策略观点：中央经济工作会议释放积极政策信号，扩内需为首位

Core Insights - The report emphasizes that the Central Economic Work Conference has released positive policy signals, prioritizing domestic demand expansion as a key focus for the upcoming year [4] - It highlights two main investment themes for the year: boosting consumption to expand domestic demand and leveraging artificial intelligence and new productive forces [5] Group 1: Policy Focus - The report indicates that policy stimulus will continue, with a focus on increasing the deficit ratio, issuing long-term special bonds, and implementing moderately loose monetary policies, including potential interest rate cuts [4] - The meeting stressed the importance of stabilizing the real estate and stock markets, which will help enhance consumer spending capacity and willingness [4] Group 2: Investment Themes - The first investment theme is to significantly boost consumption to expand domestic demand, with specific actions such as implementing special measures to stimulate consumption and enhancing support for new projects [5] - The second theme focuses on "Artificial Intelligence+" and the development of new productive forces, emphasizing the need for technological innovation to address challenges such as the diminishing demographic dividend and insufficient investment demand [5] Group 3: Market Outlook and Strategy - The report anticipates a structural market trend leading up to the National People's Congress, with more detailed policies being implemented [6] - It suggests a balanced investment strategy, recommending high-beta sectors like non-bank financials, consumer discretionary, and real estate during positive market sentiment, while defensive sectors like telecommunications should be favored during downturns [6]