Group 1 - The international oil prices have surged, leading to an increase in inflation expectations. Following the airstrike by the US and Israel on Iran, which resulted in the death of Iran's Supreme Leader Khamenei, the Middle East has entered a period of turmoil, causing a continuous rise in international crude oil prices. This has led to an upward revision of inflation expectations and a decrease in expectations for liquidity easing [1] - The stock markets opened lower on Monday, with increased trading volume. The Shanghai Composite Index opened significantly lower but rebounded to close near the opening price, supported by the 60-day moving average. The Shenzhen Component Index also opened lower but quickly recovered after briefly falling below the 60-day moving average, closing above the five-day moving average. The total trading volume for the day was approximately 2.6 trillion yuan, slightly higher than the previous Friday [1] - Market hotspots were primarily concentrated in upstream resource products and the computer industry. The decline across major indices was relatively uniform, with no distinct style observed. The Shanghai Composite Index is currently in a high-level oscillation pattern, facing pressure above and support below. It is expected to start an upward trend in mid to late December 2025, reaching a new high in mid-January 2026 before entering a consolidation phase. The current market characteristics include sector differentiation and rapid industry rotation, with a focus on the technical resistance at previous highs and the support from the 60-day moving average [1]