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On [month] [day], the stock market showed weak consolidation with no clear main trend. By the midday close, the Shanghai Composite Index was at [number] points, down [number]%; the Shenzhen Component Index stood at [number] points, down [number]%; and the ChiNext Index was at [number] points, down [number]%. Data showed that [number] stocks rose across the market, while [number] stocks declined.

On the market, stocks related to Douyin's Doubao, applications, optical communication, and cloud computing concepts led the declines. Agriculture and infrastructure saw gains, while the low-altitude economy and hardware themes strengthened. In early trading, main funds saw net inflows into sectors such as automobiles, mechanical equipment, construction and decoration, and real estate, while experiencing net outflows from electronics, media, banking, and steel sectors.

Looking at individual stocks, Wanfeng Auto Wheel, Kehua Data, and Data Center Group saw net inflows of X billion yuan, X billion yuan, and X billion yuan, respectively. On the outflow side, Hangzhou Iron & Steel, Zhejiang Daily Digital Culture Group, and CATL were sold off for X billion yuan, X billion yuan, and X billion yuan.

Agricultural stocks surge! Central Document No. 1 released, institutions highlight these opportunities.

农林牧渔板块今日走强，朗源股份、华英农业、福成股份等股涨停。消息面上，年中央一号文件于日发布。《中共中央 国务院关于进一步深化农村改革 扎实推进乡村全面振兴的意见》提出，以改革开放和科技创新为动力，巩固和完善农村基本经营制度，深入学习运用"千万工程"经验，确保国家粮食安全，确保不发生规模性返贫致贫，提升乡村产业发展水平、乡村建设水平、乡村治理水平，千方百计推动农业增效益、农村增活力、农民增收入，为推进中国式现代化提供基础支撑。

Dongguan Securities points out that the Central Document No. 1 comprehensively anchors the goal of promoting comprehensive rural revitalization and building a strong agricultural nation from multiple aspects. It proposes to lead with technology and develop new quality productive forces in agriculture, marking new breakthroughs in policy measures. Currently, the overall valuation of the agricultural sector is at a historical low, and with the push from policies, it is expected to experience an oversold rebound.

广发证券指出，通过复盘过去"一号文"带来的板块行情变化，"一号文"给农业板块带来的主题性投资机会确定性较强，建议关注农产品加工、养殖和种业的投资机遇。

How to Respond to the Pullback of High-Priced Stocks?

In the early trading session, sector rotations were rapid, with the robotics sector, which had been strong for consecutive weeks, experiencing a significant pullback. The computing power sector saw divergence, while the agriculture sector, buoyed by positive weekend news, led the gains. Yuan Qiang, a senior market analyst at Guotai Junan, believes that the spring rally is unfolding. However, after the rapid rebound over the past period, the market is quickly pricing in investors' optimistic expectations for policy and industry trends. A local peak in market sentiment is expected to form relatively soon. In the next phase, the overall stock index may enter a sideways consolidation. Technology, led by the wave of innovation, remains the enduring main theme.

Regarding the internal trends within the technology sector, Minsheng Securities believes that due to differences in the stages of industrial development and changes in market participants, the driven market trends will subsequently diverge. CITIC Securities stated that from the perspective of industrial logic, large-scale deployment and application signify that domestic industries have moved from the mapping and thematic stages to real industrial trends. The high profit elasticity of large-cap companies in the future will significantly reduce the attractiveness of small-cap stocks that lack performance and are purely thematic. It is expected that the market will focus on high-quality leaders and abandon pure speculative trading. Companies that can truly reconstruct business models through technology and open up profit spaces will gradually differentiate from those that are merely speculative concepts.