Friday's opening is imminent, and there are a few things worth paying attention to.

First, on the policy front. The Ministry of Commerce just announced at its routine press conference that it will conduct an assessment investigation on Meta's acquisition of the AI platform Manus. The logic behind this move is quite clear—last April, Manus disbanded its domestic team, with core personnel relocating to Singapore, and by the end of the year, it was sold to an American company. This series of operations involves sensitive issues such as technology export and cross-border data transfer. The Ministry of Commerce's intervention essentially signals: domestic AI startups can't play this way in the future. For domestic software and cybersecurity companies, this is a positive signal, at least ensuring that local technological innovation won't easily flow overseas, creating a protective space for domestic companies' technological integration.

Next, let's look at the market. Today, the A-shares market clearly outperformed the Hong Kong stocks. There was a style rotation—sectors like military industry, photovoltaic equipment, and domestic software performed well, but many of the top gainers were concept stocks lacking performance support. In contrast, larger-cap tech companies performed relatively flat. The Hong Kong market looked even worse, with Hengke once dropping over 2%, remaining in a correction phase.

Why is this happening? The core reason is that the domestic economic fundamentals have not yet shown a significant improvement. However, after the market sentiment improves, liquidity is no longer tight, so funds flow into small and mid-cap stocks. Today, the Shanghai and Shenzhen indices slightly declined, but the number of advancing stocks exceeded decliners, showing a typical style shift. The key going forward is whether the hype around these themes can be sustained.

Looking ahead to tomorrow: the index is likely to consolidate with reduced volume. The Shanghai Composite Index may test the 5-day moving average for support, around 4069 points. Once support is confirmed effective, there will be a rebound opportunity, targeting 4099 points. During this kind of oscillating consolidation, opportunities mainly focus on thematic sectors. The military industry sector has already fully fermented today and has become the new main line of the market. Tomorrow, it will be important to observe whether this momentum can be maintained.