Market Outlook - The political bureau meeting on December 9 signaled "moderately loose monetary policy" and "stabilizing the stock and real estate markets," which is expected to boost market confidence[1] - A-shares are anticipated to show a rotational upward trend, with a focus on consumer and financial sectors as they align with the economic cycle[1] - If policies are implemented and economic fundamentals recover beyond expectations, technology growth sectors may benefit from interest rate cuts and economic recovery[1] Equity Market Insights - In November, the A-share market experienced a rebound, with major indices such as the Wind Stock Index rising by 1.16% and the Wind Ordinary Stock Index increasing by 0.69%[34] - The small-cap and growth styles outperformed, with small-cap stocks gaining 2.49% and growth stocks up 0.96%, while value and large-cap styles declined by 0.98% and 0.55% respectively[38] - The "Guzi Economy" concept gained traction, with related sectors like retail and media performing well, while defense and household appliance sectors faced declines[40] Bond Market Analysis - The bond market showed steady recovery in November, with the 10-year government bond yield hitting a new low since September[34] - The LPR remained unchanged at 3.1% for one year and 3.6% for five years, indicating stable interest rates[45] - The bond market is expected to remain optimistic in the medium to long term, with risks of a bear market being low due to supportive fiscal policies[45] Fund Strategy Recommendations - For equity funds, a balanced approach is recommended, with a slight preference for growth sectors, particularly in technology and mergers and acquisitions[49] - Short-term pure bond funds are expected to provide stable returns with limited upward risk, while mid-term bonds may offer better value[57] - The solid return strategy for fixed income + funds focuses on stable income generation while allowing for some equity exposure, particularly in technology and healthcare sectors[70]
基金配置策略报告（2024年12月期）：科技和并购概念崛起，如何增配弹性基金？
HWABAO SECURITIES·2024-12-10 10:10