政策方向，盘面上，内需概念是盘面焦点

Market Performance - On December 12, the Hang Seng Index rose by 242 points or 1.2%, closing at 20,397 points[1] - The Hang Seng Tech Index increased by 1.5%, closing at 4,600 points[1] - Market turnover slightly increased to over HKD 157.8 billion, with a net outflow of HKD 2.929 billion from the Hong Kong Stock Connect[1] Policy Expectations - There is renewed market anticipation for consumption stimulus, increased fiscal spending, and potential interest rate cuts, with specific details expected at the upcoming "Two Sessions" in January[2] - The 10-year Chinese government bond yield fell to a record low of 1.81%, indicating a potential for further monetary easing[2] Economic Indicators - U.S. November CPI rose by 2.7% year-on-year, reflecting a downward trend in inflation but with signs of volatility[3] - Core CPI remained stable at a 0.3% month-on-month increase for four consecutive months, indicating steady consumer spending in the U.S.[3] Automotive Sector - In November, domestic passenger car sales increased by 16.52% year-on-year and 7.1% month-on-month, with cumulative sales for January-November up by 4.7%[4] - New energy vehicle sales surged by 50.5% year-on-year, achieving a penetration rate of 52%[4] Healthcare Sector - The Hang Seng Healthcare Index rose by 0.1%, underperforming the Hang Seng Index by 1.1 percentage points amid cautious market sentiment regarding the latest drug procurement round[5] - The latest procurement round included 62 products, the highest number to date, covering various therapeutic areas[5] Renewable Energy Sector - The U.S. plans to increase tariffs on solar products from China, which may impact the local photovoltaic market, although the immediate market reaction was muted[5] - Bitcoin and Ethereum ETFs saw significant increases of 2.6% and 6.6%, respectively, with Bitcoin surpassing USD 100,000[6] Real Estate Market - New home sales in 30 major cities reached 2.6 million square meters, up 8.4% year-on-year but down 29.9% month-on-month[13] - First-tier cities have seen new home sales increase for eight consecutive weeks, with Shenzhen showing a year-to-date increase of 12.1%[14] Risks and Challenges - Potential risks include policy changes, interest rate fluctuations, project delays, and financing difficulties in the real estate sector[18]