放量！

Market Overview - The A-share market indices all closed higher, with the Shanghai Composite Index stabilizing above 3900 points, reaching the highest level since August 2015, indicating strong bullish sentiment in the market [4] - The market showed a structural divergence, with 3109 stocks rising and 2184 stocks falling, highlighting both opportunities and risks [5][11] Trading Activity - The total trading volume in both markets exceeded 4700 billion, reflecting a significant increase of 21.63%, indicating extreme trading activity [6] - Resource stocks surged in the afternoon, driving the index to break through, while technology stocks experienced a short-term correction, creating a favorable "weight on stage, theme in play" market dynamic [6] Investor Sentiment - Institutional investors displayed a cautious and observant approach, with a tendency towards conservative positioning, as most funds opted to remain inactive [8] - Retail investors showed high enthusiasm for entering the market, driven by the "opening red" profit effect, leading to increased risk appetite and a tendency to chase market hotspots and engage in thematic investments [8] Fund Flow - There was a net outflow of funds from major players, while retail investors experienced a net inflow [7] - The overall positioning of institutions was characterized by "cautious observation + partial layout," with some funds adjusting their positions in cyclical stocks while adopting a "sell on rallies" strategy for high-valuation technology stocks [8]