跨年行情方向如何选择？

Group 1 - The core viewpoint of the report indicates that the stock-bond yield spread has risen to 1.5%, positioned between +1 and +2 standard deviations, with a decrease in the valuation differentiation coefficient [1][58]. - Market sentiment is converging, with a decline in industry rotation intensity, and the market is currently favoring large-cap stocks over micro-cap stocks [1][59]. - The market structure shows a decrease in trading volume, with leading sectors being communication, electronics, and banking, while potential alpha opportunities exist within beauty care, social services, and retail [1][61]. Group 2 - The report highlights that the average daily trading amount of the Stock Connect has decreased by 50.6 billion yuan compared to the previous week, with a drop of 2.02 million in the average daily trading volume [1][96]. - The top three stocks in terms of Stock Connect trading volume are Ningde Times, North Huachuang, and Kweichow Moutai, with recent five-day price changes of -1.6%, 7.2%, and 1.8% respectively [1][96]. - Net inflow of leveraged funds is 0.1 billion yuan, primarily flowing into the electronics, communication, and pharmaceutical sectors [1][96]. Group 3 - Industry hotspots include the launch of the "Gift" feature in WeChat Mini Stores, which is expected to enhance user engagement and drive e-commerce growth [1][70]. - Jiangsu Province has initiated competitive allocation for offshore wind power projects for 2024, indicating ongoing progress in the offshore wind sector [1][71]. - The report notes the official release of the Doubao visual understanding model, which accelerates the commercialization of large models and opens up investment opportunities in AI applications [1][72]. Group 4 - The report suggests focusing on the cross-year market direction, with expectations for a continuation of the technology sector's performance, particularly in Doubao and WeChat's "Gift" feature [1][74]. - It emphasizes the importance of mergers and acquisitions, debt reduction, sustained demand growth, and certainty in growth as key investment directions for the medium to long term [1][80].