指出，本轮主要卖盘来自保险与“固收+”资金的被动赎回出清，而非杠杆、量化或外资撤离，出清已进入后段、持续性抛压正在下降，但最后阶段仍可能带来反复。对持有中概与A股敞口的海外华人投资者而言，周一的盘面传递的信号是：指数跌幅背后是高估值科技仓位的集中消化，银行与高股息资产的相对强势短期内仍是市场的主线之一，后续要看FCC会议与三季报窗口如何落地。
资料来源：中国基金报复盘（经新浪财经2026年10月12日转载）。
China Stocks Slide on Monday: ChiNext Tumbles 2.61% as Over 4,300 Shares Fall; Banks Hit Records, Moutai Reclaims Top Price Crown
Chinese mainland stocks fell across the board on Monday, October 12. The Shanghai Composite closed down 0.43%, the Shenzhen Component lost 2.03% and the ChiNext index tumbled 2.61%, with only 1,167 shares advancing against 4,325 decliners. Defensive names sheltered the index: major state banks including Bank of China, ICBC, CCB and China CITIC Bank hit record highs, and Kweichow Moutai rose nearly 2% to overtake Laxense Instruments and reclaim the title of A-shares' most expensive stock. AI-computing hardware names led the declines. Analysts pointed to three drivers: a sharp selloff in South Korean equities, where turnover has shrunk about 70% from its late-May peak; uncertainty over possible FCC restrictions on optical modules ahead of the commission's October 29 meeting; and continued passive redemptions by insurers and fixed-income-plus funds, which brokerages say are in their final stage.
Source: China Fund News recap, via Sina Finance, October 12, 2026.
图片来源：图片 Image: Manuel Pajer, Shanghai Stock Exchange, CC BY-SA 2.0, via Wikimedia Commons
