策略研究周度报告：节前高股息占优

Group 1 - The report indicates that the domestic policy vacuum and slow improvement in economic fundamentals have limited market support, with external risk expectations becoming the dominant factor, leading to continued market volatility before external risks materialize [1][2][4] - The report emphasizes the importance of high dividend stocks as a key investment theme, particularly in the context of the upcoming Chinese New Year, while also highlighting sectors with policy expectations such as automotive and home appliances, and sectors expected to see improved prosperity like agriculture and animal husbandry [1][3][27] Group 2 - The report discusses the impact of external disturbances on market risk appetite, particularly due to the widening of the China-US interest rate differential and the upcoming inauguration of Trump, which has heightened sensitivity to external risks [2][11][12] - It suggests that high dividend sectors have established themselves as a dominant theme since mid-December, with a focus on banking, coal, and oil and petrochemicals as key areas for investment [3][27] - The report outlines three main investment lines: high dividend stocks with good value before the Spring Festival, consumer goods benefiting from policy support, and technology sectors with potential for valuation improvement [27][28]