跨年前后或是做多的窗口期

Core Insights - The report indicates that the current market is experiencing a prolonged period of low trading volume, which is not necessarily a bearish signal in a bull market. Historical data shows that low trading volumes often coincide with market lows during bull markets [2][10][11] - The report highlights the significance of the year-end effect, particularly the cross-year market trend, which may start in December 2025. Historical patterns suggest that if the index is low, the cross-year rally tends to start earlier and with greater magnitude [3][18][21] - It is anticipated that there will likely be a cross-year market rally in 2026, with December 2025 serving as a potential window for positioning. The macroeconomic outlook is weak, providing room for more robust growth policies to emerge [23][24] Market Changes - The report notes that all major A-share indices rose this week, with the ChiNext 50 index increasing by 2.58% and the ChiNext index by 1.86%. In contrast, sectors such as media and real estate saw declines [32] - The report mentions that the net inflow of southbound funds (Hong Kong Stock Connect) totaled 10.303 billion yuan this week, indicating continued interest in A-shares [34] Investment Recommendations - The report suggests focusing on sectors such as non-bank financials, electric power equipment, and machinery, which are expected to benefit from a potential bull market. The non-bank financial sector is highlighted for its low valuation and potential for significant returns as resident funds flow in [30][31] - The report emphasizes the importance of monitoring policy changes and economic data, as these factors will influence market dynamics and investment opportunities in the coming months [24][25]