Market Overview - A-shares and Hong Kong stocks experienced a decline, with the technology sector showing significant differentiation, as the Sci-Tech 50 Index rose by 0.72% to 1380.35 points while the Hang Seng Tech Index fell by 0.99% to 6271.22 points [1][2] - The market's performance reflected a typical "good news priced in" adjustment, indicating investor concerns about the economic fundamentals and policy effectiveness [1] Major Index Performance - In the A-share market, all three major indices fell over 1%, with the Shanghai Composite Index down 1.15% to 3831.66 points, the Shenzhen Component down 1.06% to 13075.66 points, and the ChiNext Index down 1.64% to 3095.85 points [2] - The total market turnover reached 3.17 trillion yuan, an increase of 763.7 billion yuan from the previous trading day, with a net outflow of 760.44 billion yuan from main funds [2] Industry Highlights and Driving Logic - The A-share market saw active performance in technology hardware and tourism sectors, driven by expectations of demand for computing power, with the CPO index rising by 2.51% [3] - The semiconductor equipment index increased by 1.89%, supported by domestic substitution logic and policy backing [3] - In the Hong Kong market, the semiconductor and online education sectors showed resilience, with the online education index surging by 11.61% due to improved policy expectations [3] Underperforming Sectors and Driving Logic - The A-share market's resource and financial sectors faced significant declines, with the non-ferrous metals sector dropping by 3.56% and the non-bank financial sector down by 2.81% [4] - Concerns over cash flow in the real estate sector and weak economic data pressured the market sentiment [4] - In the Hong Kong market, traditional industries and property stocks experienced substantial adjustments, with the local brokerage index falling by 5.65% [4] Investment Strategy Recommendations - The market displayed a "technology resilience, cyclical pressure" characteristic, suggesting a focus on the flow of funds post-Fed rate cuts and domestic policy responses [5] - For A-shares, it is recommended to focus on "technology autonomy + consumer healthcare" dual lines, particularly in semiconductor equipment and CPO sectors [5] - In the Hong Kong market, a defensive strategy focusing on "technology leaders + policy beneficiaries" is advised, especially in the semiconductor and innovative drug sectors [6]