收评：沪指跌0.81%，保险、券商等板块走低，创新药概念逆市爆发

Market Performance - The major stock indices experienced fluctuations, with the Shanghai Composite Index falling nearly 1% and the ChiNext Index dropping over 2% on the last trading day of the month [1] - The Shanghai Composite Index closed down 0.81% at 3954.79 points, the Shenzhen Component Index down 1.14% at 13378.21 points, and the ChiNext Index down 2.31% at 3187.53 points [1] - The Northbound 50 Index increased by 1.89%, while the total trading volume across the Shanghai, Shenzhen, and North exchanges reached 23.501 billion yuan [1] Sector Performance - Sectors such as insurance, semiconductors, coal, electricity, and brokerage firms saw declines, while the pharmaceutical and media sectors performed strongly [1] - Other sectors including tourism and catering, food and beverage, automotive, retail, and liquor showed upward trends, with active interest in innovative drugs, short drama games, and AI application concepts [1] Market Outlook - The Hengsheng Qianhai Fund noted that the market has been oscillating around the 4000-point mark, influenced by external factors such as US-China high-level talks and tariff policies, leading to a cautious investment sentiment [1] - The short-term market is expected to maintain a volatile pattern, with a focus on policy, capital flow, and external environment changes [1] - In the long term, Chinese assets are undergoing a revaluation trend, and while short-term corrections may occur, the overall long-term outlook remains positive, with expectations for a market recovery [1]