Recently, global stock markets have been quite volatile. U.S. stocks plunged at one point, followed by the Asia-Pacific markets also jumping into a dive. But interestingly—A-shares have stubbornly charted their own course.

First, let's talk about the situation in the U.S. markets. On Wednesday, the opening was grim. The Dow Jones fell 0.47%, the S&P 500 dropped 1.16%, and the Nasdaq was hit even harder, tumbling 1.81%. The technology sector bore the brunt, especially AI and chips, which became the hardest-hit areas. Tesla declined 4.62%, Nvidia fell 3.81%, and Broadcom dropped 4.48%—this stock has already fallen over 19% since December. Google and Micron also followed suit, with declines around 3%. The previously hot tech sectors are now seeing significant capital withdrawal, with selling pressure clearly mounting.

The Asia-Pacific region couldn't hold up either. The Nikkei 225 and Korea Composite Index opened sharply lower and haven't recovered since. By midday, they had fallen 1.3% and 1.8%, respectively, becoming the "biggest decliners" in the Asia-Pacific markets. Risk aversion sentiment is rising rapidly, as everyone searches for safe assets.

But at this point, something interesting happened—Chinese concept stocks and Hong Kong stocks showed resilience far beyond expectations. That night, the Nasdaq Golden Dragon Index of Chinese stocks only fell 0.73%, much less than the Nasdaq Composite. The A50 futures in the night session dipped slightly by 0.14%, with little movement. Although Hong Kong stocks were generally weak today, their resilience was notable: the Hang Seng Index once dropped 0.81%, then quickly turned positive, ending the midday session down only 0.4%. The only sector dragged down more significantly was the Hang Seng Tech Index, which fell about 1.2% at midday, but overall, the impact was manageable.

The most eye-catching development was the Shanghai Composite Index. It broke the recent pattern of following Asia-Pacific trends, closing midday up 0.16% at 3,876 points. Amid a global downturn, this contrarian strength indicates that internal support within the A-shares market is strengthening, and market independence is gradually increasing. Although there have been previous instances of following the trend downward (such as on November 21), this time is different.

Within the A-shares, there is clear differentiation. The previously hot optical module sector led the decline today, dragging down the communication equipment sector as well. The ChiNext Index fell 1.81% at midday, while the Shenzhen Component Index and the STAR Market 50 Index declined 0.85% and 0.92%, respectively. But this doesn’t mean there are no more profit opportunities—in fact, quite the opposite. In the morning, 3,607 stocks in the two markets rose, while only 1,672 declined. Only 115 stocks fell more than 3%. This shows that structural profit opportunities still exist, as long as you find the right sectors.

From a technical and market rhythm perspective, we are still in a consolidation phase. The Shanghai Index below 3,950 points is mainly building a weak base. Once it breaks above 3,950, a breakout rally could be on the horizon. The market is likely to remain range-bound in December, but policy expectations and liquidity will support resilience. The spring rally has already begun to warm up; if early, it could start by the end of December, or if later, after the intensive policy period in January, it will accelerate. With multiple funds resonating, the probability of a year-end rally materializing is quite high.

In short, this oscillation period is a good opportunity for strategic positioning. Focus on sectors supported by policies, such as new productive forces and domestic consumption, to seize structural opportunities. A spring rally is highly anticipated.