Guide: ① During the Ching Ming Festival holiday, international non-ferrous metals futures continued to rise, and cyclical stocks may still have high momentum driven by this; ② Since the non-ferrous direction is already in the clear-card game stage, we need to be wary of differences after excessive consistency;

Looking back at the pre-holiday index, the overall market continued to fluctuate and diverge. Among them, the cyclical stock direction continued to strengthen, while the two major hot spots in the early period, the low-altitude economy and AI application direction continued to weaken. At present, the Shanghai Index has once again reached a critical point in the current pressure zone. Until the volume can effectively break through it, it is appropriate to look at the short-term fluctuation structure in the short term.

During the Ching Ming Festival holiday, the direction of capital source cyclical stocks still received the most attention in the market. International non-ferrous metals futures continued their general upward trend. International gold prices have reached another record high, copper prices have once again reached new highs since January last year, and aluminum prices have also reached new highs since April last year. Therefore, under the continuous drive of the price increase logic, it may be expected that the non-ferrous direction will open higher again today. However, it should be noted that after the recent continuous rise in the non-ferrous direction, the overall ranking is not low. If the intraday market rises again, we still need to be wary of differences after the consistency is too high. Therefore, for the non-ferrous sector, the value ratio is already relatively low at this point. If you don't have the capital to get started, you might as well be patient to step back and sort things out in the short term before intervening or have a higher win rate.

As Nonferrous continues to rise, it has also successfully driven the direction of stocks throughout the cycle. Segments such as chemicals, oil and gas, and shipping are also active in the intraday market. Combined with the uncertainty of geopolitics, if the colored sector falls into a correction at a high level in the future, it is also worth paying attention to whether more capital will pour into this direction of latecomer growth.

In addition, solid-state batteries are also worth paying attention to. Although this topic showed a sharp upward trend last Wednesday, the overall upward structure of the sector has not been clearly disrupted, and Sanxiang New Materials, the core target, has also been successfully sealed back, which may mean that the market is still in the expected sector. Therefore, there may still be a certain degree of rebound in this direction today, so we can focus on the performance of active individual stocks in the sector.

Finally, let's focus on the main low-altitude economy in the last round. There was a clear high level of disagreement in this direction last week. However, with the degree of capital involvement in the previous period and the continuous expansion of the sector's own volume, there will definitely be a rebound in the future. However, during the period of short-term fluctuation and correction, the degree of individual stock differentiation within the sector intensified, and some high-ranking old votes should be gradually eliminated, and some new markets may be expected to appear in the short term. However, the strength of this type of market will weaken compared to individual stocks such as Wanfeng Aowei and Shenzhen Stock Exchange, where the main players in the sector have risen. In response, expectations should be lowered appropriately, and viewed from the perspective of short-term arbitrage.