策略周报：重磅会议即将召开，进入预期博弈阶段

Group 1 - The report highlights mixed signals from the US non-farm payroll data, with stronger-than-expected job growth and wage increases, but a higher-than-expected unemployment rate, leading to expectations of a likely interest rate cut by the Federal Reserve in December [1][14] - The upcoming Central Economic Work Conference in China is anticipated to focus on policies aimed at expanding domestic demand, with market participants closely watching for any unexpected incremental policy announcements [1][14] - The A-share market showed increased trading activity with an average daily turnover of 17,246 billion yuan, up by 2,015 billion yuan from the previous week, indicating a rebound in market activity [1][34] Group 2 - The report notes that major financial sectors and non-white liquor consumption performed well, while there was a rotation in market themes, with some high-priced stocks weakening and low-priced stocks gaining strength [1][14] - The report suggests that the market may remain optimistic during the new round of policy negotiations, with a focus on large financials, non-white liquor consumption, and broad-based indices for potential trading opportunities [1][14] - If the upcoming policies do not exceed expectations, there may be a potential for a market adjustment, and investors are advised to consider reducing positions or increasing allocation to dividend strategies to hedge against volatility [1][14] Group 3 - The report indicates that the valuation percentiles of major A-share indices have generally increased, with more significant changes observed in the Shanghai 50 and Shanghai Composite Index, while the growth in the ChiNext index's valuation percentile was relatively small [1][17] - The A-share risk premium remains stable, currently below one standard deviation, while the price-to-earnings ratio of dividend stocks has improved, exceeding negative one standard deviation [1][24] - The report highlights that the turnover rates of broad-based indices have generally increased compared to the previous week, with notable rebounds in the CSI 500 and CSI 2000 indices [1][30]