I. Overall Analysis: The performance of market sentiment and rotational patterns.
$SSE Composite Index (000001.SH)$
The market index rose in the morning session today, but fluctuated and fell back in the afternoon, which was basically in line with expectations. Market sentiment was relatively positive at the opening, driving the rotation of short-term sectors, but the warming sentiment was mainly focused on specific themes. Friday's volatility was more influenced by the news, showing a cautious optimism and structured fund flow in the market sentiment.
Specifically, the semiconductor sector shows significant differentiation, indicating that funds are beginning selective layouts after oscillating at high levels; the consumer electronics and low-altitude economy sectors demonstrate continuity, suggesting that market sentiment is shifting from short-term chasing to thematic investment. In sectors that have been continuously rising, risks of short-term divergence and sentiment downturn are also accumulating, and investors need to be aware of the risk of retracement after reaching highs. Overall, the market is in a rotational trend, with constant switching between themes, and this emotional fluctuation is a typical performance of a volatile market.
2. Individual Stocks and Hot Sector Analysis: Driving Logic of Market Sentiment
1. East Money Information:
Emotion and trend interpretation: Today, East Money Information opened low and went high. As a leader in internet finance, the market's attention to its funds remains unchanged. The intraday rise of Tianfeng Securities boosted market confidence in the large financial sector, indicating that the current market sentiment is very sensitive to bullish news. Although the recent index has been fluctuating, East Money Information...

$Hang Seng Index (800000.HK)$ $SSE Composite Index (000001.SH)$
IMPORTANT NEWS
1. The central bank officially launched a stock repurchase loan to increase holdings. The initial amount is 300 billion yuan, the interest rate is 1.75%, and the term is 1 year
2. The central bank has now officially launched the SFISF operation. Currently, 20 companies have been approved to participate in the exchange facilitation operation, and the first batch of applications has exceeded 200 billion yuan
3. Pan Gongsheng: Exchange facilitation does not directly provide financial support from the central bank; the bottom line is that credit funds cannot enter the stock market in violation of regulations; taking the opportunity to further reduce the deposit reserve ratio by 0.25-0.5 percentage points; it is expected that LPR No. 21 will also decline by 0.2-0.25 percentage points.
4. Wu Qing, Chairman of the China Securities Regulatory Commission: Allow legal compliance to reduce holdings, but resolutely crack down on violations and detours to reduce holdings
5. Sheng Laiyun: CPI will rise moderately in the next stage, and the decline in PPI will narrow
6. National Bureau of Statistics: The steady recovery of the economy in the fourth quarter is a probable event. Confidence in achieving the expected target of around 5% this year is increasing
7. National Bureau of Statistics: Optimistic about the real estate market in the later stages. New housing sales increased 102% year on year during the 11th Golden Week, and second-hand housing sales increased 105% year on year
8. National Bureau of Statistics: GDP increased 4.8% year-on-year in the first three quarters; 4.6% in the third quarter, 0.9% month-on-month
9. In September, the value added of industries above scale actually increased by 5.4% year-on-year,...

I. Trending Sectors
On Friday afternoon, A-shares also made people experience the feeling of a bull returning quickly. Like a bull trapped in the 3087 gap. Once the mud loosens, poof! Running wild without stopping, the cornerback pointed directly at the target of 3261.56.
At one point, GEM surged more than 10%. Although there was a correction at the end of the session, it still surged and closed throughout the day. The volume of energy also reached 2 trillion in one fell swoop. Obviously, incremental capital was used, but it is expected that there will still be a rebound today. The direction is still autonomous and controllable. The segment is semiconductors, and there are quite a few people who are popular on the weekend. They should have a good premium. In the early stages, they were mainly National Technology, SMIC, Jiejie Microelectronics, Shanghai Beiling, etc., but now they have sufficient capacity. Other technology branches of consumer electronics, Hongmeng, and robots also have rotation opportunities.
II. Shareholding analysis
National Technology SZ300077:
$Nations Technologies Inc. (300077.SZ)$
Automobile chip+cybersecurity+MCU chip+mobile payment, analyzed many times earlier, as the core leader in semiconductors did not end that quickly. It opened 4.07% lower on Friday, and directly weakened and strengthened after stepping back, which clearly strengthened the characteristics. The stock began to change on Thursday due to the G-concept of cybersecurity. The semiconductor rebound on Friday immediately strengthened. The logic is simple. The technology rebound must have been dominated by highly recognizable leaders, Jiejie Microelectronics, SMIC, and National Technology, here...