宏观点评：科技板块带动市场情绪上行

Market Overview - A-shares trading volume stabilized around 1.1 trillion CNY, with market sentiment improving[12] - Shanghai Composite Index fell 0.58% to 3211.39 points, down 4.19% from the end of 2024[12] - ChiNext Index rose 0.11% to 2010.66 points, down 6.11% from the end of 2024[12] - CSI 300 Index decreased 0.25% to 3779.88 points, down 3.94% from the end of 2024[12] - Market turnover was 11295.05 billion CNY, a decrease of 1281.25 billion CNY from the previous trading day[12] Sector Performance - Defense and military industry rose by 1.63%, home appliances by 1.11%, and computing by 0.85%[12] - Oil and petrochemical sector fell by 1.67%, coal by 1.54%, and textiles and apparel by 1.30%[12] - Lithium reserves in China increased from 6% to 16.5% of global reserves, boosting the non-ferrous metals sector[15] Economic Indicators - The People's Bank of China conducted a 41 billion CNY reverse repo operation at a rate of 1.50%[10] - The onshore RMB closed at 7.332 against the USD, down 3 basis points[10] - December 2024 CPI remained flat month-on-month, up 0.1% year-on-year, while PPI fell 2.3% year-on-year[10] Market Outlook - Short-term market volatility factors like exchange rate declines and insufficient monetary easing are stabilizing[13] - Market liquidity is improving as the rapid decline in margin financing balances has slowed[13] - Long-term policy direction is becoming clearer, with market sentiment expected to have a support base[14]