缩量调整，蛇年收官

Market Analysis - The A-share market experienced a volume contraction and adjustment on the last trading day before the Spring Festival, with the Shanghai Composite Index falling by 1.26% to 4082.07 points, below the 4100-point mark [4] - The Shenzhen Component Index decreased by 1.28% to 14100.19 points, while the ChiNext Index dropped by 1.57% to 3275.96 points, indicating a broad market decline with 3824 stocks falling and only 1537 rising [4] - For the entire year, the Shanghai Composite Index rose by 25.28%, the Shenzhen Component Index by 38.84%, and the ChiNext Index by 58.73% [4] Sector Performance - The defense and military sector was the only one to gain, up 0.46%, driven by advancements in commercial aerospace technology and geopolitical tensions [6] - Semiconductor equipment index rose by 1.65%, benefiting from increased demand for storage chips and AI computing power [6] - The non-ferrous metals sector saw a significant decline of 3.31%, influenced by fluctuations in international precious metal prices [6] Bond Market - The bond futures market showed mixed performance, with the 30-year main contract rising by 0.04% to 112.84 yuan, while the 10-year contract fell by 0.10% to 108.505 yuan [8] - The central bank conducted a net injection of 613.5 billion yuan, leading to a significant decline in short-term interest rates [8] - The market is expected to remain confident in the central bank's moderately loose monetary policy, which may support bond market recovery [8] Commodity Market - The commodity index fell by 1.69%, with industrial products leading the decline, particularly in precious metals and energy [8] - The main crude oil contract dropped by 4.22% to 456.3 yuan per barrel, amid concerns over supply surplus [8] - Soybean prices surged to a one-year high, driven by supply-demand factors and weather conditions in Brazil [8] Investment Opportunities - The report suggests a balanced allocation in technology and consumer sectors, with a focus on sectors like photovoltaic technology, commercial aerospace, and non-ferrous metals for future growth [8][12] - The report highlights several hot investment themes, including AI applications, commercial aerospace, nuclear fusion, quantum technology, brain-machine interfaces, and robotics, indicating strong future potential [10][12]