潜伏“跨年行情”，静待“春季躁动”，十大券商策略盘点年末机会

Core Viewpoint - Major brokerages are focusing on the upcoming 2026 market outlook while still identifying opportunities in December 2025, with terms like "cross-year market" and "spring excitement" frequently mentioned [1] Group 1: Broker Strategies - CITIC Securities emphasizes the need for significant changes in domestic demand to unlock market potential, suggesting a focus on resource and traditional manufacturing sectors [3] - CITIC Jiantou advocates for strategic positioning ahead of the cross-year market, highlighting the importance of the Federal Reserve's meeting and the Central Economic Work Conference [4] - Huazhong Securities notes that the upcoming Central Economic Work Conference is expected to align with market expectations, while also suggesting that the AI industry remains a core focus [6] - China Galaxy observes frequent style shifts in the A-share market, indicating a cautious investor sentiment as the year-end approaches [13] - Shenwan Hongyuan discusses the potential for a spring market rally, suggesting that the current market adjustments may lead to a recovery phase [16] Group 2: Economic Indicators - Economic data shows a continued slowdown, with November retail sales expected to grow by approximately 2.6% year-on-year, while fixed asset investment is projected to decline by 1.8% [8] - The market is experiencing high volatility, with significant sector rotation observed, particularly between high-growth and low-valuation stocks [9] - The overall economic environment remains challenging, with PMI data indicating a contraction in manufacturing and services sectors [37] Group 3: Industry Focus - Key sectors identified for potential growth include AI applications, renewable energy, innovative pharmaceuticals, and mechanical equipment [5][38] - The AI industry is highlighted as a primary investment focus, particularly in areas such as computing power and software applications [10] - The focus on sectors benefiting from supply-demand improvements, such as storage and energy chains, is emphasized as a strategic investment direction [10] Group 4: Market Outlook - The market is expected to enter a phase of cross-year positioning, with significant attention on policy developments from the Central Economic Work Conference [34] - The potential for a spring market rally is anticipated, driven by macroeconomic data and liquidity conditions [40] - The upcoming year is projected to see a shift towards growth sectors, particularly in technology and renewable energy, as the market adjusts to new economic realities [41]