策略周报：政策博弈暂歇，静待扩内需政策加码

Group 1 - The report indicates that the A-share market is entering a policy game vacuum period after important meetings, with the index likely to shift towards a consolidation phase due to high trading activity and limited downside risk, while structural opportunities remain [21][50]. - Economic data for November shows a slowdown in growth momentum, with industrial value-added increasing by 5.4% year-on-year, fixed asset investment rising by 3.3%, and retail sales growing by only 3%, indicating a need for further expansion of domestic demand policies [15][53]. - The report highlights a focus on sectors related to "AI+" and "new consumption," suggesting investment opportunities in media, communication, robotics, artificial intelligence, consumer electronics, dining, tourism, sports entertainment, and retail [21][15]. Group 2 - The average daily trading volume in the A-share market decreased to 15,229.74 billion yuan, down by 4,099.70 billion yuan from the previous week, reflecting a decline in trading sentiment [13][21]. - The report notes that the risk premium for A-shares has increased, while the dividend yield of the Shanghai Dividend Index has risen, leading to an improvement in the stock-bond valuation ratio [57][21]. - The report mentions that the turnover rates for various indices, particularly small-cap indices like the CSI 2000 and Wind Micro-cap Index, have significantly decreased, indicating a reduction in market activity [59][61].