大盘要震荡一段时间？

Market Overview - The A-share market experienced narrow fluctuations, with the Shanghai Composite Index closing at 3828.58 points, up 0.22%, and the Shenzhen Component Index at 13157.97 points, up 0.67% [1][3] - The overall market showed more declines than gains, with the electronics and computer sectors leading the market [1] Gold Market - Spot gold prices rose, with London gold breaking the $3700 mark, continuing its strong performance following the Federal Reserve's interest rate cut decision [1][4] - The Fed's dot plot indicated that 10 members support three or more rate cuts this year, with a 92% probability of a cut in October, which has heightened expectations for a low-interest environment [1][4] - Continuous geopolitical risks and global economic concerns reinforce gold's position as a preferred asset for risk hedging, with central banks expected to purchase between 900 to 950 tons of gold this year [4] Industrial Metals - Under the backdrop of the Fed's rate cuts, various industrial metals also saw price increases, with the non-ferrous metals sector rising approximately 1% [2][6] - Silver prices surged by 3.81%, reaching 10317 yuan/kg, driven by strong demand in electronics and photovoltaic sectors, alongside concerns over supply shortages [6][7] - Copper prices are supported by stable demand from green energy transitions and AI, despite supply-side disruptions [6] Rare Earths - Following China's strengthened export controls on rare earths, overseas restocking orders have increased, and domestic demand remains robust [7] - The rare earth sector is expected to see continuous performance improvements, with the non-ferrous metals index trading at a price-to-earnings ratio of about 24 times, indicating potential for further valuation recovery [7] AI Computing Power - The domestic computing power market is experiencing a resurgence, with the National Technology ETF rising over 5% [2][9] - The trend towards domestic substitution in AI computing is gaining momentum, with significant optimism regarding the industry's outlook [9][10] - The demand for AI is shifting from training to inference, suggesting stronger and more sustained investment in the sector [10] Photovoltaic Industry - The photovoltaic industry is gradually recovering, with the Photovoltaic 50 ETF rising 6.33% since the beginning of the month [3][11] - Policy support and a focus on reducing vicious competition are expected to stabilize prices and improve profitability in the sector [11] - Global demand for photovoltaic installations is projected to grow, with annual new installations expected to exceed 600 GW [11]