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策略月报:大行也需顾细谨
Jin Yuan Tong Yi Zheng Quan·2024-12-31 00:19

Market Overview - Gold remains strong, with a slight decline of 3.4% in November, but a cumulative increase of 28.5% for the year [4] - U.S. stock markets saw significant gains in November, with all three major indices rising over 5%, and the Nasdaq and S&P 500 both exceeding 25% year-to-date [4] - The A-share market is expected to evolve in 2024, focusing on performance, growth, and valuation matching to avoid market volatility [3] Economic Environment Analysis - The Producer Price Index (PPI) decreased by 2.9% year-on-year in October, indicating continued low production prices [18] - Fixed asset investment in China grew by 3.4% year-on-year in the first ten months, with state-owned enterprises increasing by 6.2% [21] - Real estate sales area decreased by 15.8% year-on-year, but the decline is slowing, indicating potential stabilization in the housing market [23] Investment Strategy - The report emphasizes the importance of focusing on local government debt resolution and the recovery of corporate liquidity through the clearance of accounts receivable [76] - It suggests maintaining a strategy that includes dividend assets and technology innovation, with specific recommendations for sectors such as household appliances, public utilities, and telecommunications [78] - The report highlights the potential for value reassessment in industries like environmental protection due to improved cash flow from fiscal debt resolution [79]