Di Yi Cai Jing·2025-12-29 00:27Group 1 - The core viewpoint of the report indicates that the A-share market has experienced an "eight consecutive days of gains," approaching mid-November highs, with the sustainability of the "red envelope market" being a key focus for investors [1] - Although the overseas environment has improved compared to mid-November, the market is still in a policy and performance vacuum, and various funds have not yet formed a cohesive force, suggesting that the A-share market may remain volatile in the short term [1] - Despite the short-term volatility, there is a potential support level for the A-share market around mid-December due to counter-cyclical capital inflows [1] Group 2 - There is a recovery motivation for insurance capital allocation, indicating a foundation for a spring market rally, with attention on the disclosure of annual report forecasts in mid-January and potential reserve requirement ratio cuts [1] - The report suggests continuing to position for the spring market, focusing on sectors such as batteries, certain chemicals, military industry, and consumer goods that are expected to improve, while also advocating for a strategy of high-cut low within themes to identify low-positioned stocks with price increase and policy logic [1]