Hold what should be held, rest what should be rested!!

$Shanghai Composite Index sh000001$ Yesterday, the index was bright red, but more individual stocks fell than rose, which is about saving face at the expense of substance.

Today, the situation reversed. The collective pullback of heavyweight stocks dragged down the index, making the market look weak. However, more individual stocks rose than fell, and most people finally received their pre-holiday red envelope. The market feels much more comfortable than the previous three days.

However, a sharp dive around 11 AM wiped out a lot of the gains, shrinking the red envelope from large to small. But the overall market structure is much healthier than yesterday.

The big players see it clearly: with limited trading volume currently, forcefully pulling up heavyweight stocks is a thankless task. They simply abandon the heavyweights and focus on thematic stocks. The index can be ugly, but the individual stock rally cannot be cold. This split trend of "weak index, strong individual stocks" is actually more reassuring than "red index, individual stocks eating losses."

On the market: small metals, which were strong in the past two days, directly fizzled out today due to the pullback in gold and silver futures. The media sector, which was still sluggish yesterday, staged a strong rebound on the positive news of pre-sales for the Spring Festival movie season exceeding 1.6 billion yuan, with Enlight Media surging nearly 10%. Memory chips and semiconductors directly took center stage, becoming the highlight of the day.

Essentially, the market is not short of funds; it's that the funds are unwilling to pull up heavyweight stocks and prefer to be active in small-cap and thematic stocks.

As for whether red envelopes can continue to be handed out this afternoon? My judgment is clear: there will still be red envelopes, but don't expect big ones.

The core reason is trading volume: the morning turnover shrank by over 100 billion yuan year-on-year. Monday's big rally has already partially overdrawn the pre-holiday bullish sentiment. Maintaining a relatively strong performance for individual stocks today is already the big players doing their best to support the market with limited volume.

It's hard for the afternoon to see a volume explosion to lift the index, but the index also lacks the foundation for a sharp decline—the hard-won recovery of the wealth effect won't be easily smashed.

So, just keep a calm mindset in the afternoon: hold if you should hold, rest if you should rest. This pre-holiday red envelope isn't big, but it's steady—just pocket it!