如何看待商品行情的大幅波动？

Group 1 - The report indicates that the A-share market is experiencing a high-level fluctuation with a noticeable weakening in profitability, as evidenced by the major indices showing declines, with the Shanghai Composite Index down by 0.44% and the Shenzhen Component Index down by 1.62% [3][10] - Despite the pressure on indices, the market liquidity remains solid, with an average daily trading volume of approximately 3.06 trillion yuan, reflecting a 9.44% increase from the previous week, indicating that new capital has not significantly withdrawn [3][10] - The report highlights a significant divergence in market sentiment, with only 34.80% of stocks showing gains during the week, a sharp decline from the previous week, indicating a trend of more stocks declining than rising [3][10] Group 2 - The commodities sector, particularly related to oil and petrochemicals, has shown strong performance, with weekly gains of 7.95% for oil and petrochemicals, 3.68% for coal, and 3.37% for non-ferrous metals, indicating a strong interest from investors in resource products [4][11] - The report notes that the non-ferrous metals sector experienced significant volatility, with a peak crowding degree reaching 13.18%, indicating intense short-term capital speculation, although it fell back to 10.27% after a sharp correction [4][11] - The report identifies that geopolitical tensions and structural supply-demand gaps driven by AI and industrial technology revolutions are key factors influencing the volatility of commodities such as oil and non-ferrous metals [14][15] Group 3 - The outlook for the commodities sector suggests a short-term wide fluctuation to digest pressure, while the medium-term structural upward trend remains intact, supported by ongoing geopolitical tensions and rigid demand from AI and industrial upgrades [15][17] - Investment recommendations focus on sectors with strong upward demand, such as precious metals, new energy metals like copper and aluminum, and energy supply support products like lithium batteries, while advising caution on consumer-related sectors with weak demand elasticity [18][19] - The report emphasizes that the valuation logic for technology stocks should favor companies closely related to systematic production efficiency, suggesting a preference for stocks like Tesla and Nvidia over others in the U.S. market [18][19]