CITIC Securities: A-share sentiment index is at historically high levels.

CICC Research Report indicates that A-share market sentiment is currently at historically high levels based on factors such as market liquidity, asset pricing differentials, and trading activity. The VIX of SSE 50, CSI 300, CSI 500, and CSI 1000 is oscillating at high levels, with the VIX of E Fund ChiNext ETF decreasing from its temporary high. The difference between VIX and GVIX is negative. The VIX of Huaxia SSE STAR Market 50 ETF has surged significantly, and the difference between VIX and GVIX is negative. The ChiNext and STAR Market 50 indexes may be at a temporary high point. The VIX of gold, silver, copper, and oil is decreasing. Currently, institutions are focusing on the commerce & retail and non-bank financial industries, while interest in the transportation industry is decreasing from high levels. Many industries are currently at a threshold triggering the crowded indicator.