长城基金：市场稳步蓄力，关注本周关键会议

Market Overview - The A-share market experienced an overall upward trend last week, with major indices generally rising. The market is expected to enter a steady accumulation phase, although trading volume has slightly decreased. Margin financing remains active, but some funds are adopting a wait-and-see approach [1][3]. Industry Insights - Non-ferrous Metals: Expectations for a Federal Reserve interest rate cut have increased, along with the potential appointment of a dovish Fed chair. Additionally, demand for non-ferrous metals is being driven by AI and power grid construction [4]. - Communication Sector: A major chip design company announced the acquisition of a photonic interconnect developer, focusing on photonic interconnect technology, which is seen as key to addressing AI computing power bottlenecks. As the scale and complexity of large language models increase, data centers require hundreds or thousands of chips to work together, highlighting the limitations of traditional copper connections. This has drawn market attention to the photonic interconnect architecture in the Scale-up domain, leading to positive performance in the communication sector [5]. - Machinery Equipment: Human-shaped robots are being supported by industry policies, marking a clear long-term trend and becoming an important avenue for AI-driven productivity enhancement. Recent catalysts include proposed executive orders from the Trump administration, technological breakthroughs, the listing of a key robotics company, and the fulfillment of industry orders [5]. Economic Indicators - On the international front, U.S. employment and PMI data fell short of expectations, increasing the likelihood of a rate cut in December [5]. Upcoming Events - Two key events to watch this week are the Federal Reserve's monetary policy meeting, which will directly impact global liquidity expectations, and the upcoming Central Economic Work Conference, which will set the overall tone for China's economic policy for the coming year. These events are crucial for determining policy trends and main investment directions [2][5].