策略周报：市场活跃度降低，短期或延续震荡

Group 1 - The core viewpoint of the report indicates that the market activity is decreasing, and a short-term continuation of volatility is expected [1][15] - The manufacturing PMI for China in November 2024 is reported at 50.3%, slightly up from 50.1% in the previous month, while the non-manufacturing PMI is at 50.0%, down from 50.2% [1][13] - The new orders index has risen into the expansion zone for the first time since May, indicating improved demand due to a series of incremental policies [1][15] Group 2 - The average daily trading volume in the A-share market for the week of November 25-29 is reported at 15,230.85 billion yuan, a decrease of 1,833.54 billion yuan from the previous week, reflecting a continued decline in market trading sentiment [1][15] - The market recovery during the week was primarily driven by micro-cap and small-cap stocks, while large-cap and mid-cap stocks saw decreased trading activity [1][15] - Regulatory authorities are expected to propose specific quantitative requirements for the price-to-book ratio of relevant central enterprise listed companies [1][15] Group 3 - The report suggests a cautious approach in the short term, recommending a focus on defensive sectors with low volatility or areas with independent growth potential, such as AI applications, while advising to reduce positions ahead of new policy catalysts [1][15] - The report highlights that the current policy focus is primarily on debt reduction and real estate, with other policies, especially those aimed at expanding domestic demand, entering a waiting period [1][15] - Upcoming key events to watch include the U.S. ISM Manufacturing PMI on December 2 and the U.S. non-farm payroll changes and unemployment rate on December 6, which could influence overseas liquidity [1][42]