长城基金投资札记：布局2026，关注市场结构性亮点

Core Viewpoint - The market is entering a window period of upward resonance in policy, liquidity, and fundamentals as December approaches, with the upcoming Central Economic Work Conference expected to guide expectations for the macro economy in 2024 [1] Group 1: Market Outlook - A-shares are expected to have rebound potential, with a focus on the upcoming political bureau meeting and Central Economic Work Conference for macroeconomic guidance [1] - The market has released some valuation and sentiment risks after previous adjustments, leading to a more stable outlook [1] - The focus for investment opportunities should be on AI applications, overseas demand sectors due to the anticipated US interest rate cuts, resource stocks benefiting from a new round of dollar easing, and dividend stocks favored by domestic incremental capital [1] Group 2: Sector Focus - There is a need to identify new structural highlights as the market currently lacks a sustainable upward mainline, with funds rotating between different sectors [2] - The market may face short-term risks, but the Central Economic Work Conference and potential US interest rate cuts could create a window for preparing for next year's expectations [3] - Continued optimism for AI applications in the medical and consumer sectors, with a rational return of expectations after previous high anticipations [4] Group 3: Investment Themes - In the innovative drug sector, attention should be paid to the rhythm of clinical data releases and the globalization of business development (BD) for certain stocks [5] - Key events in December, such as the Central Economic Work Conference and the US Federal Reserve meeting, could influence domestic economic expectations and short-term liquidity in US markets, with price increases potentially becoming a trading focus [6] - Focus on domestic consumption, financial sectors, and capital goods, with expectations for improved competition and stability in certain industries [7][8] Group 4: Growth and Opportunities - A cautious optimism remains for the market, with some funds positioning for a potential "spring surge" in 2024, particularly in high-valuation growth and small-cap sectors [9] - AI continues to be viewed as a high-prospect area, with ongoing exploration of related opportunities and monitoring of energy storage developments [10] - Emphasis on sectors with independent logic in technology growth, new consumption, and exports, with a structural market trend expected to continue [11]