如何看待本周市场缩量轮动行情？

Group 1 - The report indicates that the A-share market is experiencing a rotation with a focus on sectors such as non-ferrous metals, technology, and non-bank financials, driven by short-term positive events [2][10] - The non-ferrous metals sector saw significant gains, with prices of copper, silver, and tin rising sharply, leading to a weekly increase of 5.35% [2][10] - The semiconductor and domestic computing power sectors also performed well, highlighted by the debut of Moer Thread, which surged 468% on its first day of trading, boosting the valuations of leading companies in the semiconductor chain [2][10] Group 2 - Domestic policy signals are expected to focus on structural optimization and stabilizing growth as the Central Economic Work Conference approaches, with potential fiscal policy adjustments anticipated [3][11] - The report suggests that the fiscal deficit rate may be raised from 4.0% to 4.5%, indicating a more proactive fiscal stance to support growth, especially in the context of limited monetary policy flexibility [3][11] - The upcoming Federal Reserve meeting is highlighted as a key event, with an 86.2% probability of a 25 basis points rate cut, which could stabilize the market in the short term [12][17] Group 3 - The report notes a cautious market sentiment with net inflows and outflows being relatively small, as investors await clearer policy signals [4][13] - ETF funds showed a reversal from previous outflows to small net inflows, particularly in the dividend index ETF, which has seen consistent inflows for a month [4][13] - The report emphasizes that the market is likely to maintain a volatile consolidation pattern in early December, with a focus on potential trading opportunities in small-cap and more elastic consumer sectors [5][17]