收评：沪指放量涨0.5%，金融、地产等板块拉升，半导体板块强势

Core Viewpoint - The Shanghai Composite Index has shown strong upward momentum, reaching a new high for the year, with significant trading volume across the A-share market [1] Market Performance - As of the market close, the Shanghai Composite Index rose by 0.5% to 3665.92 points, the Shenzhen Component Index increased by 0.53% to 11351.63 points, the ChiNext Index climbed by 1.24% to 2409.4 points, and the STAR 50 Index surged by 1.91% [1] - The total trading volume in the Shanghai, Shenzhen, and Beijing markets reached 190.57 billion yuan [1] Sector Analysis - The pharmaceutical, steel, non-ferrous metals, and liquor sectors experienced declines, while the semiconductor sector saw strong gains [1] - Other sectors such as coal, insurance, real estate, brokerage, oil, and banking also showed upward movement [1] - Concepts related to brain engineering, lithography machines, and liquid cooling servers were particularly active [1] Investment Insights - According to Zhongyou Securities, the current market rally since late June can be understood as a two-phase structure driven by bank dividends and a "de-involution" trend [1] - However, the attractiveness of bank dividends has diminished, and the "de-involution" phase may require a period of adjustment from policy expectations to real-world validation, potentially leading to a vacuum in buying momentum [1] - The focus should shift towards individual stock alpha logic over industry beta logic, emphasizing opportunities for valuation recovery in technology growth sectors, particularly in AI applications, computing power chains, and optical modules [1]