六大机构最新研判

Group 1 - A-shares experienced a slight rebound after adjustments, but all three major indices closed down in November, with expectations for a structural market in December and significant policy windows approaching [1] - The manufacturing PMI rose by 0.2 percentage points to 49.2% in November, with production and new orders indices at 50.0% and 49.2% respectively, indicating slight improvements [2] - The establishment of a Commercial Space Administration by the National Space Administration marks a significant step for China's commercial space industry, indicating a focus on high-quality development [3] Group 2 - CITIC Securities emphasizes the need to focus on resource products and traditional manufacturing opportunities, particularly in sectors like chemicals, non-ferrous metals, and new energy [4] - China Galaxy Securities predicts a structural market in December, with a focus on defensive sectors and emerging trends in AI, quantum technology, and aerospace [5] - China Aviation Securities notes that A-shares are currently lacking a sustained main line but may present valuable layout opportunities in December due to upcoming policy windows [6] Group 3 -招商基金 recommends a "barbell" investment strategy, balancing high-growth sectors like technology and biomedicine with undervalued cyclical assets [7] - Ping An Fund believes the innovative drug sector is entering a phase focused on fundamentals, with a shift from valuation reassessment to performance realization expected by 2026 [8] - Invesco Great Wall Fund advocates for a "light index, heavy structure" approach, focusing on company valuations and fundamentals while considering short-term volatility [9]