Core Insights - The A-share market has surpassed 3900 points, driven primarily by precious metals like gold and silver, rather than AI or new energy sectors [4][5] - The Shanghai Composite Index closed at 3933.97 points, marking a ten-year high with a trading volume exceeding 2.6 trillion yuan, indicating significant market activity [4] Group 1: Market Dynamics - Global risk aversion has increased due to tensions in the Middle East and a weakening dollar, making precious metals a "ballast" for investors [5] - The strong performance of precious metals is not merely speculative but reflects a revaluation of the underlying logic of Chinese manufacturing [5] Group 2: Sector Performance - The consumer sector, including film and tourism, has seen a pullback, suggesting a shift in consumer behavior from "buying for excitement" to "buying for quality" [5] - The current market reflects a balance between "risk aversion and growth," with the strength of precious metals being a rational choice amid global anxiety [5][6]