宏观与大类资产周报：高频经济数据季节性回落，同比增速仍稳定

Market Performance - The Shanghai Composite Index, CSI 300, and ChiNext Index fell by 1.3%, 1.1%, and 2.0% respectively, while the Sci-Tech 50 rose by 0.9%[16] - Average daily trading volume in the two markets was 1.13 trillion yuan, continuing to shrink, indicating a cooling market sentiment[21] - Margin trading balance decreased to 1.83 trillion yuan, reflecting a continued decline from the previous week[21] Economic Indicators - December CPI growth was 0.1%, down from 0.2%, primarily due to a decrease in food price growth, with food CPI at -0.5%[3] - PPI growth improved slightly to -2.3% from -2.5%, influenced by rising international commodity prices[3] - In December, the U.S. added 256,000 non-farm jobs, with the unemployment rate dropping to 4.1%[3] Industry Insights - The average wholesale price of pork increased by 14.95% year-on-year, while vegetable prices saw a slight decline of -0.27%[4] - Key sectors such as home appliances, non-ferrous metals, and electronics led the market with gains of 2.3%, 2.0%, and 1.7% respectively[23] - The construction and real estate sectors showed a decline in transaction volumes, with major cities experiencing a drop in property sales[4] Policy and Strategy - Short-term investment strategies should focus on state-owned enterprise dividends and high-dividend stocks, as policy measures to stabilize the capital market are expected to be introduced[22] - The government has announced a significant consumption subsidy program, with 81 billion yuan allocated for consumer goods replacement policies in 2025[34] - The upcoming Spring Festival is anticipated to improve market liquidity, potentially leading to a bullish market trend[21]