“政策周”结束后怎么看？

Group 1 - The market experienced a slight decline of 0.2% this week, with significant policy meetings influencing market expectations and trading activity, averaging daily turnover of 1.9 trillion [2][13] - The Central Economic Work Conference provided guidance for the market, suggesting a focus on the large consumption sector, including emerging consumption trends such as the "first launch economy," "ice and snow economy," and "silver-haired economy" [2][4][45] - Despite a drop in trading volume on Friday, indices related to emerging consumption concepts, such as ice and snow tourism and short drama games, still showed gains [2][4] Group 2 - The stock-bond yield spread increased to 1.4%, indicating a slight rise in valuation differentiation, which typically precedes market peaks by 0.5 to 1 month [3][21] - Market sentiment improved, with a 66.3% increase in the five-dimensional market sentiment index, while industry rotation intensity decreased, favoring small-cap stocks [3][22] - The average daily trading volume of the Stock Connect increased by 376 billion, with significant inflows into sectors like machinery, media, and computing [3][34] Group 3 - The Shanghai Municipal Government issued a plan to support mergers and acquisitions from 2025 to 2027, aiming to cultivate competitive listed companies in key industries such as integrated circuits and biomedicine [4][39] - The upcoming Winter Volcano Engine FORCE conference in Shanghai will explore AI transformation opportunities, highlighting the importance of AI in the current market landscape [4][40] - The Jilin Provincial Government announced initiatives to promote the ice and snow economy, including increased consumer vouchers to stimulate growth in related sectors [4][41][42] Group 4 - The report emphasizes the importance of the large consumption sector, recommending attention to both traditional and emerging consumption areas, particularly as the ice and snow season approaches [4][45] - It suggests monitoring trends in low-altitude economy and self-control as significant areas for future growth [4][45] - Long-term investment opportunities are identified in mergers and acquisitions, debt resolution, sustained demand growth, and potential recovery in struggling sectors [4][46]