美股上周下跌，估值仍处高位，扩表释放流动性

Macroeconomic Overview - In October, the JOLTS job openings in the U.S. unexpectedly increased to 7.67 million, surpassing the expected 7.12 million and the previous value of 7.66 million, primarily driven by a significant rise in the retail sector [1] - The NFIB small business optimism index for November rose to 99%, above the expected 98.3% and the previous 98.2%, indicating a recovery in sales expectations and hiring demand [1] - The Sentix investor confidence index for December increased to 9.7, up from 4.0 in the previous month, reflecting improved investor sentiment [1] Major Index Performance - For the week of December 8-12, the S&P Oil & Gas index fell by 3.69%, the Nasdaq 100 index decreased by 1.93%, and the S&P 500 index declined by 0.63% [2][15] - Among the 11 sectors covered by the S&P 500, 6 sectors saw gains, with the S&P 500 Materials sector leading with a rise of 2.44%, while the S&P 500 Communication Services sector lagged with a drop of 3.20% [2][15] Federal Reserve Insights - The Federal Reserve's decision to lower interest rates was accompanied by an unexpected expansion of its balance sheet, which is beneficial for market liquidity [16][17] - Internal divisions within the Federal Reserve were noted, with some members advocating for a more significant rate cut of 50 basis points, while others preferred to maintain the current rates [17] - The market's expectations for future rate cuts have adjusted, with projections for 2026 decreasing from 3 times to 2.2 times [16][17] Investment Products - The Bosera S&P 500 ETF (513500) is designed to track the S&P 500 index, which includes over 500 representative companies across 11 sectors, accounting for approximately 80% of the total market capitalization of U.S. stocks [17] - The Bosera Nasdaq 100 ETF (513390) tracks the Nasdaq 100 index, with a significant portion (57.87%) of its composition in the Information Technology sector, alongside exposure to Consumer Services, Consumer Goods, and Healthcare sectors [18]