策略周报：会议定调落地，布局春季成长-20251214

Group 1 - The report emphasizes a strategic focus on growth sectors, particularly technology, as the market sentiment remains bullish despite potential short-term adjustments [3][15]. - The central economic work conference has set a tone of "seeking progress while maintaining stability," indicating a commitment to proactive fiscal policies and moderately loose monetary policies, which stabilizes medium to long-term expectations [3][15]. - The bond market is expected to experience reduced pressure due to easing supply-demand dynamics and potential for interest rate cuts, leading to a stabilization of market sentiment [3][14]. Group 2 - Recent market adjustments in the A-share market are attributed to seasonal tightening of liquidity as investors lock in annual gains, resulting in a "stock game" characteristic where funds chase short-term opportunities [11]. - The U.S. Federal Reserve's recent decision to lower interest rates by 25 basis points and initiate a monthly purchase of $40 billion in government bonds is seen as a preventive measure to support the economy, which may positively impact risk assets [12][15]. - The report highlights the importance of monitoring key economic indicators, such as fixed asset investment and retail sales, to gauge future market trends [32].