Precious metals futures main contracts extended gains: SHFE gold 2610 up 2.98% at 909.36 yuan/gram; SHFE silver 2610 up 6.53% at 15,027 yuan/kg; platinum 2610 up 8.61% at 439.4 yuan/gram; palladium 2610 up 7.77% at 327.3 yuan/gram.

智利國家銅業公司：析發現一種新出現的地震現象，與此前已知風險不同。

China Merchants Securities review of nine major A‑share drawdowns since 2015 finds sharp falls usually triggered by external shocks or liquidity stress; stabilization has historically been marked by policy response. Post‑adjustment mean rebound window is 34 trading days; Wind All‑A average bounce exceeds 19%, with larger prior declines tending to produce bigger recoveries. Sector rotation is two‑phased: first 10 trading days led by high‑beta, oversold names (electronics, computers/TMT); between 20–60 trading days the market reverts to earnings‑supported leaders (power equipment, food & beverage). Recommended two‑step positioning for the current leg: early allocation to oversold, high‑elasticity TMT (priority on onshore and offshore compute‑capacity leaders); after ~10–20 trading days shift toward earnings/rebalancing exposure — focus on power equipment, specialty pharmaceuticals/chemicals, coal and non‑bank financials. Tradeable themes: beneficiaries of rising overseas compute pricing, domestic compute hardware elasticity, and gold for hedge/rebalancing. Overall portfolio framework: technology innovation, corporates expanding abroad, and rebalancing into undervalued traditional sectors.