ETF日报｜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 A-share market experienced a collective pullback on December 11, with the Shanghai Composite Index down 0.70%, the Shenzhen Component down 1.27%, and the ChiNext Index down 1.41. The total trading volume exceeded 1.8 trillion yuan, an increase of over 70 billion yuan compared to the previous day [1] - In the Hong Kong market, some dividend stocks rose against the trend, with the Hong Kong Dividend ETF (159220) closing up 0.17% [2] Sector Performance - The banking sector saw significant gains, with the largest bank ETF (512800) closing in the green despite the overall market decline [1] - 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] - Conversely, the AI sector faced adjustments, particularly in optical module CPOs, leading to a decline of 3.63% in the AI ETF (159363), which has over 56% exposure to optical modules [1][14] Federal Reserve Impact - The Federal Open Market Committee (FOMC) announced a 25 basis point rate cut, lowering the federal funds rate target range to 3.50%-3.75%. The statement indicated that further rate cuts would depend on evidence of labor market deterioration [3] Future Market Outlook - Analysts from Huajin Strategy 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 [4] - Zhongtai Strategy indicates that after mid-December, market uncertainties may gradually ease, leading to a potential "cross-year market" with increased institutional buying [4] Sector-Specific Insights - The General Aviation ETF (159231) showed resilience, maintaining all moving averages despite a slight decline of 0.17% at the close [5] - The National Defense and Military Industry ETF (512810) saw significant interest, with a trading volume of 81.05 million yuan, reflecting a strong inflow of funds despite a slight decline of 0.28% [10] - The commercial aerospace sector is expected to benefit from recent regulatory support and increased satellite launch frequencies, indicating a robust growth trajectory [12] AI Sector Analysis - The AI sector, particularly optical modules, is experiencing a short-term pullback due to profit-taking and reduced capital expenditure expectations. However, long-term demand remains strong, with projections indicating significant growth in optical module demand by 2026 [16][17]