华西证券：科技轮动缺位时 关注消费板块高低切逻辑

Group 1 - The core viewpoint is that the market's willingness to chase technology stocks has decreased, leading to a focus on the high-low rotation logic in the consumer sector as of December [1] - Economic data from November indicates a slowdown in consumer growth, with the central economic work conference prioritizing "demand-led growth" as a key task for 2026, suggesting potential policy support [1] - The dividend sector has seen a decline of 5.95% since November 14, and historical data since 924 suggests that the potential for further decline may be limited [1] Group 2 - The new energy sector remains a solid investment logic, although it has not shown significant recovery since a sharp drop on November 21, indicating it is also a direction worth monitoring [1]