Market Overview: Commodity Storm Hits, Indices Under Pressure
China's A-share market performed weakly overall today, with the three major indices all closing down over 1%. More than 3,500 stocks declined across the board. Market sentiment was suppressed by multiple factors, with a plunge in commodity prices, represented by non-ferrous metals, being the primary drag. On the commodity futures market, tin continuous contracts plummeted 7.05%, with silver, Shanghai crude oil, and platinum also falling sharply, directly impacting related A-share sectors. Photovoltaic equipment, port shipping, and non-ferrous metals sectors were among the biggest decliners.
Sector Focus: A Tale of Two Extremes
- Hardest Hit: Resources & Cyclicals The broad pullback in commodity futures directly pressured A-share resource stocks. The simultaneous sharp declines in main contracts for Shanghai tin, nickel, and aluminum futures translated into significant pressure on the share prices of related listed companies in the non-ferrous metals sector.
- Bright Spot: AI & Technology In contrast to the gloom in commodity markets, major breakthroughs emerged in the field of artificial intelligence. Google's Gemini 3 Deep Think achieved world-champion level in programming competitions, while core members of Fudan University's MOSS team released FARS, a multi-agent system capable of automating the entire scientific research process. These developments highlight leaps in AI reasoning and application capabilities, providing strong long-term logic for technology tracks in the A-share market such as artificial intelligence, computing power, and software services.
Capital Flows and Outlook
Despite the poor performance of A-shares, southbound funds recorded a net purchase of over HK$11 billion in Hong Kong stocks today, indicating some capital is seeking value opportunities. On the macro front, Goldman Sachs expects the Fed to start a rate-cutting cycle in June. If this dovish expectation materializes, it will be beneficial for the valuation repair of global risk assets in the long run.
In the short term, the market still needs to digest the impact of commodity price volatility. However, structural opportunities in main themes like AI remain clear. Investors should be wary of risks in cyclical stocks due to price fluctuations while focusing on tech growth stocks with genuine core competitiveness.
This article does not constitute any investment advice. The stock market involves risks, and investment requires caution!