三大指数齐跌！AI赛道突现回调，159363回踩五日线！可控核聚变逆市活跃，国防军工ETF（512810）盘中涨超1%

Market Overview - The three major A-share indices collectively retreated on December 11, with the Shanghai Composite Index down 0.70%, the Shenzhen Component Index down 1.27%, and the ChiNext Index down 1.41% [1][18] - The total trading volume in the Shanghai and Shenzhen markets exceeded 1.8 trillion yuan, an increase of over 70 billion yuan compared to the previous day [1][18] Sector Performance - The banking sector saw significant gains, with the largest bank ETF (512800) closing in the green despite the overall market decline [1][18] - The commercial aerospace and controllable nuclear fusion sectors were active, with the General Aviation ETF (159231) and the high-profile National Defense and Military Industry ETF (512810) showing intraday price increases of over 1% [1][18] - In contrast, the AI sector experienced a notable adjustment, with the ChiNext AI ETF (159363), which has over 56% exposure to optical modules, closing down 3.63% [1][18][11] ETF Insights - The General Aviation ETF (159231) showed resilience, closing slightly down by 0.17% after an initial rise of over 1% [4][20] - The National Defense and Military Industry ETF (512810) experienced a slight decline of 0.28% after reaching a new high earlier in the day, with significant trading volume of 81.05 million yuan [9][10] - The ChiNext AI ETF (159363) saw a net subscription of 86 million units despite its recent decline, indicating continued investor interest [12][11] Policy and Economic Outlook - The Federal Reserve announced a 25 basis point rate cut, lowering the federal funds rate target range to 3.50%-3.75%, with future rate cuts contingent on labor market deterioration [3][19] - Analysts suggest that the spring market rally may begin in mid-December, driven by positive short-term policies and external events, as well as potential liquidity easing [20][3] - The focus is expected to return to sectors that have consistently attracted incremental capital inflows, including technology and brokerage sectors [20][3] Commercial Aerospace Developments - The recent launch of the Long March rocket series, achieving a record of three launches in one day, highlights the rapid development of China's commercial aerospace sector [6][22] - The upcoming maiden flight of the Long March 12甲 rocket is anticipated to catalyze further growth in the aerospace industry [6][22] - The government is actively promoting low-altitude economy development, with new regulations and support for low-altitude tourism and private flying [22][6] Investment Recommendations - Analysts recommend focusing on sectors such as satellite payloads, downstream applications, and commercial rockets within the commercial aerospace industry, as demand for space computing capabilities increases [7][23] - The General Aviation ETF (159231) and the National Defense and Military Industry ETF (512810) are highlighted as effective tools for investing in core assets of the defense industry, covering various high-potential themes [24][11]