央行恢复国债买卖，国债期货全面上行

Market Analysis - The A-share market experienced a volatile session, with the Shanghai Composite Index briefly surpassing 4000 points, reaching a high of 4010.73 points, the highest since August 2015, before closing at 3988.22 points, down 0.22% [3][4][6] - The Shenzhen Component Index closed at 13430.10 points, down 0.44%, while the ChiNext Index showed relative strength, closing at 3229.58 points, down 0.15% [3][6] - The market turnover was approximately 2.16 trillion yuan, an 8.1% decrease from the previous trading day, with 2362 stocks rising and 2904 stocks falling [3] Sector Performance - The technology sector maintained a strong performance, with military and computer sectors leading gains at 1.23% and 0.49% respectively [6] - The cross-strait integration index surged by 7.06%, driven by media coverage on Taiwan's future, leading to a wave of涨停 (limit-up) stocks in Fujian [6] - The non-ferrous metals sector faced a pullback due to a decline in international gold prices, which fell below 4000 USD/ounce [6] Bond Market - The central bank's resumption of government bond trading led to a collective rise in bond futures, with the 30-year contract closing at 115.96 yuan, up 0.55% [8] - The central bank conducted a net injection of 315.8 billion yuan through reverse repos, signaling a continued loose monetary policy [8] - The resumption of government bond trading is expected to boost market confidence, with attention on the specific scale and duration of future operations [8] Commodity Market - The South China commodity index closed at 2539.68 points, down 0.92%, with a clear divergence in performance among sectors [8] - Agricultural products, particularly apples, saw significant price increases due to supply concerns and upcoming consumption peaks, with apple futures closing at 9238 yuan/ton [8] - Precious metals experienced sharp declines, with gold and silver prices dropping by 4.20% and 3.32% respectively, attributed to reduced safe-haven demand and technical corrections [8] Investment Insights - The breakthrough of the Shanghai Composite Index above 4000 points and the introduction of measures to protect small investors are seen as positive signals for market confidence [10] - The upcoming Federal Reserve meeting and APEC conference are anticipated to influence market trends positively if outcomes are favorable [10] - The bond market is expected to remain supported by the central bank's actions, with a focus on liquidity signals from the Federal Reserve [10] Hot Investment Themes - Key sectors to watch include artificial intelligence, nuclear fusion, domestic chip production, quantum technology, and consumer goods, driven by technological advancements and policy support [12]