华西证券：科技轮动缺位时，关注消费板块高低切逻辑

Core Viewpoint - The market's willingness to chase technology stocks has decreased as of December, leading to a focus on the high-low rotation logic within the consumer sector [1] Group 1: Market Trends - As of December, there is a decline in the willingness to pursue technology stocks, while funds are still attempting to break through [1] - Economic data from November indicates a slowdown in consumer growth, prompting expectations for policy enhancements as the central economic work conference prioritizes "demand-led growth" for 2026 [1] Group 2: Sector Performance - The dividend sector has been adjusting since November 14, with a cumulative decline of 5.95%, and historical data since 1992 suggests that potential further declines may be limited [1] - The logic surrounding new energy remains solid, but it has not shown significant recovery following a sharp drop on November 21, indicating it is also a direction worth monitoring [1]