策略研究周度报告：消费主线越发明确，中小盘价值有望占优

Market Viewpoints - The market is expected to remain volatile until significant macro policies are implemented or economic fundamentals improve beyond expectations [2][14] - The focus is shifting towards consumption as the new main line, with particular attention on small and mid-cap value stocks, especially in sectors like pharmaceuticals, dining and tourism, agriculture, automotive, home appliances, and home decoration [2][4] Industry Allocation - The position of consumption as a phase-specific main line is becoming increasingly established, while growth technology is leaning towards potential expansion directions [2][34] - The consumption sector is anticipated to benefit from policy support and demand-side improvements, which could enhance performance expectations and valuation recovery [34][37] - The report highlights two main lines for future investment: 1. Consumer goods with valuation or economic recovery potential, including pharmaceuticals, dining and tourism, agriculture, automotive, and home appliances [39] 2. Potential expansion directions within the growth technology sector, particularly in communications and electronics [39] Market Hotspots - Key policies to watch following the Central Economic Work Conference include the continuation of the "old for new" consumption policy, potential interest rate cuts, and specific fiscal policy announcements [14][15] - The upcoming November macroeconomic data is expected to show no significant trend changes, with external demand remaining strong and internal demand improving but not accelerating [18][19] Configuration Highlights - The report indicates that the configuration value of the consumption sector is gradually becoming more prominent, with small-cap stocks likely to outperform in the current market environment [34][35] - The performance of the consumption sector has been strong recently, with significant gains in retail, textiles, and social services, indicating a market shift towards consumption [34][35]