向下看，国内资本市场自身具备韧性，即便在海外科技股普跌时，A股科技板块也能以低开修复为主， 表明资金持仓意愿，风险偏好均有所支撑；向上看，仍然缺乏增量逻辑驱动估值上行，因此市场整体以 震荡为主。 操作上，震荡格局下，仍然以逢低配置为主：哑铃一侧关注近期持续调整后具备性价比的红利资产，另 一侧关注低预期、整体位置较低的港股科技板块；同时把握产业线索，关注券商、航空航天等具备催化 因素的交易机会。 12月19日早盘，在海外乐观情绪传导下，A股港股维持震荡修复，但领涨板块有明显差异。A股商贸零 售、房地产、汽车等板块涨幅居前，港股市场则生物科技、新能源汽车等板块相对强势。 华夏基金投资者回报研究中心王波表示：我们前一天提到市场各大宽基午盘持续拉升，市场人气回升， 是"震荡格局下市场自身修复，主要是反弹行情，对于后续行情依然回到震荡视角。"可以看到，市场重 回震荡特征，不论大势、风格还是板块，均缺乏持续性，以震荡或轮动为主。 展望后市，王波认为：中长期看支持A股本轮估值上行的长期逻辑(低利率时代、长期资金和居民资金 入市、政策支持、产业发展等)并未变化，但短期震荡格局料难以打破。 普通个人投资者选股难度较大，可以通过 ...

Group 1 - The gold market experienced volatile trading with no clear trend, showing a pattern of rapid fluctuations during Asian, European, and American sessions [1] - Gold prices fluctuated between support at 3634 and resistance at 3664, indicating a shift from a strong upward trend to a phase of consolidation and correction [1][2] - The silver market demonstrated stronger performance compared to gold, maintaining its trading range between 41.1 and 42.2, with a key support level at 41.6-41.7 [1][4] Group 2 - The daily analysis of gold indicates that while it remains above the 10-day moving average, it has lost support at the 5-day moving average, suggesting a potential for further consolidation [1] - The hourly analysis of gold shows a trading range between 3660 and 3624, with key resistance levels at 3660-3664 and support levels at 3642-3634 [2] - Silver's trading behavior indicates a return to a consolidation phase after briefly breaking above the upper resistance at 42.2, with a focus on the range of 42.2-41.1 [4]