Following yesterday's New Year "rally" in A-shares, the Shanghai Composite Index surged again on January 6, refreshing its decade-high with an intraday gain approaching 1%. Spot indices "broke through the top," with the CSI 300, SSE 50, CSI 500, and CSI 1000 all hitting new highs for 2025, showcasing a market performance characterized by rising prices and increasing volume. Industry sectors experienced a broad-based rally; the "elephants dancing" - insurance and securities - propelled the SSE 50 Index to firmly hold above 3100 points. Domestic and overseas technology sectors rose in sync, with brain-computer interfaces and semiconductors leading the gains significantly. Coupled with continued strength in precious metals and non-ferrous metals influenced by geopolitical events, the CSI 500 and CSI 1000 indices were among the top performers. From a capital perspective, the full-day turnover for the two markets reached 2.55 trillion yuan yesterday, a substantial increase of 501.1 billion yuan. Additionally, the recent continuous appreciation of the Renminbi may continue to attract inflows of foreign capital. As we enter the annual report disclosure period, sustained attention should be paid to high-growth, large-cap tech growth sectors; stock indices may experience strong, volatile movements in the short term.

Industry policies continue to intensify. Yesterday, policy authorities issued the "Notice on Implementing the Green Consumption Promotion Action," aiming to accelerate the green transformation of consumption patterns. Regarding bulk commodity consumption, it mentioned strengthening the automotive industry chain and supporting the development of new consumption models such as RV camping, drive-in cinemas, and self-driving tours. On the macroeconomic front, short-term focus lies on whether monetary and fiscal policies will further ease. Overall, the "Spring躁动" (spring躁动) market trend still requires certain conditions: for small-cap indices, it necessitates marginally looser liquidity policies; for large-caps, it requires a sustained improvement in inflation expectations.