华泰证券：12月中下旬“春躁”可能提前启动

Core Viewpoint - The report from Huatai Securities indicates that the "spring excitement" may start earlier in mid to late December, suggesting a balanced allocation between growth and cyclical assets. In the medium term, large financials and certain high-value consumer stocks may still be the foundational choices for the revaluation of Chinese assets [1]. Group 1: Market Environment - The funding environment has improved due to the revival of expectations for interest rate cuts by the Federal Reserve and the effective pricing of domestic fundamentals [1]. - The scale of net outflows from foreign capital has narrowed, and there has been a recovery in ETF issuance and subscriptions [1]. - The adjustment of risk factors in insurance may further open up space for insurance capital to allocate to equity assets [1]. Group 2: Sector Performance - Recent improvements in the TMT (Technology, Media, and Telecommunications) sector and upstream resources have been notable, with significant increases in their performance [1]. - Key areas of focus include the AI supply chain, price increase chains, capital goods, consumer goods, and infrastructure chains [1].