黑色星期一！见证历史！

Market Overview - Precious metals experienced a significant crash, with spot silver erasing all gains for the year, plummeting by 14%, while gold fell approximately 10% [1][17] - International metal prices fell sharply across the board [4][20] - Various domestic futures contracts hit their daily limit down [6][22] Global Market Impact - The crash in gold and silver prices has adversely affected global stock markets, with the South Korean stock market dropping by 5% and the Japanese market initially rising by nearly 2% before closing down over 1% [7][23] - The Asia-Pacific markets reflected this trend, with the Korea Composite Index down 5.26%, the FTSE Indonesia Index down 3.95%, and the Nikkei 225 down 1.25% [24] Investor Behavior - Analysts noted a shift in investor sentiment towards reducing risk in "crowded trades," as investors reassess their positions amid high valuations and tightening financial conditions [8][24] - The market's tolerance for high-beta assets has decreased, leading to a movement of funds from momentum assets to cash and defensive stocks [8][24] Catalyst for Market Movement - The selection of former Federal Reserve Governor Kevin Warsh as the next Fed Chair is seen as a catalyst for the breakdown of high-momentum trades, as he is perceived to be less dovish than other candidates [9][25] - This has led to a strengthening of the dollar, suppressing sentiment in the foreign exchange market and impacting the entire commodities sector [9][25] A-Share Market Performance - In the A-share market, all three major indices fell over 2%, with the Shanghai Composite Index down 2.48%, the Shenzhen Component down 2.69%, and the ChiNext Index down 2.46% [10][26] - A total of 771 stocks rose, while 4652 stocks fell, with 123 stocks hitting their daily limit down [11][27] Sector Performance - The electric equipment sector showed resilience, with stocks like Tongguang Cable and Shuangjie Electric hitting their daily limit up [12][29] - In contrast, resource stocks, particularly in precious metals and oil and gas, faced significant declines, with multiple stocks hitting their daily limit down [12][31] - Semiconductor stocks also suffered, with companies like Zhaoyi Innovation and Wentai Technology hitting their daily limit down, and others dropping over 10% [12][32]