ETF日报：综合市场表现与驱动逻辑来看，新质生产力取代传统动能，成为引领市场走向的“新引擎”

Market Overview - The three major A-share indices collectively retreated today, with the Shanghai Composite Index falling below the 4000-point mark, closing down 0.73% at 3986.90 points [1] - The Shenzhen Component Index decreased by 1.16%, closing at 13532.13 points, while the ChiNext Index dropped 1.84% to 3263.02 points [1] - The total trading volume in the Shanghai and Shenzhen markets reached 242.17 billion, an increase of 165.6 billion compared to the previous day [1] Sector Performance - Most industry sectors experienced declines, with the energy and metals sectors showing significant gains, particularly in steel and battery industries [1] - The gaming, power equipment, electronic chemicals, coal, securities, pesticides, and electronic components sectors saw the largest declines [1] Economic and Policy Context - The U.S. Federal Reserve announced a 25 basis point reduction in the federal funds rate target range to 3.75% to 4.00%, marking a three-year low and the second rate cut this year [1][3] - Fed Chairman Jerome Powell indicated that further rate cuts in December are not guaranteed, which has influenced market sentiment [3] Investment Opportunities - The copper futures market showed fluctuations, with the main contract closing at 87960 yuan/ton, down 90 yuan or 0.10% [3] - Citic Securities anticipates that copper and cobalt prices will continue to rise due to supply constraints, while lithium prices are expected to benefit from unexpected demand in energy storage [3] - The mining ETF tracking the non-ferrous metals index showed a strong performance, with a peak increase of 2.75% during the day [2] Historical Context and Future Outlook - The A-share market has entered a new valuation restructuring phase, with the Shanghai Composite Index breaking the 4000-point mark for the first time since October 28 [6] - The current market rally is driven by new productivity, shifting from traditional growth models reliant on financial and real estate sectors to technology-driven growth [7] - The technology sector has contributed significantly to the index's gains, with the number of tech companies in the index increasing fourfold compared to 2015 [7] - The easing of U.S.-China relations is seen as a foundational element for market recovery, with a focus on technology leading the market [8]