12月如何配置抢占先机？聚焦A股，我们要抱紧哪些产业趋势主线

Group 1 - The article discusses the calendar effect observed in December over the past decade, indicating a significant opportunity for asset allocation this month [1] - In November, global liquidity disturbances impacted major risk assets, with concerns over USD liquidity and AI narratives affecting global tech growth stocks [1] - The A-share market followed the trend of major global markets, experiencing a monthly decline, with two key meetings in December potentially influencing the year-end market dynamics [1] Group 2 - In the Hong Kong stock market, liquidity issues have been a significant reason for recent adjustments, with the market experiencing earlier and deeper declines compared to A-shares [3] - Certain sectors in the Hong Kong market, such as internet and innovative pharmaceuticals, may have reached attractive valuation levels, as indicated by reduced trading congestion and significant pullbacks [3] - The market is also awaiting the implementation of domestic policies in December, trends in AI applications, and the resolution of uncertainties surrounding the Federal Reserve [3] Group 3 - Historically, institutional allocation intentions are strong at the year-end, with a significant opening period for fixed-term bond funds in December, exceeding 100 billion [5] - The focus is on structural opportunities in credit bonds, while monitoring institutional allocation behaviors and the impact of open-ended bond funds [5] - The market for long-term bonds has limited trading opportunities, with a primary focus on earning coupon interest, as insurance institutions show strong allocation intentions at year-end [6] Group 4 - The balance of bank wealth management products typically increases at the end of the quarter, enhancing allocation power [6] - The data indicates that credit spreads may remain low and fluctuate, with potential for further compression if driven by market conditions [6]