Today’s market is shrouded in two contrasting sentiments. On one side is global concern and risk aversion, and on the other side is domestic hot money flowing into the market.

1. Global Risk Aversion Intensifies, Gold Shines
1. Gold breaks through historical highs, trading above $4,600 during the session. Domestic gold jewelry prices also surge, reaching a maximum of 1429 yuan/gram.
2. Silver performs even stronger, continuing its upward trend after a 12% increase last week.
3. Focused reasons: Tensions in Iran and other geopolitical hotspots, weak US non-farm employment data, and market bets on a Federal Reserve rate cut all jointly pushed safe-haven assets higher.
2. A-shares see record-breaking trading volume, with internal divergences
1. Market overview: The three major indices rose over 1%, but the most striking was the trading volume, which broke 1 trillion yuan in just 20 minutes in the morning session, and the total daily turnover across the two markets exceeded 3 trillion yuan.
2. Hotspots: AI (Sora concept, AI language models) and commercial aerospace concepts exploded across the market, leading the gains.
3. Underlying concerns: The market shows four major divergences, such as futures prices soaring while stocks lag behind; increased trading volume but declines in brokerage stocks.
While the world is buying gold for risk aversion, domestic funds are seeking the future in AI and aerospace. However, beneath the massive trading volume, market disagreements are also intensifying.