策略周报：由守转攻，布局高景气方向等风起-20251207

Group 1 - The report indicates a shift from a defensive to an offensive strategy, suggesting a proactive approach to invest in high-growth sectors as market conditions improve [3][12][13] - It highlights that external and internal volatility risks have eased, with previous high-growth sectors showing signs of stabilization, and anticipates further consolidation in December [3][10] - The report recommends focusing on sectors with upward momentum, such as AI, semiconductors, new energy, non-ferrous metals, and the ChiNext and Sci-Tech Innovation Board, in anticipation of a spring market rally in early 2026 [3][12][13] Group 2 - In the bond market, the report notes potential disturbances due to year-end factors, with expectations that the 10-year government bond yield will remain above 1.80% in the short term [3][12] - It mentions that the bond market may face limitations due to increased profit-taking by institutions and the pending implementation of new public fund fee regulations [3][12] - The report suggests maintaining a neutral duration in bond investments while waiting for favorable conditions to emerge [3][12] Group 3 - The report provides a review of the weekly market performance, indicating that A-shares have shown signs of stabilization and recovery, particularly in growth sectors [10][12] - It notes that the Hong Kong market has also experienced a recovery, influenced by improved global market sentiment [10][12] - The report emphasizes that overseas markets are generally on an upward trend, driven by expectations of a Federal Reserve rate cut and improved liquidity conditions [10][12]