宏观与大类资产周报：特朗普上任临近，市场情绪有所回升

Market Performance - The A-share market showed significant recovery with major indices rising: Shanghai Composite Index up 2.3%, CSI 300 up 2.1%, and ChiNext Index up 4.7%[10] - Average daily trading volume reached 1.18 trillion yuan, indicating a rebound in market trading sentiment[15] - Margin trading balance remained stable at 1.83 trillion yuan, with an increase in the proportion of financing purchases[15] Economic Indicators - China's Q4 GDP growth was 5.4%, with an annual growth rate of 5% and nominal GDP growth of 4.2%[3] - Industrial output in December increased by 6.2% year-on-year, significantly higher than November's 5.4%[3] - Exports reached a record high of 3.58 trillion USD in 2024, growing by 5.9%[3] Sector Performance - The technology sector led the market with significant gains: Computer and Comprehensive Finance sectors both rose by 6.6%, Media by 6.2%, and Communication and Machinery by 5.7%[17] - The real estate and automotive markets showed declines, with property transaction volumes decreasing in major cities[4] Policy and Market Outlook - Anticipation of reduced uncertainty following Trump's inauguration on January 20, which may ease market concerns[1] - The upcoming economic data will be crucial in confirming the sustainability of the economic recovery[15] - Short-term focus on active themes in the market, particularly in technology sectors like AI and low-altitude economy[16]