策略周报：政策加码央企市值管理改革

Core Viewpoints - The report emphasizes the acceleration of state-owned enterprise (SOE) market value management reforms, highlighting the importance of enhancing competitiveness, technological innovation, and industry upgrades through mergers and acquisitions [2][20] - The report notes that the recent Federal Reserve meeting indicated a hawkish stance on future interest rate cuts, with only two cuts expected by 2025, reflecting concerns about inflation and economic growth [3] - Domestic economic data for November showed mixed results, with industrial production and real estate sales improving, while consumption and investment growth slowed [4][19] Recent Developments - The State-owned Assets Supervision and Administration Commission (SASAC) issued guidelines on improving the market value management of central enterprises, focusing on enhancing governance, increasing cash dividends, and establishing regular stock buyback mechanisms [10][20] - The China Securities Depository and Clearing Corporation announced a reduction in the handling fees for cash dividends on A-shares, effective January 1, 2025, to encourage dividend payouts [10][20] Market Performance - The A-share market experienced fluctuations with the Shanghai Composite Index and ChiNext Index declining by 0.70% and 1.15%, respectively, while the Sci-Tech 50 Index rose by 2.17% [11][19] - The report highlights that only the communication, electronics, and banking sectors saw gains among the 31 sectors tracked, with communication and electronics benefiting from domestic catalysts [15][19] - Concept indices such as optical modules and ASIC chips showed strong performance, with increases of 11.6% and 10.9%, respectively [15][19]