宏观与大类资产周报：PMI继续回升，经济短期动能延续

Market Performance - The Shanghai Composite Index rebounded to 3,300 points, with a weekly increase of 1.8%[12] - The ChiNext Index rose by 2.2%, while the STAR 50 Index led the market with a 3.9% increase[12] - The bond market overall strengthened, with a 0.3% increase in bond prices[15] Economic Indicators - The Manufacturing PMI rose from 50.1% to 50.3%, marking three consecutive months of increase[2] - The production index increased from 52% to 52.4%, and the new orders index rose from 50% to 50.8%[2] - The average wholesale price of pork decreased to 23.44 CNY/kg, while the average price of vegetables increased to 4.97 CNY/kg[2] Investment Strategy - Short-term focus on media, electronic technology growth stocks, and consumer sectors is recommended[16] - The upcoming consumption peak season and expected policy support for consumption may favor the consumer sector[16] - Suggested themes include Huawei's supply chain and AI in media, with a focus on small-cap growth stocks[16] Fundraising and Market Activity - In November, IPO fundraising increased to 5.21 billion CNY, up from 4.97 billion CNY in October[3] - The total amount of A-share reduction was 3.27 billion CNY, compared to 2.24 billion CNY previously[3] - The average daily trading volume in the market was 1.5 trillion CNY, continuing a downward trend[15] Risks and Concerns - There are concerns about the sustainability of domestic demand recovery, as major real estate companies saw a 6.9% year-on-year decline in sales in November[2] - Inflation remains low, with factory prices and major raw material purchase price indices declining to 47.7% and 49.8%, respectively[2] - Potential risks include a drop in real estate sales and lower-than-expected policy support from upcoming central meetings[3]