跨年行情的节奏和行业方向

Economic Outlook - The cross-year market trend is expected to continue, driven by positive policies and limited external risks, with liquidity remaining loose[32] - Short-term economic recovery expectations are sustained, with high sales growth in automobiles and home appliances, recording 6.6% and 22.2% respectively in November[33] Market Trends - Historical data indicates that high-prosperity industries lead the market during cross-year trends, with technology and consumer sectors showing strong performance[26] - The Shanghai Composite Index's PE ratio is at approximately 51%, indicating a neutral to low sentiment in the market[32] Investment Strategy - Focus on technology growth and core assets, as sectors like retail, machinery, and media have shown significant gains of 12.1%, 10.8%, and 10.4% respectively from November 27 to December 10[46] - Industries such as food and beverage, and construction materials are highlighted for their valuation attractiveness, with expected profit growth in 2025[50] Policy Impact - The central bank is likely to implement further monetary easing, with recent operations exceeding 200 billion CNY to maintain liquidity[35] - Government policies aimed at stabilizing the real estate and stock markets are anticipated to be reinforced, promoting long-term investments[32]