Last night, global stock markets faced multiple pressures, but the A-shares showed remarkable resilience—Shanghai Composite Index successfully achieved 15 consecutive days of gains!

**Global Stock Markets Cool Down**

U.S. stocks continued to be hit by negative news during after-hours trading. Real estate policy adjustments triggered a sharp decline in real estate-related stocks; policy changes in the defense sector led to a significant drop in military stocks; new policies in the energy sector also put pressure on oil stocks. Closing data shows the Dow fell 0.94%, the S&P 500 declined 0.34%, and the Nasdaq rose slightly by 0.16%.

Chinese concept stocks were not spared either, with the Nasdaq China Golden Dragon Index dropping 1.58%, and the A50 futures approaching a 1% decline at one point. Asia-Pacific markets also underperformed, with the Nikkei 225 down about 1.2%, Hong Kong's Hang Seng Index closing midday down 1.22%, and the Hang Seng Tech Index down 1.13%.

**Independent Trend in A-shares Takes Shape**

In the face of such external pressures, the Shanghai Composite Index should have pulled back. However, despite a slight opening decline of 0.2%, it turned positive by midday and ultimately closed up 0.05% at 4089 points, demonstrating a clear bullish pattern. This marks the 14th consecutive trading day of gains, fully indicating strong underlying support.

There was a divergence in the performance of the two markets—The ChiNext Index and the STAR Market Index surged strongly by 1.77%, continuing their leading performance this year; meanwhile, the Shenzhen Component Index and the Growth Enterprise Market Index were under pressure, falling 0.2% and 0.52%, respectively. However, the number of individual stocks was not broad—3,716 stocks rose in the morning against 1,567 stocks that fell. The combined trading volume was 1.77 trillion yuan, slightly below yesterday’s, but trading activity remains robust.

**Sector Rotation Highlights**

The aerospace sector led the market, rising 4.59% in the morning, breaking through the 2,600-point mark! Since early December, it has gained nearly 30%, and it has now broken through a key resistance level, with the next target set at 3,500 points. The shipping sector followed closely, with a 3.85% increase in the morning, ranking second. This sector formed a downtrend on January 5th, broke through support at 900 points yesterday after a pullback, and continued upward today—an attractive opportunity for participation.

**Market Outlook**

The spring rally has already begun. From the first quarter, we expect a strong performance reminiscent of a "new year opening red." The overall direction has been established, and even if there is a short-term pullback or consolidation, it is likely just a boost for the next upward wave, making it worth patiently holding.