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Market Overview - The market is experiencing a "divergent adjustment" with the Shanghai Composite Index showing the smallest adjustment, supported by the banking and insurance sectors [4] - The Shenzhen Component Index is dragged down by the technology growth sectors (semiconductors, consumer electronics) and cyclical sectors (energy metals), while the ChiNext Index sees a significant decline due to collective adjustments in the semiconductor sector and CPO concepts [4] Sector Performance - A total of 1,733 stocks increased, indicating a weak profit-making effect with a clear divergence between defensive and growth sectors [5][6] - Defensive sectors such as banking, insurance, coal, gas, and liquor are performing well due to their stable earnings and policy support, attracting capital allocation [6] - In contrast, sectors like CPO, photolithography, consumer electronics, and new energy are experiencing significant adjustments due to overseas restrictions and performance expectations [6] Capital Flow - The total trading volume in both markets reached 0.50 trillion, an increase of 9.41%, reflecting a significant volume and structural divergence in the market [8] - There is a rotation of funds from growth sectors to undervalued defensive sectors, with a notable increase in trading volume for banking, coal, and liquor stocks [8] - Institutional investors are showing cautious defense with a clear structural adjustment, focusing on low-valuation defensive attributes and policy expectations, while withdrawing from semiconductors and communication equipment [10] Investor Sentiment - Retail investors are primarily driven by risk aversion, reducing their positions in technology stocks and shifting towards defensive assets like liquor and gold [10] - The sentiment among retail investors shows a preference for increasing positions (38.78%) while a smaller percentage is reducing positions (14.08%) [14] - The overall sentiment indicates a majority expectation of market increases (58.39%) compared to those expecting declines (41.61%) [17]