策略点评：震荡延续，指数分化

Market Analysis - The A-share market is experiencing a mixed trend, with the Shanghai Composite Index hovering around 4000 points while the ChiNext and STAR Market continue to adjust [4][5] - The divergence in index performance reflects a shift in market preference from "technology + new energy" to "insurance + banking," indicating a focus on defensive sectors [5][7] - The insurance and banking sectors showed strength, with the insurance index rising by 1.81% and the banking index by 0.46%, likely benefiting from the central bank's indication of a moderately loose monetary policy [7][8] Bond Market - The bond market saw a slight increase, with the 30-year bond contract rising by 0.09% and the 10-year bond by 0.02%, indicating a stable interest rate environment [9] - The central bank's actions, including a net injection of 1300 billion yuan into the market, signal a commitment to maintaining liquidity [9][10] Commodity Market - The commodity index increased by 0.63%, with precious metals continuing to perform strongly, particularly silver, which rose by over 2% [9][10] - Multi-crystalline silicon prices experienced significant volatility, with a peak drop of nearly 4% before recovering due to clarifications from the China Photovoltaic Industry Association [9][10] Investment Strategy - The report suggests maintaining a balanced allocation strategy across dividend stocks, micro-cap stocks, and technology sectors, while being cautious of high valuation pressures [8][11] - The focus on consumer sectors may present further investment opportunities if domestic policies continue to support market recovery [8][11] Hotspot Tracking - Key investment themes include artificial intelligence, nuclear fusion, domestic chip production, quantum technology, and precious metals, with a focus on capital expenditure trends and policy support [12][13] - The report emphasizes the importance of monitoring developments in the photovoltaic sector and related policies, particularly regarding supply and demand dynamics [9][12]