——量化资产配置月报202512：大股票池配置仍偏价值，PPI关注度升至最高-20251201

Group 1 - The core view of the report indicates that the large stock pool allocation remains biased towards value, with a focus on economic recovery, slightly tight liquidity, and credit contraction [3][6][9] - The report emphasizes the selection of factors sensitive to the economy but insensitive to credit, with a preference for value and low volatility in macroeconomic selections [9][10][31] - The allocation viewpoint for major assets suggests an increase in gold allocation to 20%, while A-shares allocation decreases due to economic conditions [27][28] Group 2 - Economic leading indicators are maintained at an upward trend, with predictions indicating a potential downturn starting in the next period [15][19] - Liquidity indicators show a slight tightening, with monetary supply remaining above zero but overall liquidity pointing towards a slightly tight condition [22][25] - Credit indicators are weak, with a low level of credit volume and structure, although there are signs of improvement in the proportion of loans to households and enterprises [26][27] Group 3 - The market focus has shifted to PPI, which has become the most concerning variable, surpassing economic indicators in recent observations [30][29] - The report suggests industry selection should favor sectors sensitive to economic changes but less affected by credit conditions, maintaining a value bias [31][32]