Xiangcai Securities: High technology remains the main theme of the capital market, and the long-term bullish logic for gold remains unchanged.

Shangcai Securities research report indicates that the A-shares have been consolidating near 4000 points, with sector rotation occurring rapidly. Technology stocks such as chips, semiconductors, and optical module companies that had previously experienced significant gains are now facing pressure for a pullback. High technology remains the main theme in the capital market; the money market in the bond market continues to be loose, but increasing market risk preference may put pressure on bond market yields; gold has strengthened again after a technical correction, and the long-term positive outlook for gold remains unchanged; the Renminbi exchange rate is expected to remain stable amid the absence of any black swan event.