天风证券：美联储降息方向未变 A股调整有望为攻坚牛蓄力

Group 1 - The core viewpoint is that global equity vulnerability has recently increased, with major global stock indices showing a synchronized upward trend, particularly in East Asian markets. However, recent adjustments in the US stock market were influenced by declining interest rate expectations and Nvidia's earnings report [1][4] - A-shares are currently in a consolidation phase, with trading heat expected to rebound. The trading heat has decreased from a high of 12% in October to around 10% recently, indicating a potential upcoming decline in financing balance [2][5] - The market is experiencing a rotation in performance, transitioning through various phases including mainline trends, large-cap value, and sentiment indices since November [2] Group 2 - Domestic indicators show a rebound in subway passenger volume, while industrial production indices have shown mixed results, with some sectors like Shandong refining and polyester filament recovering, while others like methanol and tires have declined [3] - Internationally, the Federal Reserve officials have signaled a dovish stance, with a 71% probability of a rate cut in December 2025, while the unemployment rate has risen despite better-than-expected non-farm payroll data [4] - Investment strategies are suggested to focus on three main directions: breakthroughs in AI technology, economic recovery with a focus on strong sectors, and the rise of undervalued stocks, particularly in the context of the AI industry's progress [5]