沪指在4000点“歇脚”，投资者很煎熬

Market Overview - A-shares exhibited a weak consolidation pattern with major indices under pressure, as the Shanghai Composite Index fluctuated around 4000 points, closing down 0.39% at 4002.76 points [1] - The Shenzhen Component and ChiNext Index fell by 1.03% and 1.40% respectively, while the Sci-Tech 50 Index dropped 1.42%, indicating significant adjustment pressure in growth sectors [1] - In contrast, the Hong Kong market showed relative stability, with the Hang Seng Index rising 0.18% to 26696.41 points, and both the Hang Seng Tech Index and the China Enterprises Index increasing by 0.15% and 0.19% respectively [1] Sector Performance - The A-share market displayed notable structural characteristics, with policy-driven sectors performing well, particularly the photovoltaic equipment sector leading the gains, and the diamond cultivation (superhard materials) sector maintaining strength [2] - In the Shenwan first-level industries, retail (+1.43%), real estate (+0.81%), and steel (+0.62%) were among the top gainers, benefiting directly from consumer finance support and real estate policy expectations [2] - Conversely, the technology sectors, including telecommunications (-2.20%), electronics (-1.74%), and computers (-1.41%), experienced significant adjustments, with the computing hardware industry chain undergoing deep corrections [2] Driving Logic of Sector Movements - The driving logic behind sector movements can be interpreted through policy, capital, and market sentiment [3] - Policy measures such as "moderately loose" monetary policy and targeted initiatives for new energy consumption and affordable housing loans directly catalyzed the strength of photovoltaic, energy storage, and real estate sectors [3] - A-shares saw active capital shifting from high-volatility tech sectors to undervalued areas like consumption and real estate, while Hong Kong stocks focused more on policy benefits and stable returns, as reflected in the rise of the REITs index (+1.79%) and consumer index [3] Investment Strategy - The recent market environment has seen rapid rotation of hotspots, making it challenging for investors chasing short-term trends [4] - Investors are advised to maintain calm and patience, focusing on long-term opportunities rather than chasing every short-term hotspot [4] - Emphasizing the importance of holding quality assets with solid mid-to-long-term logic, even if purchased at temporary high points, is crucial for achieving returns [4]