市场维持低迷，等待选择方向

Market Index Performance and Overall Environment - The A-share market showed a mixed performance with the Shanghai Composite Index down 0.67%, the Shenzhen Component Index down 0.57%, and the ChiNext Index down 0.79% at the close [1][2]. Sector Movements and Analysis - The precious metals sector performed strongly, driven by rising international gold prices due to geopolitical supply chain risks and increased inflation expectations [3]. - The innovative drug sector was active, with companies like Guanhao Bio and Sanyuan Gene leading the gains, supported by favorable policies and technological advancements, including a significant increase in global sales of ADC drugs [4]. Reasons for Market Decline - Market liquidity contraction and fund diversion were observed, with a low trading volume indicating cautious market sentiment. Internal investors are adopting a wait-and-see approach due to the upcoming earnings report season [5]. - Mixed expectations regarding policies and earnings pressures are evident, as positive signals from the policy side are met with increasing divergence in earnings forecasts [6]. - Sector rotation and style switching occurred, with funds moving from previously high-performing sectors like TMT to defensive sectors such as precious metals and pharmaceuticals, increasing market volatility [7]. Future Outlook and Strategic Recommendations - Short-term focus should be on sectors with earnings certainty, particularly in non-ferrous metals and basic chemicals, which may serve as safe havens [8]. - Mid-term investment should target growth areas supported by policies, such as innovative drugs, low-altitude economy, and artificial intelligence, as the recent market adjustments reflect a rebalancing of funds between policies and earnings [9].