战术性资产配置周度点评（20251201）：美联储货币政策预期博弈加剧-20251201

Group 1 - The report maintains a tactical asset allocation view, recommending an overweight in A/H shares and industrial metals, a market weight in government bonds, and an underweight in the US dollar [1][15][16] - Multiple factors support the performance of Chinese equities, with a strong outlook for A/H shares due to the release of micro trading risks and the upcoming policy window as the economy enters the 14th Five-Year Plan [15][16] - The imbalance between financing demand and credit supply leads to a tactical market weight in government bonds, with expectations of improved liquidity supporting bond market sentiment [15][16][17] Group 2 - Demand expectations for industrial commodities are revised upwards, maintaining a tactical overweight view, particularly for copper, driven by construction, power grids, and electric vehicles [17][18] - The US dollar is under pressure due to adjustments in monetary policy and economic convergence, leading to a tactical underweight view on the dollar [17][18] - The report highlights that the Chinese capital market is in a cycle of valuation recovery and significant growth potential, with a favorable risk-return profile compared to other major asset classes [15][16][18]