万亿流动性护航，A股震荡分化

Market Overview - The A-share market exhibited significant differentiation today, with the Shanghai Composite Index slightly up by 0.04% to 3385.36 points, while the Shenzhen Component Index fell by 0.19% to 10183.70 points, and the ChiNext Index decreased by 0.45% to 2039.44 points. The total trading volume in the Shanghai and Shenzhen markets reached 1.152 trillion yuan, a decrease of 138.4 billion yuan compared to the previous day, with over 2400 stocks declining [1] Sector Analysis - The pesticide industry is experiencing a price surge, driven by Hongyang Company announcing a price increase for 97% chlorantraniliprole products to 300,000 yuan/ton, representing a more than 40% increase from the 2024 low. This price hike is attributed to tight supply of core raw materials, leading to a tightening of the supply-demand balance in the industry [2] - The precious metals sector is witnessing a breakthrough, with silver prices surpassing the critical resistance level of $36 per ounce, reflecting a year-to-date increase of 28%. Geopolitical tensions are driving safe-haven investments into precious metals, with Bank of America predicting silver could challenge $40 per ounce by year-end [2] - The computing infrastructure sector is rising against the trend, with companies like Nanling Technology hitting a 20% limit up. The Chinese government plans to establish 10 national data factor comprehensive pilot zones in regions such as Beijing, Zhejiang, and Anhui, which is expected to boost the sector [2][3] Market Dynamics - The People's Bank of China conducted a 1 trillion yuan reverse repurchase operation with a three-month term, marking the first public operation of this kind at the beginning of the month, signaling a commitment to maintain reasonable liquidity in the market [4] - Rising geopolitical risks are enhancing safe-haven sentiment, with global tensions contributing to increased demand for precious metals. The potential risks associated with tariffs and uncertainties are supporting gold prices, which are expected to show an upward trend [5] - The surge in the computing sector is driven by the government's deployment of data factor pilot zones, while the AI data center construction wave positions state-owned enterprises to leverage their financial and green energy advantages [5] Future Outlook - Investors should monitor two key variables: the Federal Reserve's monetary policy, which will directly influence global capital flows, and the price trends of commodities, particularly precious and industrial metals, which will determine the sustainability of resource sectors [6] - The current market differentiation reflects a pursuit of certainty in investment opportunities, with precious metals shining, computing infrastructure rising, and pesticide prices increasing, outlining the clearest main lines in the market [6]