策略周报：重回跨年配置行情主线

Group 1 - The report emphasizes the importance of new consumption trends, particularly "emerging consumption" and "AI+ applications," as key investment themes for the upcoming year [2][26][34] - The Central Economic Work Conference highlighted the need to boost consumption and improve investment efficiency, indicating a shift towards a more proactive fiscal policy [2][16][28] - The report notes that the "old-for-new" consumption policies have significantly stimulated sales, with over 1 trillion yuan in sales driven by these initiatives, particularly in the automotive and home appliance sectors [28][34] Group 2 - The report identifies a structural shift in consumer spending, moving towards a more comprehensive approach to domestic demand expansion, with a focus on various sectors beyond traditional consumer goods [2][28] - The "first-release economy" and "ice and snow economy" are highlighted as emerging sectors with strong growth potential, supported by favorable policies and market trends [34][39] - The report indicates that the retail and dining sectors are undergoing significant reforms, with traditional supermarkets adapting new business models to enhance customer experience and sales performance [37][39] Group 3 - The report discusses the performance of various sectors post the Central Economic Work Conference, noting that consumer sectors like retail and food and beverage saw positive movements, while technology sectors displayed mixed results [26][28] - The report suggests that the AI industry, particularly applications like "Doubao," is entering a phase of rapid user growth, indicating a strong potential for commercialization [2][34] - The report anticipates that the personal pension system's expansion will lead to a more balanced pension structure in the future, impacting investment strategies [2][28]