ETF日报：经历了前期充分调整后，板块整体的配置性价比明显提升，游戏板块有望迎来业绩与估值的双击

Market Overview - A-shares experienced a rebound with the Shanghai Composite Index rising 0.65% to close at 3914.01 points, and the Shenzhen Component Index increasing by 1.25% to 13146.72 points, indicating improved trading activity with nearly 1.9 trillion yuan in total turnover and around 3400 stocks gaining [1] - The upcoming economic work conference is expected to boost bullish sentiment, while external liquidity improvements may support valuation recovery, suggesting a systemic slow bull market for A-shares in the medium term [1] Metals Sector - Precious metals, particularly silver, have shown strong performance, with spot silver surpassing $57 per ounce and both Shanghai silver and copper reaching historical highs [3] - Macro factors, including a likely 25 basis point rate cut by the Federal Reserve and a relatively weak US dollar, are supporting the financial attributes of metals like silver and copper [3] - Industrial demand for metals is increasing due to AI and new energy developments, with low inventory levels indicating a real supply gap [3] - The copper supply is constrained by declining ore grades and insufficient capital expenditure, while demand is driven by significant projects like the AI research initiative launched by former President Trump [3] - The China Nonferrous Metals Industry Association has taken measures to curb excessive expansion in the industry, halting around 2 million tons of illegal capacity [3] Gaming Sector - The gaming sector is recovering, with the gaming ETF rising 1.64% following the National Press and Publication Administration's approval of 184 domestic game licenses in November, the highest monthly issuance this year [4] - The normalization of game license approvals has significantly reduced supply-side uncertainties, allowing major companies to launch quality products, which is expected to enhance revenue and performance [4] - Public funds have increased their holdings in the media and internet sector, with the gaming sub-sector's allocation rising to 1.68%, highlighting the sector's attractiveness [5] - Many leading gaming companies possess strong cash flow attributes, with some blue-chip stocks offering dividend yields of 3%-4%, providing defensive value in a low-interest-rate environment [5] - The introduction of AI tools has improved production efficiency in the gaming industry, with reports indicating a 40%-50% increase in 2D art production efficiency and over 30% reduction in outsourcing costs [5] Gold Sector - The gold sector is active, with COMEX gold prices breaking through $4270, and gold ETFs showing positive performance [6] - The expectation of a rate cut by the Federal Reserve has risen significantly, supporting gold prices, while geopolitical uncertainties, including the Russia-Ukraine conflict and tensions between China and Japan, enhance gold's appeal as a safe-haven asset [6] - The long-term outlook for gold remains positive due to the anticipated Fed rate cut cycle, increasing geopolitical risks, and a global trend towards de-dollarization [6] AI and Computing Sector - The computing sector continues its upward trend, with communication ETFs and AI-focused ETFs showing significant gains [8] - Strong demand for AI infrastructure capital expenditure is expected, with major cloud providers projected to increase their capital spending significantly in the coming years [8] - The competition among AI giants is driving demand for computing power, benefiting related A-share companies in the chip and server markets [8] - The AI industry is rapidly developing, with substantial investments expected to sustain growth over a longer lifecycle compared to previous technological revolutions [9]