融资新规发威！万亿资金大搬家：高估值题材降温，周期资源接棒领涨

Core Viewpoint - The A-share market is experiencing a volume contraction and a general decline in major indices, with significant sector divergence observed, particularly between cyclical resources and technology growth sectors [1][2]. Market Performance - As of midday, the Shanghai Composite Index fell by 0.60% to 4101.52 points, the Shenzhen Component Index decreased by 0.44%, and the ChiNext Index dropped by 1.02% [1]. - The trading activity has decreased compared to the previous day, with a half-day turnover of 1.9 trillion yuan, down by 347.2 billion yuan [1]. Sector Analysis - The resource sector, particularly precious metals, showed strong performance, with the gold sector seeing a limit-up in stocks like Sichuan Gold, driven by rising international precious metal prices, which reached historical highs for both silver and gold [1][2]. - The energy metals sector also performed well, with stocks like Luoping Zinc & Electricity hitting the limit-up, attributed to a rapid rebound in lithium carbonate prices, which increased by over 36% in two weeks, raising expectations for profit recovery in the industry [1][2]. - Conversely, the technology growth sector, including commercial aerospace and AI application stocks, faced significant corrections, with many stocks declining over 10%, influenced by profit-taking pressures and policy adjustments regarding market leverage [1][2]. Policy Impact - The core driver of the market's style switch is the policy signal regarding the increase in financing margin ratios from 80% to 100%, aimed at regulating the rapidly rising market leverage levels [2]. - This policy adjustment has notably affected market risk appetite, particularly suppressing high-valuation growth sectors that are sensitive to liquidity [2]. Future Outlook - The market is expected to enter a phase of consolidation, needing to digest the impacts of policy changes and previous profit-taking [2]. - The cyclical resource sector may maintain relative advantages due to clear price signals and lesser direct impact from domestic leverage policies, while the technology growth sector will require time to absorb the emotional shock from the new financing regulations [2]. Investment Strategy - Investors are advised to focus on two main lines: resources sectors benefiting from global commodity price trends with tangible price support, and high-quality growth stocks within the overall technology sector that can demonstrate strong performance amid adjustments [3].