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Core Viewpoint - The A-share market experienced fluctuations on December 3, with a notable performance from cross-border ETFs, particularly the Nasdaq Technology ETF, which faced a significant premium in its secondary market price, leading to a temporary suspension of trading [1][2]. Group 1: ETF Performance - On December 3, nine cross-border ETFs ranked among the top ten in terms of gains [2]. - The Industrial Nonferrous ETF (560860) led the A-share ETFs with a gain of 1.91%, followed by other ETFs related to cash flow and transportation [3][4]. - The online consumption ETF recorded the largest decline at -2.74%, with several technology-related ETFs also experiencing significant drops [5]. Group 2: Fund Flows - As the year-end approaches, there is a lack of consensus on investment direction, but the technology sector remains favored, with several technology-related ETFs among the top net inflows on December 2 [6]. - The top net inflows included the Science and Technology Artificial Intelligence ETF and the Robotics ETF, indicating strong interest in technology investments [7]. Group 3: Bond ETFs Activity - Bond-related ETFs showed active trading, with a total trading volume of 354.33 billion yuan on December 3, where eight out of the top ten ETFs by trading volume were bond-related [8]. - The Silver Hua Daily ETF had the highest trading volume at 15.08 billion yuan, reflecting the ongoing interest in bond markets amid market fluctuations [9]. Group 4: Market Outlook - The attractiveness of Hong Kong dividend assets has increased, with expectations of support for the market from domestic growth policies despite uncertainties surrounding the Federal Reserve's interest rate decisions [11]. - Key investment directions in A-shares include technology innovation, consumption upgrades, and high-end manufacturing, aligning with global industrial restructuring trends [11].