策略周报：宽松政策信号继续加码

Core Viewpoints - The report indicates that signals for continued easing policies are strengthening, with domestic consumption and AI concepts leading the market [3][4] - The A-share market experienced fluctuations, with average daily trading volume rising to 1.93 trillion yuan, and small-cap stocks outperforming [3][23] - Positive signals from the Central Economic Work Conference and the Political Bureau meeting suggest a proactive macroeconomic policy aimed at boosting domestic demand [5][14] Economic Data - In November, China's CPI fell by 0.1 percentage points to 0.2% year-on-year, while PPI decreased by 2.5%, indicating persistent issues with effective domestic demand [5][9] - The report highlights that the U.S. added 227,000 non-farm jobs in November, with the unemployment rate rising by 0.1 percentage points to 4.2%, supporting expectations for a rate cut in December [4][5] Policy Tracking - The Central Economic Work Conference emphasized the need for more proactive macro policies, including increasing fiscal deficits and issuing long-term special bonds to support domestic demand [5][14] - The introduction of a nationwide personal pension system starting December 15 aims to broaden investment channels and stabilize the capital market [6][14] Market Performance - The report notes that sectors such as retail, textiles, and social services saw average gains of 4%-6%, with the retail sector leading at a 6.2% increase [3][23] - The A-share market showed a mixed performance, with the Shanghai Composite Index down 0.36% and small-cap indices like the CSI 500 showing slight gains [23][27] Investment Opportunities - The report suggests focusing on sectors supported by policy and industrial transformation, particularly those related to new productivity and advanced manufacturing [5][6] - The expansion of personal pensions is expected to promote index investment and bring more funds into the market, enhancing overall market stability [6][14]