市场对12月会议预期不足，继续布局科技互联网

Market Overview - The Hang Seng Index found support at 19,000 points, while the Shanghai Composite Index found support at 3,200 points[6] - The market has undergone sufficient adjustment prior to the December meetings, leading to relatively low expectations for these meetings[6] Economic Indicators - The Manufacturing PMI for November was 50.3, an increase of 0.2 percentage points month-on-month, with high-tech manufacturing remaining a bright spot[9] - The Non-Manufacturing PMI declined to 50.0 due to seasonal factors, but infrastructure investment continued to expand[9] - First-tier city real estate sales and passenger car sales showed continued recovery in November, indicating sustained policy effectiveness[9] Sector Performance - The technology and internet sectors in Hong Kong stabilized this week and may continue to consolidate next week[10] - The consumption sector has already rebounded this week and is expected to continue its upward trend[10] Market Expectations - The market is likely to maintain a consolidation pattern with reduced trading volume until stimulative policies are announced at the December meetings[6] - Institutional style is expected to gain the upper hand in A shares as the December meetings approach, leading to a potential upward trend post-meetings[10] Risks - Risks include slower-than-expected implementation of growth stabilization policies, weaker-than-expected domestic economic recovery, and escalation of overseas uncertainties[11]