见证历史！盘中暴跌14%！

Market Overview - Precious metals experienced a significant crash, with spot silver erasing all gains for the year, plummeting by 14%, while gold fell approximately 10% [3] - International metal prices saw a widespread decline, impacting various futures contracts in the domestic market [6][8] - Major stock indices in Asia faced substantial losses, with the South Korean market dropping by 5% and Japan's market fluctuating before closing down over 1% [10][11] Market Dynamics - Analysts noted that the recent downturn reflects a broader risk reduction among investors, particularly in high-beta assets, as they reassess their positions amid tightening financial conditions [11] - The catalyst for the unwinding of high-momentum trades was the selection of Kevin Warsh as the next Federal Reserve Chair, perceived as more hawkish than other candidates, which strengthened the dollar and dampened sentiment in the foreign exchange market [12] - The forced liquidation in precious metals due to margin increases has led to a domino effect, causing investors to sell off other assets [12] A-Share Market Performance - The three major indices in the A-share market all fell over 2%, with the Shanghai Composite Index down by 2.48%, the Shenzhen Component down by 2.69%, and the ChiNext Index down by 2.46% [13] - A total of 771 stocks rose, while 4652 stocks declined, with 123 stocks hitting the daily limit down [14][15] Sector Performance - The electric grid equipment sector showed resilience, with stocks like Tongguang Cable and Shuangjie Electric hitting the daily limit up [16] - The liquor sector continued its upward trend, with stocks such as Huangtai Liquor and Jinhui Liquor achieving multiple consecutive gains [18] Resource Sector Decline - Resource stocks collectively adjusted, with precious metals and oil and gas sectors leading the decline, resulting in multiple stocks hitting the daily limit down [19][20] - Semiconductor stocks also faced significant drops, with companies like Zhaoyi Innovation and Wentai Technology hitting the daily limit down [21]