A股指数涨跌不一：沪指微跌0.09%，离境退税等板块涨幅居前

Market Overview - The three major indices opened mixed, with the Shanghai Composite Index down 0.09%, the Shenzhen Component Index up 0.09%, and the ChiNext Index up 0.20% [1] - The sectors showing the highest gains included departure tax refunds and controllable nuclear fusion, while sectors such as quartz and dairy powder experienced declines [1] Institutional Insights - Galaxy Securities indicated that the investment value of Hong Kong stocks remains high in the medium to long term, supported by diminishing impacts of U.S. tariff policies and a rebound in investor risk appetite. The firm expects stable profit growth in Hong Kong stocks due to proactive macro policies [3] - CITIC Construction pointed out that the market is in a phase of fluctuation, but short-term risk appetite is increasing, leading to a potential shift towards growth sectors. Key industries to focus on include banking, electricity, beauty, and automotive [4] - Huatai Securities noted that the incremental policy window for the real estate sector is gradually opening, with a focus on the implementation pace of proactive macro and fiscal policies, particularly in first-tier cities [5] - Guojin Securities reported that new business for universal insurance products will allow adjustable minimum guaranteed interest rates, which will help mitigate interest spread loss risks and enhance market order regulation [6]