The last trading day of the year, and the market performance remains as usual—main capital still behaves "counter to human nature." I thought we might see a broad rally to close the year, but it turned out to be a pattern of rising then falling back, with both the ChiNext Index and the main board failing to hold their highs.

The true state of the market in recent days has become quite clear: the market is stabilizing key index levels, but most individual stocks are declining more than rising. This has been the case for four consecutive trading days, fully reflecting the current low trading sentiment—making money on the index but not on individual stocks, which tests the patience of holdings.

However, looking at the trend of consecutive positive (upward) candles, the ultimate direction still points toward breaking through 4000 points. The process may involve fluctuations, but the goal remains unchanged. In the short term, it’s advisable not to pay excessive attention to daily volatility, as even today’s red market is unlikely to be sustained, and the decline is limited.

It’s worth noting the differentiation in details: although the ChiNext Index surged then pulled back, the intraday yellow line (small-cap weighted line) was not dragged down, indicating that the large-cap weights are dragging the index, while the performance of small-cap themes is actually quite good. The trend of the CSI 2000 also confirms this.

On the Hong Kong side, the Hang Seng Index also declined significantly, and trading will close early this afternoon. Hopefully, the A-shares can continue to strengthen independently like a few days ago; there’s still a chance for the index to turn red again. However, the hope for a broad rally in individual stocks might need to be postponed.