The US stock market has been a bit dull these past two days, with all three major indices closing in the red. The Dow Jones fell by 0.2%, the S&P 500 declined by 0.14%, and the Nasdaq also didn't escape, dropping 0.24%. In contrast, US silver futures surged during the session, reaching a high of over 10% gains, and ultimately maintained the upward momentum at close, making quite a striking scene.

Big tech stocks showed mixed performance. Tesla was under pressure, dropping over 1%, while Nvidia and Apple experienced slight pullbacks. However, Google, Broadcom, Microsoft, Netflix, and Amazon edged higher, overall resisting the downward trend. Interestingly, recent capital flows have been quite notable. During the earlier A-shares adjustment, a large number of investors poured into US stock funds. Now, some are starting to regret it, feeling they bought a "lonely" position as the US funds haven't outperformed the Chinese stocks in the past 10 days.

Among Chinese concept stocks, Baidu, Xpeng, NIO, NetEase, and Li Auto led the gains, while large-cap stocks like JD.com and Alibaba saw some declines. This kind of divergence is quite worth observing.

In the non-ferrous metals sector, signs of rebound are obvious. Gold, although pulling back after a rally, still closed slightly higher, and is expected to continue its rebound today.

There are also many positive policy signals. The Ministry of Finance recently announced policies exempting individual sales of housing from capital gains tax, directly benefiting the real estate sector. Additionally, the large-scale equipment renewal and old-for-new consumer goods plan scheduled for 2026 has begun to take concrete shape, which is an important move to promote domestic circulation.

In terms of technology, embodied intelligence is accelerating its integration into various industries. The industry generally expects a large-scale development in the next 3 to 5 years, and the prospects for humanoid robots look quite promising.

Today is the last trading day before the year-end. Compared to yesterday, selling pressure should be much lighter, and if luck is on our side, we might see an 11-day winning streak. By the way, Hong Kong stocks only trade half a day today, closing early after 12:00 PM.