跨年行情如何布局？六大机构最新策略出炉

Market Outlook - The A-share market is expected to continue a structural opportunity-driven volatile market approach as the year-end trading concludes, with key signals from trading volume [1][5] - The focus is on sectors with low holding concentration and potential for long-term ROE improvement, such as commercial aerospace and other trending themes [1][5] Fiscal Policy - The National Fiscal Work Conference has decided to continue implementing a more proactive fiscal policy in 2026, which includes expanding fiscal spending, optimizing government bond tools, and enhancing the effectiveness of transfer payments [2] Industrial Profit - From January to November, the total profit of large-scale industrial enterprises reached 66,268.6 billion yuan, showing a year-on-year growth of 0.1%, with cumulative growth maintained for four consecutive months since August [3] ETF Market - The total scale of domestic ETFs has reached a historical high of 6.03 trillion yuan, with stock ETFs exceeding 3.8 trillion yuan and cross-border ETFs over 930 billion yuan [4] Investment Strategies - Citic Securities suggests a focus on sectors with low holding concentration and rising market attention, such as chemicals, engineering machinery, and new energy, while also monitoring the trend of RMB appreciation [5] - Industrial sectors benefiting from RMB appreciation include AI hardware, advantageous manufacturing, and non-ferrous metals, as well as upstream resource products like steel and chemicals [6] - China Galaxy emphasizes that trading volume will be a key signal for market trends, recommending defensive sectors and focusing on new production capabilities in AI, renewable energy, and aerospace [7] Economic Expectations - The low-altitude economy is highlighted as a key investment theme, with expectations for a spring market rally in 2026 driven by stable macroeconomic conditions and abundant global liquidity [8] - Investment in infrastructure and real estate is anticipated to drive cyclical price increases, while service consumption is also recommended as a focus area [8]