Market Overview - The A-share market experienced a collective adjustment in the morning session, with a total market turnover of 1.47 trillion yuan [1] - The major indices showed declines: the CSI 500 index fell by 0.8%, the CSI 300 index decreased by 0.9%, and the STAR Market 50 index dropped by 2.0% [1][2] - The Hang Seng Index opened high but closed lower, with the innovative drug sector showing strength against the trend [1] Sector Performance - The gaming, photolithography, film and television, semiconductor, and precious metals sectors saw the largest gains [1] - Conversely, the military equipment, securities, insurance, dairy, and pork sectors experienced the most significant declines [1] Index Details - The CSI 300 index consists of 300 stocks from the Shanghai and Shenzhen markets, covering 11 primary industries, with a rolling P/E ratio of 14.1 times and a valuation percentile of 64.4% since its inception in 2005 [2] - The CSI 500 index includes 500 stocks from various industries, covering 91 out of 93 tertiary industries, with a rolling P/E ratio of 16.6 times and a valuation percentile of 71.1% since 2004 [2] - The ChiNext index, tracking the top 100 stocks in the ChiNext market, remained nearly flat with a rolling P/E ratio of 40.7 times and a valuation percentile of 34.9% since 2010 [2] - The STAR Market 50 index, consisting of 50 large-cap stocks, has a rolling P/E ratio of 10.4 times and a valuation percentile of 63.2% since its inception in 2002 [3]