Yesterday, the market continued its recovery, with a total trading volume of approximately 1.89 trillion yuan across both markets. Although slightly contracted compared to the previous day, this did not break the overall upward trend. From the index movement, it has been six consecutive days of gains, which reflects a characteristic where funds are more focused on individual stocks rather than the indices—market participants often say "light on indices, heavy on individual stocks" has become a clear feature. Under the broad rally of individual stocks, the holding experience has significantly improved. If trading volume can gradually catch up, the sustainability of this rebound will be stronger.

The rotation rhythm of hot sectors is quite interesting. The commercial aerospace and military sectors show a clear linkage effect, with nearly 50 stocks hitting the daily limit. This indicates concentrated deployment of funds into high-end manufacturing and national defense security themes. From the previous adjustment to the current rapid inflow, it shows that these high-growth sectors indeed have strong resilience to support them.

The semiconductor chip sector is also not calm. Influenced by external tariff policy expectations, the logic of domestic substitution has reignited, with segments like analog chips favored by funds. How trade negotiations will develop next and the actual speed of industry "de-Americanization" are worth following.

Resources and industrial sectors are also experiencing some interesting changes. Lithium carbonate futures saw a significant rally at the close, signaling short covering. The supply-demand situation and policy news on the spot market will be key to how these unfold. The ongoing game between bulls and bears remains critical. On the storage chips front, overseas major manufacturers have raised the price of HBM3E by nearly 20%, reflecting tight supply and demand driven by AI and other applications. Opportunities for domestic industry chain localization are worth paying attention to.

Regarding humanoid robots, UBTECH is planning to return to the A-share market through an acquisition, which could boost the popularity of the "humanoid robot" theme. The valuation gap between Hong Kong stocks and A-shares may become a clue for capital switching.

From a macro and liquidity perspective, fluctuations in the RMB exchange rate and policy expectations this year have jointly supported market risk appetite. The rotation of funds among technology, resources, and high-end manufacturing is accelerating. It’s important to note that during sector rotation, the coordination of trading volume is crucial. If a pullback occurs with decreasing volume but without breaking short-term moving averages, it usually indicates the emergence of structural opportunities.

On the US stock side, markets closed early on Wednesday, with the Dow initially up 0.6%, the Nasdaq up 0.22%, and the S&P 500 index up 0.32%, continuing to hit new closing highs. Chip companies like Micron Technology rose 3.77%. In overseas precious metals futures, COMEX gold futures remained flat at $4,505.4 per ounce, while silver futures increased by 1.04% to $71.88 per ounce.

Overall, the current market trend remains optimistic, but after continuous recovery, divergence risks should also be watched. In terms of operations, focus on sectors driven by both policies and performance, such as commercial aerospace, military, and semiconductors; also pay attention to supply-demand and price fluctuation opportunities in resources like lithium carbonate and rare metals.