策略周聚焦：空中加油正在进行

Group 1 - The report identifies that "air refueling" is occurring, indicating a potential acceleration in market growth, with 56% of all A-shares reaching new highs compared to the closing price on October 24, 2024, approaching the previous high of 60% [1][14][11] - Liquidity conditions are deemed sufficient for market growth, characterized by a balanced trading structure, increased participation from foreign and public funds replacing leveraged funds, and an anticipated rise in trading activity [11][14][1] - The report suggests that the core of the current bull market is the relative price advantage of assets, with an estimated inflow of 10 to 20 trillion yuan into the stock market due to the migration of excess savings [36][12][1] Group 2 - The report highlights a resurgence of liquidity-driven trading logic, with a significant increase in the proportion of stocks with rising PEG ratios from 46% to 72% over two weeks, indicating a favorable trading environment [40][41][1] - The report notes that the market is experiencing a rotation phase, with a potential rebalancing between large and small-cap stocks, reflecting a shift in investor preferences [41][40][1] Group 3 - The report recommends a dual-line investment strategy: focusing on small-cap growth stocks in the technology sector, such as chips, robotics, and artificial intelligence, while also emphasizing core consumer assets that are expected to see valuation recovery [44][5][1] - It is suggested that the current economic recovery and stabilization of asset prices will enhance the performance of core assets, particularly in sectors like food and beverage, home appliances, and pharmaceuticals [44][5][1]