长城基金：关注具有产业催化的板块，新兴科技仍有望成为主线

Group 1 - Major indices mostly rose last week, with the communication sector continuing its strong performance, primarily benefiting from ongoing AI industry catalysts [1][3] - GPT-5.2 has set new records in several challenging reasoning benchmark tests, significantly enhancing knowledge reasoning capabilities, such as achieving a perfect score without tools in the AIME 2025 math competition, demonstrating high practicality in professional decision-making and complex tasks [1][3] - Overseas optical communication companies reported better-than-expected earnings, with 800G products accelerating mass production, maintaining high industry prosperity [1][3] Group 2 - The military industry saw active performance in specific sub-themes, focusing on two main directions: controllable nuclear fusion and commercial aerospace [1][3] - Recent project tenders for controllable nuclear fusion have entered a concentrated implementation phase, with multiple core system procurement results being announced, marking an acceleration in the engineering process and providing clear business increments for upstream and downstream enterprises [1][3] - In commercial aerospace, international tech companies are actively laying out space computing capabilities, while domestic satellite constellation construction and launch rhythms are accelerating, with the first space computing constellation recently being networked, alongside continuous supportive signals from policy levels [1][3] Group 3 - Looking ahead, short-term visibility for the cross-year market is expected to improve, with recent market performance following the trajectory of industrial catalysts [1][3] - After the fluctuations in November, the risk in the A-share market has been somewhat released, indicating potential rebound momentum [1][3] - There is a strong correlation between the short-term trends of the US stock market and the A-share market, with overseas mapping aspects warranting continuous attention, maintaining the judgment that emerging technology is likely to be the main line [1][3] Group 4 - The enhancement of global industrial competitiveness is also driving Chinese companies to open new growth spaces, with attention on Hong Kong stocks in the internet, semiconductor, power equipment, and innovative pharmaceuticals sectors [2][4] - Thematic focus should continue on industries and policies with new catalysts, such as commercial aerospace, AI applications, robotics, and domestic consumption [2][4] - Additionally, expectations of easing policies are expected to significantly boost the performance of bulk commodities, with industry fundamentals likely to continue improving [2][4]