Group 1 - The core viewpoint is that the upcoming significant meeting between China and the U.S. may support the performance of risk assets due to ongoing expectations of U.S. easing and elevated expectations for Chinese incremental policies [1] - It is recommended to maintain an overweight position in Chinese stocks before the meeting, with a more balanced style, and to select style sectors based on policy outcomes after the meeting [1] - The growth style has already experienced a notable correction, indicating potential for a rebound, while the cyclical value style has relatively low valuations, suggesting room for catch-up [1] Group 2 - As December approaches, dividend assets may also highlight defensive value [1] - The dynamic price-to-earnings ratio of the CSI 300 index is at 12 times, close to its historical average, with ample expansion space compared to previous bull market peaks [1] - The overall assessment is that the bull market for Chinese stocks is not yet over [1]
中金：布局年末政策窗口期