收评：创业板涨1%，半导体等板块拉升，人形机器人概念等活跃

Core Viewpoint - The market is experiencing a mixed performance with the Shanghai Composite Index slightly declining while the Shenzhen Component and ChiNext indices show strength, indicating sector-specific movements and underlying market dynamics [1][2]. Market Performance - As of the market close, the Shanghai Composite Index fell by 0.06% to 3875.79 points, while the Shenzhen Component rose by 0.4%, the ChiNext Index increased by 1.01%, and the Sci-Tech 50 Index gained 1.36%. The total trading volume across the Shanghai and Shenzhen markets reached 15,617 billion yuan [2]. Sector Analysis - Various sectors such as tourism, catering, food and beverage, brewing, agriculture, real estate, and retail experienced declines. In contrast, the semiconductor sector saw an increase, along with active movements in humanoid robots, commercial aerospace, and satellite navigation concepts [3]. Market Sentiment and Outlook - According to Kaiyuan Securities, the current market adjustment is primarily influenced by overseas liquidity risks, geopolitical disturbances, and a vacuum in policy expectations. However, liquidity remains loose, and the fundamental economic conditions are gradually improving, maintaining the core logic of a bull market. The upcoming December Political Bureau meeting and Central Economic Work Conference are expected to provide strong market guidance for the economic outlook in 2026. Additionally, with the Spring Festival occurring later, there may be an early onset of spring market activity, suggesting that investors should consider early positioning [3].