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I’ve finished the review, and I’ll give you a quick summary here—the full version will be sent out shortly. The overall market index still shows some divergence. For example, the CSI 300 has already reached a key support level—the 3,800 to 4,000 range—which is a significant support zone. Over the past two days, daily charts have clearly shown increased demand, and there’s been noticeable buying pressure in the CSI 300. At the same time, I haven’t seen clear signs of stabilization in the Shanghai Composite, ChiNext, or STAR Market. However, today’s trading volume has been gradually expanding, especially in the STAR Market—I can clearly sense that the STAR Market is beginning to accelerate downward with significantly higher volume. For ChiNext, I think it’s just one step away from following suit. The leading weight sectors in ChiNext, such as communication giants like Zhiwei Xuchuang and New Optical, which are top players in optical modules, have started to decline. Given that ChiNext fell less than the STAR Market today, I believe ChiNext may accelerate downward tomorrow. Looking at the broader financial sector: banks are showing signs of selling pressure; for brokerages, I see hints of potential bottoming; and insurance stocks are also showing increased volume, with demand beginning to rebound. From this perspective, I believe the market is only waiting for the final decline in the Shanghai Composite and the “双创” (ChiNext and STAR Market). As for the CSI 300, I think it may consolidate here before potentially breaking lower—but the downside space appears limited. Overall, from the brokerage sector’s perspective, its current movement satisfies one of the necessary conditions we previously outlined for a bottom formation—and we’ve now observed it. I believe brokerages have limited downside potential, which is a very positive sign. In the insurance sector, clear signs of strength are emerging. Since neither brokerages nor insurance are showing signs of sustained sharp declines, the only remaining area to watch is technology—whether it will enter a final acceleration phase to purge remaining sellers. If technology enters its final acceleration, then ChiNext and STAR Market will likely follow with their own final downward surge, and the Shanghai Composite will also accelerate downward to test its bottom at this level. Therefore, we still need to monitor several key signals: 1. Will the overall index experience an accelerated decline with massive volume—specifically, volume reaching 1.5 to 2 times the average decline volume? If such volume materializes, I believe the technology sector may be showing early signs of bottoming. 2. Additionally, we need to observe whether the overall index forms a high-volume bullish candle on the weekly chart. If a strong weekly candle with significant volume appears, I believe we may see a clear signal of stabilization at the weekly level—this would then pave the way for broader monthly-level rebounds and a major bear-market rally.

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