长城基金医药投资团队：持续看好AI医疗，创新药领域关注两大方向

Core Viewpoint - The A-share market is expected to face short-term risks but may enter a preparation window for next year's expectations due to upcoming economic meetings and potential interest rate cuts by the Federal Reserve [2][6]. Group 1: Market Outlook - In November, the market was influenced by U.S. liquidity expectations, with strong performance in dividend and cyclical sectors, while growth stocks lagged [2][6]. - December may present a window for positioning as the Central Economic Work Conference approaches and the Federal Reserve is expected to lower interest rates [2][6]. Group 2: AI Applications - The company maintains a positive outlook on AI applications in the healthcare and consumer sectors, particularly in new technology sub-sectors [3][7]. - After an initial overestimation of AI application expectations, the market has adjusted to more rational forecasts, with significant infrastructure already in place for AI applications [3][7]. - The current low market expectations in the AI application field may lead to valuation recovery opportunities [3][7]. Group 3: Innovative Pharmaceuticals - In the innovative drug sector, two focus areas are identified: deep globalization of already business-developed (BD) companies and the confirmation of pipeline value for non-BD companies [4][9]. - Many innovative drug stocks have absorbed negative sentiment, but December lacks significant data releases or BD catalysts, shifting attention to the clinical data readout rhythm of potential heavy-hitting pipelines [4][9].