午评：创业板指半日跌0.88% 创新药概念逆势大涨

Market Overview - The A-share market experienced fluctuations with the ChiNext index dropping over 1% during the morning session, while defensive sectors like pharmaceuticals saw gains [1] - The total trading volume in the Shanghai and Shenzhen markets reached 754.7 billion yuan, an increase of 11 billion yuan compared to the previous trading day [1] - The Shanghai Composite Index closed at 3353.07 points, down 0.31%, while the Shenzhen Component Index closed at 10051.62 points, down 0.75% [1] Sector Performance - Defensive sectors such as pharmaceuticals, agriculture, and banking performed well, with stocks like Kexing Pharmaceutical and Hangzhou Bank reaching historical highs [1] - The controllable nuclear fusion concept and robotics sectors faced significant declines, indicating a shift in market sentiment towards safer investments [1] Institutional Insights - CICC suggests that the micro盘 style may see diminishing advantages, but structural opportunities still exist, with a focus on high-growth small and micro enterprises [2] - Silver Hua Fund emphasizes the importance of monetary policy and economic changes, advocating for a barbell strategy in asset allocation, particularly in technology growth sectors [3] Policy Developments - The People's Bank of China is accelerating policies to support the construction of Shanghai as an international financial center, including initiatives to enhance cross-border financial services [4] - Major financial policies are expected to be announced during the 2025 Lujiazui Forum, indicating a proactive approach to financial regulation and support [5] Financial Tools - There is speculation about the potential re-expansion of the PSL (Pledged Supplementary Lending) as a tool for providing long-term low-cost funding to policy banks, supported by the central bank and fiscal policies [6]