Overnight US stocks showed mixed performance, with the Dow down 0.63%, the Nasdaq up 0.23%, and the S&P 500 down 0.24%. The tech sector continued its strong momentum, with Tesla rising over 3% and Nvidia increasing 0.8%. However, oil and gas and energy sectors weakened. The domestic A50 index remained flat, and Chinese concept stocks were mixed, with leading consumer and new car-making companies performing variably.

Yesterday, the A-shares market experienced a unilateral decline, even breaking below the recent support level of 3816 points during trading. The total market turnover was 17,481 billion yuan, indicating slightly subdued trading activity. Although the decline was significant, panic selling was limited, suggesting that the bottom has not yet been fully confirmed. Coupled with several major events scheduled for this week—chip listing, index delivery, overseas central bank actions—the probability of further downward movement in the second half of the week remains high.

On the liquidity front, there is a clear switch between high and low levels, with signs increasingly pointing to a rotation from technology and new energy sectors to consumer sectors. The large financial sector has been frequently volatile recently, with active efforts to stabilize the market. Policy signals are also being released, with new developments in sectors such as consumption, agriculture, and biotechnology. Notably, the first invasive treatment product approval in the brain-machine interface field has been announced, accelerating the commercialization of cutting-edge technologies.

Overall, the market structure is adjusting, with both opportunities and risks being re-priced.