Last night, the three major U.S. stock indices showed a clear divergence between gains and losses. The Dow Jones Industrial Average rose by 0.55%, reaching a new all-time high, driven by strong gains in military stocks. Among them, defense electronics and drone system company Kratos Defense surged over 13%, while the leader in military drones, Aerovironment, also increased by more than 8%. In contrast, the Nasdaq Composite appeared relatively weak, dragged down by a broad decline in technology heavyweight stocks, falling by 0.44%. The most disappointing sector was storage chips, which became the main drag on tech stocks.

Interestingly, Chinese concept stocks showed a relatively independent trend. The Nasdaq China Golden Dragon Index ignored the pullback in the U.S. tech sector and rose by 1.09% against the trend, reflecting its unique investment appeal. Overall, Asia-Pacific stock markets performed relatively strongly. The Nikkei 225 ended its two-day losing streak with a midday gain of over 1.2%. Although the Korean stock market was also weighed down by storage chips, its midday gain remained above 0.5%. The Hong Kong stock market was relatively flat; after a gap-up opening of 0.47% in the morning, it quickly oscillated and entered a sideways trend. The Hang Seng Tech Index briefly surged to a gain of 0.98% during the session but ultimately also moved into sideways consolidation.

The A-share market today is particularly eye-catching. The Shanghai Composite Index surged sharply in the early morning with increased volume, reaching a high of 4121 points around 10:45 AM, setting a new high. However, the index then retreated from the high, closing the midday session at only 4095 points, up just 0.3%. Although the gain seems modest, it once again demonstrated the market’s upward momentum. Even more impressive was the CSI 500 Index, which rose by 1.19%, outperforming the major broad-based indices.

The most notable aspect is the performance of trading volume. In just two hours in the morning, the A-share market’s turnover reached 2.06 trillion yuan, an increase of 296.3 billion yuan compared to yesterday morning. At this pace, if enthusiasm remains in the afternoon, the total daily turnover could easily surpass 3 trillion yuan, with a chance of hitting 3.2 trillion yuan. Such a scale of trading volume fully reflects the rapid increase in market participation.

In terms of sector rotation, the internet sector ranked fourth with a morning gain of 2.55%. The software services sector followed closely, with a gain of 2.05%, ranking sixth. The rapid heating up of market enthusiasm provides a window of opportunity for investors who missed the earlier rally to reposition. In this wave of market movement, any short-term pullback could become a golden opportunity for "airtime refueling."