策略月报：青山胜景处，换舟续前行

Group 1 - The market shows downward support, but significant upward momentum is still under observation, with structural opportunities being prominent, particularly in light of the upcoming economic work conference [2][4][35] - Economic fundamentals continue to improve, but the pace of improvement has slowed down, with retail sales expected to grow by 4.6% year-on-year in November and fixed asset investment increasing by 3.4% [2][17][27] - The upcoming central economic work conference is anticipated to provide important insights into macroeconomic policy, with a focus on consumer demand, livelihood, and real estate [14][35][36] Group 2 - The industry allocation is shifting from growth technology to consumer and real estate sectors, with three main lines of focus: growth technology, consumer goods, and the real estate chain [4][35][38] - The first main line involves active growth technology sectors such as electronics and communications, which are expected to remain lively before the economic work conference [36][38] - The second main line focuses on consumer goods that are likely to benefit from improved demand, including pharmaceuticals, dining and tourism, agriculture, automotive, and home appliances [4][38] - The third main line highlights the potential for more proactive real estate policies, which could boost the real estate chain and related sectors, with a clear goal of stabilizing the market [4][38]