市场点评：“内循环”政策预期升温，轮动机会转向景气消费品

Market Overview - The report highlights a significant market rally on November 7, 2024, with the Shanghai Composite Index rising by 2.57% and the ChiNext Index increasing by 3.75% [1] - The total trading volume in the A-share market reached 2.56 trillion, slightly below the previous day's record [1] - Financial and consumer sectors led the gains, with non-bank financials up by 7.13%, food and beverage by 6.22%, personal care by 4.61%, retail by 4.53%, and real estate by 3.87% [1] Policy Expectations - The report notes an increasing expectation for "internal circulation" policies, driven by the recent election of Trump and the anticipation of supportive measures from the National People's Congress [1] - The market is reacting to the expected policies aimed at supporting real estate and consumption, with rising investor sentiment contributing to the market surge [1] Sector Rotation - There is a noted shift in market focus from growth technology to financial and consumer sectors, with the latter expected to benefit from policy support and improving sentiment [1] - The report identifies potential short-term opportunities in consumer goods that are experiencing lagging performance, such as automobiles, home appliances, pharmaceuticals, and agriculture [2] Technology Sector - The technology sector remains a key area for medium-term opportunities, despite facing short-term adjustment pressures [2] - Companies in electronics, communications, and new energy are highlighted for their strong quarterly performance and potential for valuation recovery [2] Future Outlook - The report suggests that while short-term market volatility may increase, the medium-term outlook remains positive with a high probability of upward movement [1] - The upcoming events, including the Federal Reserve meeting and the National People's Congress policy announcements, are expected to clarify market direction [1]