A-shares rarely see 8 consecutive positive days. Data shows that since 2000, such 8-day rally patterns have only occurred 17 times over 25 years, and this year marks the third time. In the year-end layout, the main forces clearly aim to push the index toward 4000 points, but the two dives last Friday exposed capital anxiety—large investors are rushing ahead.

The 4000-point threshold repeatedly becomes a stumbling block. Every time the index approaches this level, a sharp decline follows. Last Friday, as the Shanghai Composite Index neared it, a straight plunge occurred, followed by another rapid sell-off at midday. The total trading volume of all A-shares reached 2.18 trillion yuan, a new stage high. The massive volume and high prices combined with high-level trading clearly reflect significant disagreement around the 4000-point mark.

The last three trading days of December have become a critical window. Today's performance will determine whether the risk of last Friday's plunge can be alleviated—only by continuing the high-level attack can expectations be stabilized; otherwise, adjustment pressures will follow. Tomorrow, before the holiday, a wave of selling stocks for cash is expected, and the day after tomorrow is the key window for market stabilization.

Currently, the market index is oscillating, and industry sectors are in rapid rotation. The driving force behind this rotation mainly comes from news stimuli.

Four major news items over the weekend deserve attention: First, ByteDance will purchase Ascend chips from Huawei in 2026, with total orders possibly exceeding 40 billion yuan. This is a direct positive for the Huawei concept, and the market is rapidly shifting around such news. Second, commercial aerospace is entering its strongest IPO boom, with institutions believing leading companies will further expand their advantages, improving overall efficiency and international competitiveness. Commercial aerospace continues to be highly promoted, with continuous good news flowing from industry to news levels. Each rocket launch tends to boost the sector significantly, marking a phase of thematic speculation.

Third, year-end IPO acceptance has surged, with 27 IPO applications accepted by the Shanghai, Shenzhen, and Beijing exchanges last week, making it the week with the most accepted applications since mid-year. The acceleration of IPOs benefits brokerages but also puts pressure on overall market valuation, requiring close observation of brokerage performance. Fourth, US stocks in the commercial aerospace sector suffered a full-scale decline, with market concerns over high valuations intensifying and major shareholders continuously reducing holdings. This has negatively impacted the A-shares commercial aerospace sector.

Huawei and commercial aerospace are two key directions for high-low differentiation. Commercial aerospace has both positive and negative factors; its future performance depends on the continuation of market sentiment—if the high-level promotion persists, sentiment will remain high; otherwise, a correction may occur.