午评：沪指震荡微跌，半导体等板块走低，算力概念爆发

Market Overview - The Shanghai Composite Index experienced a slight decline of 0.17%, closing at 4139.53 points, while the Shenzhen Component fell by 0.68% and the ChiNext Index dropped by 1.46% [1] - Over 2900 stocks in the A-share market were in the red, indicating a broad market weakness [1] - The total trading volume across the Shanghai, Shenzhen, and North markets reached approximately 1.6 trillion yuan [1] Sector Performance - Sectors such as paper, semiconductors, and building materials saw declines, while power, coal, non-ferrous metals, steel, and agriculture sectors experienced gains [1] - Emerging sectors like computing power, AI applications, and rare earth concepts showed active performance [1] Economic Outlook - Dongguan Securities highlighted that by 2026, macroeconomic policies will focus on the "14th Five-Year Plan" with an emphasis on fiscal and financial collaboration to expand domestic demand [1] - The coordinated efforts in monetary policy, fiscal policy, import-export regulation, and the real estate market aim to stabilize short-term growth while fostering long-term momentum [1] - The implementation of structural monetary policy tools and direct fiscal subsidies is expected to continuously release domestic demand potential, laying a solid foundation for qualitative and reasonable quantitative economic growth in the first year of the "14th Five-Year Plan" [1] Investment Recommendations - Key sectors to focus on include dividends, TMT (Technology, Media, and Telecommunications), and power equipment [1]