行情延续，风格不变

Market Influences - The core factors affecting the A-share market in December are policies, external events, and liquidity[1] - Historical data shows that the A-share market has experienced fluctuations in December without significant seasonal effects, with the Shanghai Composite Index rising in 6 out of 14 years[1] - Positive policies and external events can lead to market uptrends, as seen in 2012, 2019, and 2020, while negative events can suppress the market[1] Liquidity and Policy Outlook - December is expected to see a continuation of loose liquidity, with the Federal Reserve likely to cut rates by 25 basis points[1][2] - Anticipated policies include further fiscal measures and potential interest rate cuts from the central bank, which may support market performance[1][2] - The issuance of special bonds by local governments has significantly increased, indicating a proactive fiscal stance[1][2] Economic and Earnings Trends - Economic recovery is expected to continue in December, with investment growth likely to rebound due to low base effects from the previous year[1][2] - Consumer spending is anticipated to improve during the holiday season, supported by government subsidies and promotional policies[1][2] - Corporate earnings are projected to maintain an upward trend, with a 1.9 percentage point increase in expected earnings growth compared to October[1][2] Sector Focus - The growth style is likely to dominate in December, with a focus on technology and core assets[1][2] - Recommended sectors for investment include technology, media, electronics, and consumer goods, which are expected to benefit from favorable policies[1][2] - Historical performance indicates that sectors like construction and food & beverage may outperform during periods of market recovery[1][2]