市场活跃度降低，短期或延续震荡

Economic Indicators - China's manufacturing PMI for November 2024 is 50.3%, up from 50.1% in the previous month[1] - Non-manufacturing PMI stands at 50.0%, slightly down from 50.2%[1] - The new orders index has risen into the expansion zone for the first time since May 2024, indicating improved demand[1] Market Performance - Average daily trading volume in A-shares for the week of November 25-29 is 15,230.85 billion CNY, a decrease of 1,833.54 billion CNY from the previous week[1] - Market activity is primarily driven by micro-cap and small-cap stocks, while large-cap and mid-cap stocks show decreased trading activity[1] Policy and Outlook - Regulatory authorities plan to set clear quantitative requirements for state-owned enterprises' price-to-book ratios[1] - Current policy focus is on debt reduction and real estate, with a waiting period for new demand expansion policies until the Central Economic Work Conference in early December[1] Investment Strategy - Short-term market is expected to continue a volatile trend; investors are advised to focus on defensive sectors with low volatility and independent growth areas like AI applications[1] - It is recommended to moderately reduce positions ahead of new policy catalysts[1]