周度策略：财政收入边际改善，市场维持震荡

Group 1 - Fiscal revenue shows marginal improvement, with total public budget revenue for January to October reaching 184,981 billion yuan, a year-on-year decline of 1.3%. In October alone, public budget revenue increased by 5.49% year-on-year, marking the first positive growth in tax revenue for the year at 1.8% [10][12][21] - The youth unemployment rate has shown marginal improvement but remains high, with the unemployment rate for urban labor aged 16-24 at 17.1%, down 0.5 percentage points from the previous month [21][22] - The LPR for November remains unchanged at 3.10% for one-year loans and 3.60% for five-year loans, aligning with market expectations after a significant reduction in October [23][24] Group 2 - The newly released market value management guidelines by the CSRC are expected to benefit undervalued stocks, requiring long-term undervalued companies to disclose valuation enhancement plans, which will help improve stock valuations and investment returns [3][29] - Economic development conditions and supporting factors remain favorable, with ongoing reforms and the integration of digital and traditional economies expected to create new growth points [30][31] - Stronger-than-expected U.S. economic data suggests a slowdown in the pace of interest rate cuts, with recent labor market indicators showing lower-than-expected unemployment claims [31][33] Group 3 - Short-term investment recommendations include focusing on sectors such as brokerage, non-bank financials, semiconductors, artificial intelligence, 5G, and software, while mid-term attention should be on infrastructure, power sectors, and companies benefiting from the new market value management guidelines [4][31]