A股策略周报：岁末配置需保持耐心-20251214

Core Insights - The report emphasizes the need for patience in asset allocation as the A-share market experiences mixed performance, with technology sectors outperforming [2] - The Federal Reserve's recent interest rate cut and dovish signals have influenced market sentiment, while concerns over AI bubbles have led to declines in major US indices [2] - Domestic economic indicators show resilience in exports and improvements in prices, with the Central Economic Work Conference setting a clear policy direction for 2025 [2] Recent Developments - November export growth rebounded to 5.9% year-on-year, while imports increased by 1.9% [3][5] - Key export products such as automobiles and integrated circuits saw significant growth, with year-on-year increases of 53% and 34% respectively [2] - The Consumer Price Index (CPI) rose to 0.7% year-on-year in November, while the Producer Price Index (PPI) maintained positive month-on-month growth [5][6] Financial Data - Social financing in November showed a year-on-year increase, with a total of 1,597 billion yuan added, although credit growth remained weak [7][8] - The report highlights a decline in new RMB loans, with a decrease of 1,163 billion yuan in November [7] Policy Tracking - The Central Economic Work Conference emphasized a dual approach of policy support and reform innovation, focusing on stabilizing the economy and enhancing domestic demand [10] - Key tasks include promoting technological innovation, green transformation, and stabilizing the real estate market [10] Market Performance - The A-share market saw a decline in the Shanghai Composite Index by 0.34%, while the ChiNext Index increased by 2.74% [11] - The report notes that sectors such as communication, defense, and electronics led the market gains, reflecting a shift towards technology-driven growth [17]