程强：市场延续回暖走势

Market Overview - The A-share market continued to rebound on October 21, 2025, with over 4,600 stocks rising and trading volume increasing to 1.89 trillion yuan, an 8.1% increase from the previous day [1][2][4]. Stock Market Analysis - The stock market showed a comprehensive upward trend, led by the technology growth sector, with the Shanghai Composite Index rising by 1.36% to 3,916.33 points, the Shenzhen Component Index increasing by 2.06% to 13,077.32 points, and the ChiNext Index gaining 3.02% to 3,083.72 points [2][4]. - The technology sector, particularly the communications and electronics sub-sectors, saw significant gains, with increases of 4.89% and 3.21% respectively [4]. - The market sentiment was positively influenced by U.S. President Trump's confidence in relations with China and his planned visit to China in early next year [2][4]. Bond Market Analysis - The bond market experienced a comprehensive rise, with the 30-year main contract increasing by 0.16% to 115.59 yuan, and the 10-year main contract rising by 0.05% to 108.145 yuan [6]. - The interbank market maintained a relatively loose funding environment, with the central bank injecting 159.5 billion yuan through a 7-day reverse repurchase agreement [6][7]. Commodity Market Analysis - The commodity futures market displayed a clear divergence, with precious metals and shipping sectors showing strong performance, while the black coal sector experienced a pullback [8][10]. - The European shipping index surged by 5.10%, and gold prices rose by 2.02%, nearing a new annual high [8][10]. - The pig futures market continued its rebound, supported by government interventions aimed at stabilizing prices [10][11]. Recent Trading Hotspots - Key trading varieties include AI, nuclear fusion, and domestic substitutes, driven by increased capital expenditure from global tech giants and domestic breakthroughs in technology [12]. - The market is advised to focus on sectors with clear bottom price ranges, such as the pig market, as it transitions from policy expectations to supply-demand fundamentals [13].