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-Market trend: Shanghai Composite Index closed at 3,461.50 yuan, up 29.01 yuan or 0.85% from the previous trading day. The market showed a trend of shock and rebound, with relatively stable fluctuations throughout the day and reduced amplitude compared with previous days.-Sector performance: the big consumer sector has strengthened collectively, with retail, food processing and manufacturing sectors among the top gainers, among which Yiming Food and other stocks have daily limit. In addition, the concept of Shanghai's state-owned enterprise reform has also performed well, and many stocks such as delivery shares have daily limit. Insurance and banking stocks were among the top losers, with Tianmao Group falling, while New China Life Insurance and Bank of Ningbo followed suit.Closing summary

-Market trend: Shanghai Composite Index closed at 3,461.50 yuan, up 29.01 yuan or 0.85% from the previous trading day. The market showed a trend of shock and rebound, with relatively stable fluctuations throughout the day and reduced amplitude compared with previous days.-Macro factors: From a macro perspective, the Ministry of Human Resources and Social Security and other departments recently issued the Notice on the Full Implementation of the Personal Pension System. Since December 15, 2024, the implementation scope of the personal pension system has been expanded to the whole country, and the product range has been further enriched, which will bring long-term and stable capital inflows to the capital market and form a certain favorable support for the stock market as a whole. In addition, the central bank conducted a seven-day reverse repurchase operation of 66.1 billion yuan today, and the winning bid rate remained the same as before, maintaining a stable market liquidity.-Market trend: Shanghai Composite Index closed at 3,461.50 yuan, up 29.01 yuan or 0.85% from the previous trading day. The market showed a trend of shock and rebound, with relatively stable fluctuations throughout the day and reduced amplitude compared with previous days.

-Macro factors: From a macro perspective, the Ministry of Human Resources and Social Security and other departments recently issued the Notice on the Full Implementation of the Personal Pension System. Since December 15, 2024, the implementation scope of the personal pension system has been expanded to the whole country, and the product range has been further enriched, which will bring long-term and stable capital inflows to the capital market and form a certain favorable support for the stock market as a whole. In addition, the central bank conducted a seven-day reverse repurchase operation of 66.1 billion yuan today, and the winning bid rate remained the same as before, maintaining a stable market liquidity.-Market sentiment and risk: Recently, the overall market sentiment is cautious, and investors' policy expectations for the Central Economic Work Conference are still waiting to be seen. If the meeting can introduce more favorable policies, it is expected to stimulate the market's enthusiasm for doing more and promote the stock market to rise further. However, if the policy falls short of expectations, there may be some adjustment in the market. In addition, the uncertainty of the global economic situation and geopolitical risks may also cause some disturbances to the stock market.-Technical analysis: From the technical trend of the Shanghai Composite Index, today's rise makes the index return to the top of the short-term moving average, and the moving average system presents a multi-position arrangement, which provides certain technical support for the subsequent rise. However, it should be noted that the trading volume of the index has not been significantly enlarged during the rising process, indicating that the market's willingness to chase up is not strong, which may limit the rising space of the index.