策略周报：迎接跨年修复行情

Core Insights - The report highlights that the AIGC applications are entering a phase of demand expansion, with the cost of using large models like Doubao decreasing, which will further enhance the cost-effectiveness of these models and stimulate demand across the AI industry chain [11] - The report indicates that the small-cap internal sub-styles have completed a full rotation, with the small-cap style experiencing increased volatility and a potential shift in market dynamics [59][60] - The report emphasizes the performance of the technology sector, particularly in communications, electronics, and computing, which have shown significant weekly gains driven by key events and market expectations [39] Industry Analysis - The robotics industry is undergoing significant changes, with major players like BYD entering the field of embodied intelligence, focusing on deep learning and robotics, which could lead to a comprehensive upgrade in robotic capabilities [13] - The report notes that the performance of companies in the new productivity sectors, such as electronic components and semiconductor equipment, has been strong, with a high percentage of profit warnings indicating positive earnings growth expectations [26] - The report discusses the overall market sentiment, indicating that the A-share market is experiencing a net sell-off, particularly in non-bank financials and machinery sectors, which could impact future investment strategies [44] Market Trends - The report outlines that the market is expected to enter a cross-year configuration phase, with a focus on the potential for a recovery in large-cap stocks, while small-cap stocks may continue to dominate in the short term [52] - The report highlights the recent improvement in real estate sales, suggesting that previous policies are beginning to support demand, which could positively influence related sectors [51] - The report indicates that the overall market structure is likely to continue favoring small-cap stocks and thematic investments until clearer signals of economic recovery emerge [60]