早盘直击｜今日行情关注

Core Viewpoint - The spring market is entering a transitional phase, with increased volatility and a slowdown in the inflow of incremental capital, indicating that the rapid pace of the current rally is unsustainable [1] Market Performance - The market experienced a significant pullback after reaching a new high on Wednesday, with the Shanghai Composite Index closing below the ten-day moving average [1] - The Shenzhen Component Index outperformed the Shanghai market, maintaining a closing price above the five-day moving average [1] - Average daily trading volume exceeded 34 trillion yuan this week, continuing to increase compared to the previous week [1] Sector Focus - The main market hotspots this week were concentrated in the non-ferrous metals and TMT (Technology, Media, and Telecommunications) sectors [1] - The normalized ratio of the CSI 2000 to the CSI 300 rose to 1.44, indicating a continued recovery compared to last week [1] - Small-cap and technology stocks led the gains throughout the week [1] Technical Analysis - The Shanghai Composite Index faced technical resistance after a series of rebounds, with a notable decline in trading volume potentially impacting the upward trend [1] - The index began its upward trend in mid-December and encountered adjustments after reaching a new high on Wednesday, necessitating attention to the support levels of lower moving averages [1]