投资策略周报：继续看好本轮跨年行情，深挖“新质牛”主线

Market Outlook - The A-share market is expected to continue its year-end rally, supported by a shift in monetary policy from "prudent" to "moderately loose" for the first time in years[2] - The supply-demand relationship in the stock market has significantly improved, with net reductions in holdings and IPO fundraising at low levels[2] - The central economic work conference has set the monetary policy tone for next year as "moderately loose," indicating potential for greater easing compared to this year[2] Global Market Influences - The Federal Reserve's hawkish stance has pressured non-US currencies, with the latest rate cut of 25 basis points and a reduction in expected rate cuts for 2025 from 4 to 2[2] - The US economy shows strong momentum, with upward revisions in growth forecasts and downward adjustments in unemployment rate expectations[2] A-share Market Dynamics - Significant net reductions in holdings amounting to 15.8 billion yuan have been observed, although this is still relatively low compared to historical levels[2] - IPO fundraising in December has reached 4.4 billion yuan, maintaining a double-digit monthly scale for 11 consecutive months[2] - The financing balance in the two markets stands at 1.87 trillion yuan, with net purchases exceeding 500 billion yuan since the "924" rally[2] Investment Strategy - The trend of declining interest rates is expected to lead to increased allocation of equity assets by insurance funds and other long-term capital[2] - Focus on core assets in the "new quality bull" theme, including AI, humanoid robots, low-altitude economy, and domestic substitution[2] - Attention to mergers and acquisitions and market capitalization management themes, particularly for undervalued state-owned enterprises[2]