A-shares have fallen for three consecutive days, and today’s trading volume shrank by more than 120 billion yuan, which is a rare low even compared to recent months. The situation of more declines than gains has lasted for three trading days—can we expect a rebound in the short term? Frankly, it all depends on whether there’s any major news to trigger it.

What’s the biggest fear in a volatile market? If prices fall, you panic and sell at a loss; if prices rise, you chase the rally and end up buying at the top—getting burned both ways. The current market is basically: after bigger drops, there’s a brief rebound, but it lacks momentum and then continues to fall, tossing investors around.

However, tonight the central bank dropped a big move—it will conduct a 1 trillion yuan, 91-day outright reverse repo operation tomorrow. This scale exactly offsets this month’s maturities, so in reality, there’s no net injection of new funds. But keep in mind, the central bank is mainly sending a signal: monetary policy remains on the looser side. Even if there really were a 1 trillion net injection, the money wouldn’t flow directly into the stock market—but the market trades on expectations and confidence. When there’s confidence, money naturally comes in; without it, no matter how much money there is, it won’t enter. The market never lacks money; what it lacks is the willingness to take a gamble on expectations.

The year-end liquidity defense battle has already begun. Local government bond issuance is ramping up in December, and with 3.7 trillion yuan of interbank CDs maturing, the banking system is indeed tight on funds. The central bank’s move to release three-month, medium-to-long-term funds directly eases banks’ “cash crunch” anxiety. Wang Qing from Oriental Jincheng said this operation continues the supportive monetary stance, and coupled with recent government bond trading moves, expectations for a reserve requirement ratio (RRR) cut are rising. Large financials may benefit indirectly, but for banks and real estate, it still depends on whether policies can be fully implemented.

Loose liquidity is a positive for tech growth stocks, and there are several sectors worth watching closely tomorrow.

**Robotics and AI hardware remain hot.** The US is about to introduce a robotics executive order, and a Morgan Stanley survey shows 62% of companies may purchase humanoid robots within three years. Today, the robotics sector was among the top gainers—despite some volatility after a strong opening, it held up in the end. Hopefully, tonight’s positives will help the sector continue to rebound tomorrow.

A few names to watch: Unitree Robotics isn’t listed yet, but Morgan Stanley cited it as the “most watched brand,” with a price anchor around 200,000 yuan and strong growth potential. Rain Electric and Jiangsu Beiren both hit the limit-up today; their servo system technology has high barriers, making them hardware leaders. Top Group is a core supplier for Tesla’s robots and is moving into mass production of linear joints—also worth attention.

**There’s a “new listing effect” in chips.** Moore Threads will be listed on Friday, with an IPO price of 114.28 yuan—the highest this year. Based on the average 270% rise for STAR Market IPOs, winning one lot could net over 150,000 yuan. Shares related to Moore Threads have already surged today; will tomorrow see a pullback after a spike, or continued momentum? Most likely, there’ll still be action, but chasing at this point is risky.

There are also many opportunities for value chain linkage. For domestic GPU substitution, look at Cambricon and Jingjia Micro—both are considered Moore Threads’ peers. In advanced packaging, JCET and Tongfu Microelectronics benefit from soaring demand for high-performance chips. However, note that if Moore Threads’ first-day gain is below expectations, be wary of pullbacks in high-flying chip stocks.

**CATL is opening up a new front.** They’ve launched a “ship-shore-cloud” zero-carbon solution, targeting the electric vessel market, which is expected to reach 36.7 billion yuan by 2026. In battery systems, CATL is the undisputed leader, and EVE Energy is also in this track. For supporting equipment, look to China State Shipbuilding (for electric vessel retrofits) and Xiangdian (marine motors).

Don’t overlook a few under-the-radar trends.

Rare earths’ strategic value is being reassessed. The Ministry of Commerce emphasized “normal approval for civilian exports,” but demand for permanent magnet materials is rigid (core for robot motors). Zhongke Sanhuan is a leader in NdFeB magnets, while Northern Rare Earth has quota scarcity—both worth watching.

New species are emerging in consumer electronics. The “30,000 units limited” Doudoubao phone has sparked a premium in the secondary market, and there are rumors that ByteDance and ZTE are working on a second generation. For potential plays, look at ZTE (technology partner) and Visionox (flexible display supplier).

New regulations for food delivery benefit the local services sector. The new national standard curbs “vicious price wars,” so cost optimization can be expected for Meituan and Alibaba’s local service divisions.

**Risk warnings are necessary too.** Goldman Sachs is bearish on copper prices, warning that the current $11,000/ton price is unsustainable, so watch for short-term volatility in Yunnan Copper, Jiangxi Copper, etc. Although the EU has withdrawn the DS610 case, easing trade tensions, the trend of intensified overseas competition in solar and electric vehicles hasn’t changed.

As for tomorrow’s trading, the “tech trident” (robotics + chips + electric vessels) remains the main battleground for capital. With the central bank’s liquidity move and IPO windfall effect, short-term focus should be on high-flexibility small and mid-cap growth stocks. For resource stocks, distinguish between “real demand” and “speculation.” The hidden consumer electronics story is worth digging into.