Market Overview - The A-share market opened lower and continued to decline, with the Shanghai Composite Index down 0.42%, the Shenzhen Component Index down 0.68%, and the ChiNext Index down 0.69% [1] - The trading volume in the Shanghai and Shenzhen markets was approximately 1.6 trillion yuan, showing a decrease compared to the previous trading day [1] - More than 3,700 stocks declined, indicating a bearish sentiment in the market [1] Sector Performance - Sectors such as cross-strait integration, pharmaceutical commerce, and consumer electronics showed resilience and performed well against the market trend [1] - Conversely, sectors like lithium batteries and GPUs experienced significant declines [1] Market Outlook - Although there is no major adjustment risk currently, the upward momentum is weakening, and structural rotation is accelerating, suggesting a range-bound market in the near future [1] - The recommended investment direction remains "technology + anti-involution," with potential buying opportunities during pullbacks [1] - A "dumbbell" structure focusing on technology growth and cyclical dividend sectors that support stable growth and anti-involution is suggested as a favorable investment strategy [1] AI Developments - DeepSeek released version 3.2 of its model, achieving performance comparable to GPT-5 in reasoning capabilities, and slightly below Gemini-3.0-Pro, with strong reasoning, mathematical, and coding abilities [1] - The new version includes enhanced tool usage capabilities and maintains API pricing, providing a robust foundation for agent development and opportunities for ordinary AI players [1] ByteDance Innovations - ByteDance's Doubao team launched a technical preview of the Doubao mobile assistant, integrating the Doubao large model into the operating system, enhancing user interaction and experience [2] - The mobile assistant aims to leverage the capabilities of the Doubao model and partnerships with mobile manufacturers to create extensive application scenarios and commercial pathways [2] Investment Opportunities - Investors interested in AI applications in mobile devices and glasses can consider the Consumer Electronics ETF (561310) [2] - For those focused on automotive applications, the A-share Intelligent Automotive ETF (159889) and the Hong Kong Automotive ETF (520720) are recommended [2] - Investors in the robotics sector may look into the Robotics Industry ETF (159551) [2]