策略周专题（2025年12月第1期）：国内外利好共振，市场有所回暖

Group 1 - The A-share market has shown signs of recovery this week, driven by an increase in market risk appetite, with the ChiNext Index performing the best with a gain of 1.9% [1][10][24] - The valuation of the entire A-share market is currently at the 85.7th percentile since 2010, indicating a relatively high valuation level [1][10][30] - In terms of industry performance, sectors such as non-ferrous metals, telecommunications, and defense have performed relatively well, with respective gains of 5.3%, 3.7%, and 2.8% [1][10][19] Group 2 - Significant events this week include the establishment of a commercial space administration by the National Space Administration and the potential announcement of a new Federal Reserve Chair by President Trump early next year [2][19] - Economic data released includes China's manufacturing PMI for November at 49.2%, a slight increase of 0.2 percentage points from the previous month, indicating a slight improvement in economic conditions [2][20] - The U.S. ADP employment report for November showed a surprising decrease of 32,000 jobs in the private sector, reinforcing expectations for further interest rate cuts by the Federal Reserve [2][20] Group 3 - The market is still in a bull phase, but may experience wide fluctuations in the short term due to elevated valuations and a lack of strong catalysts [3][24][25] - The overall market direction suggests a long-term bull market, supported by improving fundamentals and industry highlights, although short-term performance may be constrained by high valuations [3][25] - In terms of sector allocation, there is a focus on defensive and consumer sectors in the short term, while TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors are expected to be key areas of interest in the medium term [3][34][37]