美联储降息25个基点，沪指失守4000点，黄金股多数下跌

Group 1: Federal Reserve Actions - The Federal Reserve announced a 25 basis point rate cut, bringing the federal funds rate target range to 3.75% to 4.00%, marking the fifth rate cut since September 2024 [2] - The Fed will complete its balance sheet reduction on December 1, indicating a pause in quantitative tightening, with mortgage-backed securities' principal being reinvested in short-term Treasury bonds [2] - Analysts suggest that the end of the balance sheet reduction is a strategic move to prevent market volatility amid tightening liquidity in the U.S. money market [2] Group 2: Market Reactions and Predictions - A-shares experienced a collective decline, with the Shanghai Composite Index down 0.73% to 3986.90, and the Shenzhen Component down 1.16% to 13532.13, with a total trading volume of 246.43 billion yuan [1] - Energy metals, steel, quantum technology, and battery sectors saw gains, while precious metals and photolithography sectors faced declines [1] - Market expectations indicate a high probability of another rate cut in December, with estimates dropping from over 90% to 60%-70% following the Fed's recent meeting [3] Group 3: U.S.-China Economic Relations - The meeting between Chinese President Xi Jinping and U.S. President Trump resulted in several agreements, including the cancellation of the "fentanyl tariff" and a one-year suspension of reciprocal tariffs on Chinese goods [6][7] - Both sides agreed to extend certain tariff exclusions and suspend the implementation of specific export controls and investigations for one year [7] - Experts believe that a successful resolution of U.S.-China trade negotiations would positively impact global capital markets and economic growth [8]