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Core Viewpoint - The market is experiencing fluctuations with the Shanghai Composite Index reaching a new high for the year, while the ChiNext Index is showing weakness, indicating mixed performance across different sectors [1] Market Performance - As of the midday close, the Shanghai Composite Index rose by 0.12% to 3638.4 points, while the Shenzhen Component Index fell by 0.13% and the ChiNext Index declined by 0.52%. The STAR 50 Index increased by 0.66% [1] - The total trading volume across the Shanghai, Shenzhen, and Beijing markets reached 1.2062 trillion yuan [1] Sector Analysis - Sectors such as pharmaceuticals, steel, insurance, coal, and non-ferrous metals experienced declines, while the semiconductor sector showed strong gains. Other sectors like brokerage, real estate, and liquor also saw upward movement, with chip and consumer electronics concepts being active [1] Economic Outlook - According to Zhongyin Fund, the market is expected to maintain high-level fluctuations supported by liquidity in the short term. Anticipated actions from the Federal Reserve regarding interest rate cuts and progress in US-China negotiations may lead to further market increases after the current fluctuations [1] - A-shares corporate earnings are expected to continue a bottoming trend, with a slight recovery in growth rates in the second half of the year. Under a neutral assumption, the net profit growth rate for all A-share non-financial companies is projected to be around 1.8% for 2025 [1] - The Federal Reserve is expected to restart interest rate cuts in September, and domestic monetary policy easing is likely to reopen, maintaining ample macro liquidity [1] - With the continued decline in domestic interest rates, the demand for equity asset allocation from residents and non-bank institutions is gradually increasing, suggesting that medium to long-term funds are likely to enter the market further [1] - The industry configuration is relatively optimistic about the performance of growth and financial sectors [1]