市场震荡，板块轮动继续

Global Market Performance - US stock indices showed mixed performance, with the Dow Jones Industrial Average rising by 0.65%, the S&P 500 increasing by 0.41%, while the Nasdaq Composite fell by 0.18%. Major tech stocks like Amazon and Meta dropped over 2%, while Netflix rose by more than 2% [1] - A-shares experienced fluctuations, with the Shanghai Composite Index declining by 0.40% to 3367.46 points, and the Shenzhen Component Index and ChiNext Index also showing slight declines. The trading volume in the two markets decreased to 1.0895 trillion, with 3,000 stocks rising, but the large financial sector dragged down the market [2] Leading Sectors and Hot Topics - The robotics industry saw a surge, with stocks like Zhongchao Holdings and Wanxiang Qianchao hitting the daily limit. This was driven by Elon Musk's predictions about the humanoid robot market size and the collaboration between China Unicom and Huawei to launch home robot products [3] - The military and automotive parts sectors remained strong, with Chengfei Integration achieving eight consecutive trading limit increases and Lijun Shares hitting seven limits in eight days. This was supported by the Tesla Robotaxi concept and related Xiaomi automotive stocks rising [4] Underlying Reasons for Market Adjustments - Weak economic data raised concerns about policy expectations, with the US April PPI unexpectedly dropping by 0.5%, retail sales growth slowing to 0.1%, and manufacturing output declining more than expected. This heightened fears of an economic slowdown, despite reinforcing expectations for a Federal Reserve rate cut, leading to significant fluctuations in US Treasury yields, with the 10-year yield falling to 4.435% [5] - Trade policies and geopolitical risks continued to create disturbances, with the 90-day suspension of US-China tariffs easing short-term sentiment. However, Walmart's price increases due to cost pressures indicated ongoing consumer pressure. Additionally, the stalemate in EU-US trade negotiations and uncertainties surrounding the Russia-Ukraine situation continued to suppress risk appetite [6] Market Dynamics and Sector Rotation - In the A-share market, funds shifted from large financial and technology sectors to defensive sectors such as automotive parts and military. Institutions showed a cautious attitude towards second-quarter economic data, indicating insufficient internal market momentum and the need to await key data like industrial added value for directional guidance [8] - Global liquidity expectations changed, with the US dollar index fluctuating downwards, but rising Treasury yields dampening the appeal of non-yielding assets. Gold prices experienced a spike before retreating. Meanwhile, OPEC+ lowered supply expectations for non-member countries, leading to volatility in the energy sector due to increased oil inventories [9] Summary - The short-term market is likely to continue in a volatile pattern. The A-share market needs to focus on policy initiatives and economic data validation, while structural opportunities still exist within the technology growth sector [10]