A股投资策略周报：政策预期带动市场放量上涨

Group 1 - The A-share market experienced an increase of 2.30% from December 2 to December 6, 2024, with the CSI 1000 and Shanghai Composite Index outperforming the overall A-share index [2][11] - All 31 industries recorded gains, with the top three industries being steel, coal, and machinery equipment, which rose by 5.61%, 5.39%, and 5.31% respectively [2][11] - The small-cap stocks outperformed larger indices, with the CSI 1000 rising by 2.59% compared to the 1.44% increase in the CSI 300 [2][11] Group 2 - The average daily trading volume in the A-share market was 17,245.6 billion yuan, an increase of 2,014.78 billion yuan from the previous week, indicating heightened trading activity [2][19] - The average daily turnover rate rose to 2.2859%, up by 0.35 percentage points from the previous week [2][19] - Northbound trading saw an average daily turnover of 1,930.46 billion yuan, an increase of 18.14 billion yuan from the previous week [2][21] Group 3 - As of December 6, 2024, the overall A-share index's PE (TTM) valuation increased by 2.36% to 18.94 times, placing it at the 62.04 percentile since 2010, indicating a historical average level [2][35] - The PB (LF) ratio also rose by 2.33% to 1.61 times, which is at the 20.37 percentile since 2010, reflecting a relatively low historical level [2][35] - The A-share bond yield spread was recorded at 3.3270%, above the 3-year rolling average, and at the 76.65 percentile since 2014, indicating a significant valuation context [2][45] Group 4 - Future investment outlook suggests that the A-share market is expected to trend upwards, driven by policy expectations and upcoming central government meetings [2][51] - Key investment themes include technology innovation based on self-sufficiency, large-scale equipment upgrades, and consumer goods replacement, which are anticipated to drive sales growth in sectors like automotive and home appliances [2][51] - The report emphasizes the importance of focusing on dividend-paying sectors, particularly state-owned enterprises, as a hedge against market volatility [2][51]