Investment Outlook - The A-share "spring market" continues, with short-term fluctuations expected but a stable long-term trend. Recent economic data and positive sentiment have led to sustained increases in A-shares, with potential for short-term upward volatility. In the medium to long term, high-growth sectors remain valuable, and the market is expected to continue developing. It is recommended to selectively invest in industries with upward momentum during dips and to anticipate further market developments [1][3]. Equity Market Analysis - In the past week, market styles have favored small-cap stocks, while the growth style has continued to dominate over value, maintaining the trend observed since the beginning of the year. The volatility of both small and large-cap styles, as well as growth and value styles, has increased, leading to a widening gap in returns between styles. The dispersion of excess returns among industries has decreased, while the speed of industry rotation has shown a slight rebound from low levels, with an overall increase in the proportion of rising constituent stocks [5][6][7]. Commodity Market Insights - In the commodity market, the strength of the black metal sector has significantly increased, while the non-ferrous sector remains at a high level. Other sectors have seen a decline in trend strength. The basis momentum has risen across most sectors, except for agricultural products, which have seen a decrease. Volatility has increased in all sectors except for agricultural products, which have experienced a decline. Liquidity in the precious metals sector has slightly decreased, while other sectors have seen an increase [17][18]. Options Market Overview - The implied volatility of the SSE 50 and CSI 1000 has rapidly increased, with a corresponding rise in the skew of call options for both indices, indicating heightened market enthusiasm [24]. Convertible Bond Market Analysis - The convertible bond market has risen alongside the equity market. The premium rate for bonds convertible at 100 yuan has reached a new high, significantly above the previous average level. The proportion of bonds with low conversion premiums has not decreased significantly, indicating limited upward movement for these bonds. Market transaction volume has increased, approaching a one-year peak [27].