收评：创业板指大跌超4%，半导体、军工等板块走低，食品饮料等板块活跃

Market Overview - The stock indices experienced a significant decline, with the Shanghai Composite Index dropping over 2% at one point, and the Shenzhen Component Index and ChiNext Index also seeing substantial decreases [1] - At the close, the Shanghai Composite Index fell by 1.25% to 3765.88 points, the Shenzhen Component Index decreased by 2.83% to 12118.7 points, and the ChiNext Index dropped by 4.25% to 2776.25 points, while the Sci-Tech 50 Index fell by over 6% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 25,823 billion [1] Sector Performance - Semiconductor, military industry, and CPO concepts saw declines, while tourism, catering, food and beverage, and retail sectors collectively rose [1] - Emerging concepts such as duty-free, pet economy, and new battery technologies were active in the market [1] Investment Insights - Despite recent market fluctuations, the margin financing balance and the ratio of circulating market value are at historical averages, indicating that overall valuation levels are not high [1] - Most heavyweight stocks remain at low levels, suggesting that the market is not overheated [1] - Current volatility is attributed to concentrated trading in certain popular sectors, leading to short-term technical adjustment pressures, but this does not affect the medium-term trend [1] - The expectation of a rate cut by the Federal Reserve in September may create conditions for easing Chinese monetary policy, further supporting market confidence [1] - From an industry allocation perspective, emerging technology remains the main theme of the market with long-term growth potential, while cyclical and financial sectors are expected to become dark horses, providing additional sources of returns [1]