继续盘整待反弹，逢低布局跨年行情，重视AI基建/应用和红利

Market Performance - The Hang Seng Index and Shanghai Composite Index declined by 1.3% and 0.7%, respectively, indicating ongoing market consolidation[6][9] - The 10-year government bond yield decreased by 7.5 basis points to 1.695%, while the 30-year yield fell below 2%[10][22] Economic Indicators - November's industrial added value showed slight year-on-year growth, while fixed asset investment growth moderated[10][22] - Real estate sales in 30 cities continued to rise, with 10 cities experiencing a slight decline, maintaining high sales levels in December[10][22] Investment Strategy - The report suggests that China-specific assets and high-dividend stocks are gaining traction due to significant declines in government bond yields and wealth management product rates[6][9] - Institutions are expected to position themselves for the new year as supportive policies are gradually implemented, potentially leading to a market rebound[7][11] Risks - Risks include slower-than-expected implementation of growth stabilization policies and weaker-than-expected domestic economic recovery[8][12]