Sou Hu Cai Jing·2025-12-11 03:00Group 1 - The core viewpoint is that the US economy is expected to maintain moderate growth next year, supported by factors such as Federal Reserve interest rate cuts and AI investments, leading to a strategic bullish outlook on US stocks, while cautioning about structural differentiation and short-term risks in Q1 [1] - The Hong Kong stock market is anticipated to transition from valuation recovery to profit growth dominance, characterized by a combination of profit-driven and liquidity-supported dynamics [1] - The technology sector in the US is expected to become more rational, with AI remaining a key driver, and the regulatory environment being favorable for mergers and acquisitions [1] Group 2 - Positive developments in AI are expected to continue driving revenue and valuation recovery in China's internet sector, particularly in cloud services [1] - The domestic pharmaceutical and innovative drug sectors are likely to benefit from a resurgence in mergers and acquisitions by large multinational pharmaceutical companies, as well as an increase in business development transactions [1] - The medical device sector is projected to see several companies reaching performance inflection points from Q4 this year to Q1 2026, leading to a resonance of performance growth and valuation recovery [1] Group 3 - The automotive industry is expected to see flat or slightly declining sales next year, with market sentiment already pessimistic, presenting an opportunity to gradually accumulate stocks of companies with high certainty of performance growth next year [1] - Recommendations include focusing on humanoid robots with accelerated mass production and the smart driving sub-sector with increasing penetration rates [1] - The consumer sector's recovery remains uneven, suggesting a strategy of "anchoring on earnings while leveraging growth" for investment [1] - The education sector is viewed positively for its resilient growth and expansion opportunities [1]