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Market Overview - The A-share market experienced a collective pullback, with the Shanghai Composite Index down 0.45% to 3858.13 points, the Shenzhen Component down 2.14%, and the ChiNext Index down 2.85% [2] - Market activity remained high, with a total trading volume of 2.87 trillion yuan, an increase of 125.1 billion yuan from the previous trading day, marking the 15th consecutive day above 2 trillion yuan [2] Sector Performance Declining Sectors - The optical module sector faced significant declines, with New Yisheng down 7.8%, Zhongji Xuchuang down over 5%, and Tianfu Communication down over 10% [3] - Notably, New Yisheng and Zhongji Xuchuang had trading volumes exceeding 30 billion yuan, ranking first and second respectively [3] Defensive Sectors - The banking sector showed resilience, acting as a buffer against market selling pressure, with notable gains from Chongqing Rural Commercial Bank (up over 4%), Shanghai Rural Commercial Bank, Qilu Bank, and China Merchants Bank (all up over 3%) [8] - The overall performance of 42 A-share listed banks in the first half of the year showed a total revenue exceeding 2.9 trillion yuan, a year-on-year increase of over 1%, and a net profit of 1.1 trillion yuan, a growth of 0.8% [10] Precious Metals - Precious metals also performed well, with West Gold hitting the daily limit and Hunan Silver up over 4% [11] - The price of spot gold surpassed 3500 USD per ounce, reaching a historical high, driven by optimistic sentiment regarding potential interest rate cuts by the Federal Reserve [11] Institutional Insights - A report attributed to Morgan Stanley indicated that the market is not in a state of overheating, as trading volumes and margin financing balances have not reached historical highs, suggesting that risks remain manageable [13] - Economist Hong Hao expressed skepticism about the sustainability of the current bull market, suggesting that high valuation growth stocks may continue to rise if inflation is successfully managed, indicating potential for greater-than-expected market gains [13]