短期技术性调整，中期仍处于慢牛行情，对持仓进行动态优化

Core Viewpoints - The report indicates that the recent market decline is a short-term technical adjustment due to profit-taking from previous highs, rather than the beginning of a trend adjustment, with limited expected downside and likely support for recovery [2][10] - The macroeconomic recovery and policy support provide a solid fundamental backing for the market, suggesting that the A-share market remains in a slow bull market under policy guidance [2][10] - The report advises dynamic optimization of holdings, suggesting to reduce positions in recently high-performing stocks and to consider buying undervalued stocks with strong fundamentals [2][10] Market Overview - On the day of the report, the three major indices in the A-share market opened higher and showed strong performance in sectors such as semiconductor and optical communication modules, but experienced a sharp decline in the afternoon due to a sell-off in bank stocks, leading to an overall drop in indices [4][5] - The trading volume was significant, with a total turnover of 31,656 billion, indicating active market participation despite the decline [5] Sector Analysis - The semiconductor sector remains active, with a long-term positive outlook supported by national policy and increasing global demand for AI and high-performance computing, with expectations of over 15% growth in the global semiconductor market by 2025 [6][10] - The optical communication module sector is also highlighted as being in a high prosperity cycle, driven by advancements in AI computing and data center upgrades, suggesting investment opportunities in leading companies within this space [7][10]