午评：沪指震荡微涨 保险、石油等板块拉升 黄金概念活跃

Market Overview - The A-share market experienced a narrow fluctuation with over 3,700 stocks in the red, while the Shanghai Composite Index slightly increased by 0.12% and the Shenzhen Component Index and ChiNext Index fell by 0.74% and 0.86% respectively [1] - The total trading volume in the Shanghai and Shenzhen markets reached approximately 2.26 trillion yuan [1] Sector Performance - Sectors such as semiconductors, retail, liquor, and real estate saw declines, while insurance, oil, non-ferrous metals, coal, and brokerage sectors showed gains [1] - Gold and biopharmaceutical concepts were active in the market [1] Short-term Market Outlook - According to Zhongyin Securities, the market is currently in a high-level fluctuation phase with increasing structural differentiation, driven by expectations for domestic demand expansion policies and supply-side policies to curb industry "involution" [1] - There is a caution regarding the impact of short-term regulatory easing on the marginal increase of ETF and leveraged funds on the market [1] - The market may enter a phase of oscillation and speculation before the holiday, with a focus on performance-driven stocks [1] Industry Insights - The non-ferrous metals industry is expected to benefit from dual drivers of industrial trends and financial attributes by 2026 [1] - The anticipated interest rate cuts by the Federal Reserve and risk aversion are expected to enhance the industry's valuation [1] - In the context of Sino-US competition, strategic metals such as rare earths, tungsten, and antimony may see a revaluation of their strategic value [1] - In the short term, the upward slope of the industry may slow down, with a focus on industrial metals and precious metals that have performance support [1]