宏观策略周报：市场有望演绎跨年行情，持续关注券商及科技成长

Market Overview - The A-share market showed a rebound with the Shanghai Composite Index rising by 2.33% to close at 3404.08 points, and the Shenzhen Component Index increasing by 1.69% to 10791.34 points during the week of December 2-6 [3][15] - The average daily trading volume in the Shanghai and Shenzhen markets was 16906.43 billion yuan, reflecting a week-on-week increase of 13.42% [3][15] - The market is expected to experience a cross-year rally, driven by favorable policy expectations and seasonal effects from the Central Economic Work Conference [6][21] Recent Strategy Insights - The report emphasizes a focus on technology and self-sufficiency sectors, particularly in light of potential trade uncertainties following the election of Donald Trump [7][30] - The report highlights the importance of mergers and acquisitions in the technology sector, with the Shanghai Stock Exchange accelerating support for such activities [7][31] - AI applications are gaining traction, with significant developments in the U.S. market, suggesting potential investment opportunities in gaming, film, and advertising sectors [7][31] Valuation Levels - As of December 8, the overall valuation of A-shares remains relatively cheap, with the average price-to-book ratio at 1.61, below the historical average of 77.48% [6][21] - The report notes that the price-to-earnings ratio for the Shanghai Composite Index is 14.62, placing it in the lower 30.74% of historical valuations [41][42] Industry Trends - The report indicates a strong performance in sectors such as steel, coal, and machinery, which have shown significant gains recently [3][15] - The technology sector, particularly in semiconductors and defense, is expected to continue to attract investment due to the ongoing push for self-sufficiency in technology [7][26] - The report also mentions the potential for increased infrastructure investment driven by policy changes regarding special bonds, which could further stimulate economic growth [24][25]