The market opened lower but climbed higher throughout the day, with the Shanghai Composite Index closing flat and recording its tenth consecutive positive daily close. The total trading volume for the day was 2.1 trillion yuan, remaining largely unchanged from the previous session, while over 3,400 stocks declined across the two exchanges. On the market front, robotics concept stocks collectively surged, with nearly 20 stocks, including Kinco Automation (Shanghai) Co.,Ltd. and Zhejiang Sanhua Intelligent Controls Co.,Ltd., hitting the daily limit-up. Liquid cooling server concepts also advanced, with Tongyi Carbon Neutral Technology (Xinjiang) Co.,Ltd. rising by the limit and companies like Dingtong Technology gaining over 10%. AI agent concepts performed actively, with Qingdao Kutesmart Co.,Ltd. and Nanxing Machinery Co.,Ltd. among those hitting limit-up. On the downside, Hainan Free Trade Port concepts declined, with Junda Solar falling over 7%; the commercial aerospace sector adjusted, with sector leader Shenjian Shares, which had seen eight consecutive limit-ups, falling by the daily limit. Everbright Securities pointed out that while there is significant divergence among market participants, considering that the 4000-point level is now within sight, bulls may continue to push the Shanghai Index upward towards 4000 in a volatile manner, with the style of rotating hot sectors likely to persist.
Looking at individual stocks, 1,840 companies advanced, 3,481 declined, and 148 ended unchanged across the two exchanges. A total of 64 stocks hit the daily limit-up, while 20 stocks hit the limit-down. At the close, the Shanghai Composite Index was flat at 3965.12 points, with a turnover of 887.5 billion yuan; the Shenzhen Component Index rose 0.49% to 13604.07 points, with a turnover of 1.2548 trillion yuan. The ChiNext Index gained 0.63%, closing at 3242.90 points.
In terms of fund flows, main capital focused on buying auto parts, advertising and marketing, and general equipment sectors today. Stocks that saw significant net inflows from main funds included Shanzhi High-tech, China Satcom, and Suobode.
The Central Rural Work Conference proposed that agricultural and rural modernization is crucial to the overall context and quality of Chinese modernization, necessitating an accelerated effort to build a strong agricultural sector. It emphasized stabilizing grain and oil production, intensifying the implementation of a new round of action to increase grain production capacity by 50 million metric tons, and promoting the cultivation of superior grain varieties and quality improvement. The conference also called for strengthening water conservancy infrastructure, enhancing meteorological monitoring, forecasting, and early warning systems, and improving agricultural disaster prevention and mitigation capabilities. Furthermore, it advocated for improving the quality and efficiency of the "vegetable basket" industry and enhancing the capacity for diversified food supply.
The Ministry of Industry and Information Technology issued a document proposing to implement regional coordinated development strategies and major regional strategies, supporting the establishment of exchange centers in areas with strong demand, concentrated business, good infrastructure, and significant regional advantages to achieve a balanced yet focused regional layout. To meet the high-quality requirements of computing power infrastructure, it emphasized strengthening the coordinated construction of exchange centers and national hub nodes within the national integrated computing power network, thereby promoting the efficient flow of computing power across regions, networks, and industries.
Amid increased demand for year-end on-market fund subscriptions, currency ETFs experienced collective unusual movements during today's session. Jinying Monetary Gain ETF urgently issued an announcement warning of premium risks. As on-market cash management tools, currency ETFs often see unusual movements before the New Year and Spring Festival holidays, partly due to concentrated subscriptions leading to volatility in smaller-scale products, and partly due to potential speculative trading by funds. For investors, premiums in the secondary market do not entirely represent arbitrage opportunities; instead, they should be more cautious of the associated risks.
Dongfang Securities stated that the market is gradually accumulating upward momentum, and the "year-end crossover" rally is expected to continue. Recent rebounds in major indices have been noticeable, with the Shanghai Composite Index clearly attracting attention from mainstream funds; the index ultimately recorded its ninth consecutive positive close on the 29th, and although the closing point was only 0.63 points higher than the opening, this suggests a high probability that the index will maintain its strength before the New Year. From a sector perspective, after several months of continuous adjustment, some leading stocks have recently rebounded first, showing clear signs of fund inflows; considering that their development pace is deeply aligned with core national interests, they remain worthy of strategic optimism from investors. Overall, the market is gradually building upward momentum with continuous emergence of hot sectors, and the "year-end crossover" rally is likely to persist.
SDIC Securities noted that the probability of subsequent consolidation is higher than that of accelerated gains. Chief Strategist Lin Rongxiong pointed out that the gains during the current consecutive positive sessions have been relatively small (the median gain for the Shanghai Composite Index during the previous 16 instances of "eight consecutive positive days" was 6.3%, whereas the current gain is only 2.8%). Combined with the fact that trading volume has not significantly expanded, the likelihood of the overall market entering a consolidation phase is higher than that of accelerating upward.
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