九方智投侯文涛：短期震荡不改A股中期上行趋势，配置聚焦长期政策规划

Core Viewpoint - The core variables of A-shares have changed in the fourth quarter, with policy planning becoming the dominant force, shifting market logic from overseas influences to domestic fundamentals [1] Group 1: Market Trends - The upcoming "14th Five-Year Plan" is expected to focus on technological innovation, "anti-involution," and consumption promotion, providing high growth guidance for the technology sector and profit elasticity for the new energy and cyclical industries under the "anti-involution" policy [1] - Despite the Shanghai Composite Index experiencing consolidation after breaking through 3900 points, this is considered a healthy adjustment, and the medium-term upward trend of A-shares remains intact [1] Group 2: Investment Strategy - The technology sector is expected to continue as the main line of investment, with the "technology content" of A-shares continuously increasing [1] - Current market sentiment is stable, with technology and resources being the main allocation lines, although increased crowding may lead to short-term adjustments [1] - Investors are advised to balance their style allocation, shifting from high-risk, high-elasticity, and high-valuation sectors to those with moderate elasticity and higher safety margins [1] - Attention should be given to reasonably valued sectors with long-term growth potential, such as certain manufacturing, consumption, and banking insurance sectors, while maintaining a focus on the technology main line to enhance portfolio stability [1]