Another day of narrow-range oscillation in trading.

As of today's close, the market can be considered to be holding on by a thread—the index was basically flat, but this is already the 10th consecutive positive line. The Shenzhen Component Index rose 0.49%, and the ChiNext Index increased 0.63%, which looks pretty good, but the problem is: over 3,400 stocks in the two markets are falling. This is the so-called "indices are rising while individual stocks are starving."

Trading volume is somewhat interesting. Today, the total turnover across both markets was 21.4 trillion yuan, an increase of 33 billion compared to yesterday, but don’t get too optimistic—main funds are still net selling, totaling 38.77 billion yuan, indicating that institutions are not very enthusiastic. From the median of gains and losses at -0.51%, it’s clear that most stocks are actually declining.

The story on the market is even more exciting. Large-cap stocks are artificially lifting the index, but most thematic concepts are just a routine of rising high and falling back. However, there was an unexpected surge in the afternoon: concepts like nimble hands, reducers, PEEK, and humanoid robots suddenly exploded across the board! Buke Co., Wanxiang Qianchao, and Xinshida all hit the daily limit, showing that the market still has enthusiasm for the robotics sector.

AI also remains lively. Concepts such as AI intelligent agents, AI marketing, Zhipu AI, and media applications all strengthened across the board, with Kute Smart and Hubei Radio & Television hitting the daily limit. The digital currency concept continues to be strong, with Yuyin Co. also hitting the limit. Sub-sectors like commercial aerospace, liquid cooling are also hot locally, with Leike Defense, Daye Co., Hualing Cable, Tongyi Co., and Kamptown hitting the daily limit. Chemical fibers, semiconductors, Google industry chain, and autonomous driving are performing well.

However, more sectors are declining. Hainan, Hainan customs closure, and duty-free shops are leading the decline, with Hainan Development and Junda Co. falling over 5%. The new energy sector is taking a hit collectively—wind power, photovoltaics, and lithium batteries all declined sharply, with Goldwind Technology dropping over 6%. Local Fujian and cross-strait concepts are also weak, with Hexing Packaging and Shengxing Co. hitting the daily limit down. Gold, precious metals, and non-ferrous metals are all experiencing a collective pullback.

What about consumption? It’s continuously declining. Food and beverages, retail, dairy—these large consumer sectors are all falling, with Baida Group and Anji Food hitting the limit down. The military industry is also not spared, with military equipment, military electronics, and military informatization declining again. The pharmaceutical sector is also under pressure—CRO, innovative drugs, and generic drug concepts continue to slide. Real estate, power industry chain, nuclear fusion, coal, and port shipping are also all weak.

On the news front, a few points worth noting: Yuejiang announced plans to launch an IPO and will be listed on the Shenzhen Stock Exchange; Meta officially announced the acquisition of Manus, with the deal reportedly reaching several billion dollars, signaling the real arrival of the AI intelligent agent M&A wave; the digital renminbi has been adjusted, and starting in 2026, wallet balances will accrue interest—this is a significant policy change; additionally, the CME has fully increased the margin requirements for metal futures trading.

Overall, today was a day of clear differentiation. Major indices were held up artificially, but individual stocks showed severe divergence, with rapid sector rotation. Humanoid robots and AI application tracks performed outstandingly, but traditional industries and consumer sectors continued to be weak.