权益缩量调整，工业品反弹

Market Analysis - The A-share market experienced a volume contraction with the technology index leading the decline, as the Shanghai Composite Index fell by 0.55% to 3867.92 points, the Shenzhen Component Index dropped by 1.10% to 13112.09 points, and the ChiNext Index decreased by 1.77% to 3137.80 points, indicating a shift in market sentiment towards defensive sectors [2][5] - The total market turnover was 1.79 trillion, a decrease of 15.3% from the previous trading day, reflecting a growing cautious sentiment among investors [2][5] Sector Performance - Consumer and financial sectors showed strength, with the dairy index surging by 4.41% following a national medical insurance meeting that raised expectations for increased demand for infant formula [5] - The insurance sector also performed well, with the Insurance Select Index rising by 3.09%, driven by a reduction in risk factors for insurance capital and a shift towards defensive market styles [5] - In contrast, the technology sector faced significant declines, with indices for electronics, communications, computers, media, and machinery dropping between 1.35% and 2.40%, reflecting concerns over a potential saturation in AI computing demand [5] Bond Market - The government bond futures market continued to adjust, with the 30-year contract hitting a new low for the year, closing down 0.99% at 111.53 [10] - The central bank maintained a loose liquidity environment, conducting a net injection of 86 billion through reverse repos, indicating a "short-term tight, long-term loose" operational strategy [10] Commodity Market - Precious metals continued to show strength, with gold futures rising by 1.92% to 983.16 yuan per gram, supported by expectations of further monetary easing following a 25 basis point rate cut by the Federal Reserve [10] - Industrial commodities rebounded, with significant increases in aluminum oxide and coking coal prices, suggesting a potential recovery in sectors previously affected by "involution" competition [10][12] Investment Strategy - The report suggests maintaining a balanced allocation in technology and consumer sectors, as the central economic work conference emphasizes the importance of AI and domestic demand expansion [7][15] - The focus on "anti-involution" policies may provide opportunities in industrial commodities, with a recommendation to monitor the implementation of related policies [10][15] Trading Hotspots - Key investment themes include high dividend stocks, commercial aerospace, nuclear fusion, AI applications, and consumer sectors, with a focus on their respective market dynamics and potential growth drivers [13][15]