After three consecutive days of declines, A-shares finally caught a breather today. However, don’t get too greedy with this rebound—if prices surge, remember to lock in your profits. Judging from the technical pattern, this wave C correction is very likely to break below 3800, with the time cycle starting at a minimum of six days, and the intensity may even surpass the previous wave A.

Yesterday, funds already started to preemptively buy up a few core targets in the tech sector for a rebound. How much can the market bounce back today? Watch the trading volume—the higher the volume, the bigger the rebound; if volume shrinks, then it’s just minor fluctuations. Yesterday, total A-share turnover was only 1.56 trillion yuan, hitting a new low for this phase. With year-end approaching, institutions and major shareholders are busy cashing out and locking in profits, leading to very tight market liquidity.

The current position is a classic rebound in the midst of a downtrend, so the strategy is simple: sell high when the market rallies, and buy low on pullbacks. Stick to this rhythm and don’t get off track.

Possible directions for a rebound and some key pre-market news:

**Gallium Nitride sees new developments.** Jiufengshan Laboratory has released a gallium nitride power module that claims to save 300 million kWh per year for super-large AI computing centers. Institutions believe the demand for third-generation semiconductors is about to explode. Yesterday, some gallium nitride joint concepts in the robotics sector, like Gaogu Technology and Ruineng Technology, already stood out. Let’s see if this can drive a broader rally in semiconductor materials today. Also, Moore Threads is going public today, which could further stimulate semiconductor-related stocks.

**IPO windfalls are back.** A single lot in Moore Threads’ IPO is expected to net 150,000 yuan. Institutions like CITIC and a large group of employees are set for a windfall. It’s basically like a lottery—keep trying your luck.

**Wave of share reductions continues.** For stocks like Sun Cable and Haike Xinyuan, which have surged recently, shareholders can’t wait to cash out, and the disclosed reduction ratios are not small. The year-end cash crunch is very real.

**Entertainment sector shows promise.** "Zootopia 2" has led the daily box office for 10 consecutive days and is expected to remain hot over the weekend. It’s worth watching how cultural media and cinema-related stocks perform today.

**Non-ferrous metals are in an awkward spot.** News is out that Mercuria is making big moves to take delivery from the global copper market, and LME inventories are nearly depleted. However, the non-ferrous sector opened high and closed low yesterday—a classic case of “sell the news.” There’s been a lot of futures-driven excitement recently, but the secondary market response is lukewarm.

**Can robotics lead the market?** On Thursday, robotics was the strongest theme. If it can remain strong today, the market rebound could have more power; if not, the ceiling for this rebound will be limited. The sustainability of this main line is now a key indicator.

**Liquidity remains tight.** The third highest redemption record of the year just occurred: stock ETFs saw 25.3 billion units redeemed in a single day, reportedly due to year-end profit-taking. In short, everyone is short on cash at year-end, so slow down your trading pace and focus on stability.