三大指数震荡收跌，半导体板块走强，机构：中长期来看，A股慢牛上行的趋势不变

Market Overview - The total trading volume in the market reached 3.03 trillion yuan, an increase of 120.7 billion yuan compared to the previous day [6] - The number of stocks that rose and fell in the market was 2,978 and 1,281 respectively, indicating a mixed performance [6] ETF Performance - The A50 ETF from Huabao, which tracks the CSI A50 Index, was listed on March 18, 2024, and showed a slight decline of 0.16% [1] - The CSI A100 ETF, launched on August 1, 2022, experienced a decrease of 0.62% [1] - The A500 ETF from Huabao, listed on December 2, 2024, recorded a modest increase of 0.15% [1] Institutional Insights - Huaxi Securities maintains a positive long-term outlook for the A-share market, citing a "slow bull" trend [2] - The macroeconomic policy cycle in 2026 is expected to create a favorable liquidity environment due to coordinated fiscal and monetary policies [2] - The influx of long-term funds, including insurance and resident capital, along with foreign capital returning due to currency appreciation, is anticipated to provide additional market liquidity [2] - With the narrowing decline in PPI, corporate earnings are expected to enter a mild recovery phase in 2026, which will support market performance [2]