静待跨年行情

Market Overview - The market experienced a rebound this week (12/1-12/5), with the overall A-share index rising by 0.72%. The leading indices included the ChiNext Index, CSI 300, and Shenzhen Component Index, while the STAR 50 and micro-cap stocks lagged behind. In terms of style, cyclical stocks led the gains, while the pharmaceutical and healthcare sectors underperformed [2][9]. - The stock-bond yield spread decreased to 0.6%, which is below the +1 standard deviation threshold, indicating a decline in valuation differentiation [3][23]. - Market sentiment showed signs of adjustment, with a decrease in industry rotation intensity. The overall market style favored large-cap stocks, while micro-cap indices underperformed [3][24]. Industry Highlights - The successful launch of the Zhuque-3 reusable rocket marks a significant milestone for China's commercial space sector, indicating progress towards reusable rocket technology [4][48]. - The release of the Doubao mobile assistant represents a significant step in edge AI development, although it faces challenges in ecosystem integration [4][49]. - The launch of the Livis AI glasses by Li Auto showcases advancements in smart vehicle interaction, suggesting a growing competitive landscape in the AI glasses market [4][50]. Investment Opportunities - The report suggests that the upcoming spring rally may begin earlier, potentially providing an opportunity for increased investment if the market forms a "double bottom" pattern [4][53]. - Domestic computing power is expected to be a key driver in the upcoming market rally, with a focus on policy-supported non-bank financial investment opportunities and commercial aerospace and satellite connectivity [4][53]. - The report highlights the importance of monitoring sectors such as mechanical equipment, non-ferrous metals, and electronics, which have seen significant inflows of leveraged funds [3][34].