固定收益周报：事件性冲击结束-20251214

1. Report Industry Investment Rating No relevant content is provided in the report. 2. Core View of the Report - The overall macro - policy aims to stabilize the macro - leverage ratio. The liability growth rate of the real - sector is expected to decline in December 2025, and the government debt growth rate is also expected to continue to fall. - The economic situation on the asset side is weak, with the physical quantity data in October weaker than that in September. It is necessary to focus on when the economy will stabilize and pick up. - The stock - bond ratio is in an interval - shock state, currently with risk - preference at the upper limit of the interval and trending downward later. The stock - bond ratio is in favor of bonds, and the equity style is in favor of value [17][19][22]. 3. Summary According to Relevant Catalogs 3.1 National Asset Balance Sheet Analysis - Liability Side: In November 2025, the liability growth rate of the real - sector was 8.7%, the same as the previous value, and it is expected to drop to around 8.5% in December. The government debt growth rate was 13.1% at the end of November, and is expected to fall to around 12.5% in December. The capital market was basically stable last week, mainly due to the renewal of 750 billion special treasury bonds on the 12th, with a high probability of subsequent marginal convergence [17][18]. - Fiscal Policy: The net increase of government bonds last week was 298.1 billion yuan, higher than the planned net decrease of 510.2 billion yuan. It is planned that the government bonds will have a net decrease of 119.2 billion yuan next week [2][18]. - Monetary Policy: Last week, the capital trading volume and price increased on a weekly average basis, and the term spread was stable. The one - year treasury bond yield fluctuated narrowly, closing at 1.39% on the weekend. The term spread between the ten - year and one - year treasury bonds was stable at 45 basis points. The yield fluctuation ranges of the ten - year and thirty - year treasury bonds are expected to be around 1.6% - 1.9% and 1.8% - 2.3% respectively [2][18]. - Asset Side: The physical quantity data in October was weaker than that in September. The annual real economic growth target in 2025 is about 5%, and the nominal economic growth target is about 4.9%. It is necessary to observe whether 5% will become the central target for China's nominal economic growth in the next 1 - 2 years [3][19]. 3.2 Stock - Bond Ratio and Stock - Bond Style - Economic Cycle: Since 2011, China has entered a period of declining potential economic growth, which seems to have ended in the fourth quarter of 2024. The government put forward three policy goals in 2016, and currently the liability - side convergence has not ended but the space is limited [6][20]. - Overseas Situation: China and the US are in a state of equal - power competition. If the valuation of the US technology field is re - evaluated, global funds may flow to China. It is necessary to focus on whether the RMB exchange rate will enter an appreciation channel [6][21]. - Market Performance: Last week, the capital market was stable, with stocks and bonds rising slightly, and the equity style shifting to growth - dominance. The bond yields at both long - and short - ends declined slightly, and the stock - bond ratio was in favor of bonds [7][21]. - Investment Recommendation: It is recommended to allocate long - term bonds and value - type equity assets. This week, it is recommended to allocate the Shanghai Composite 50 Index (80% position) and the 30 - year treasury bond ETF (20% position) [8][22]. 3.3 Industry Recommendation - Industry Performance Review: This week, A - shares fell on heavy volume. Among the Shenwan primary industries, communication, national defense and military industry, electronics, machinery, and power equipment had the largest increases, while coal, petroleum and petrochemicals, steel, real estate, and textile and clothing had the largest declines [30]. - Industry Crowding and Trading Volume: As of December 12, the top five crowded industries were electronics, power equipment, communication, machinery, and computers, while the bottom five were beauty care, comprehensive, petroleum and petrochemicals, steel, and coal. The trading volume of the whole A - shares rebounded this week, with the trading volume of some industries increasing and that of some industries decreasing [31][34]. - Industry Valuation and Earnings: This week, among the Shenwan primary industries, the PE (TTM) of communication, electronics, national defense and military industry, machinery, and comprehensive increased the most, while that of coal, petroleum and petrochemicals, steel, real estate, and textile and clothing decreased the most. Industries with high 2024 full - year earnings forecasts and relatively low current valuations include banks, securities, insurance, etc. [37][38]. - Industry Prosperity: Externally, the demand is declining marginally, with the global manufacturing PMI falling and the export growth rates of some countries fluctuating. Domestically, the second - hand housing price fell last week, and quantity indicators showed mixed trends [42]. - Public Offering Market Review: In the second week of December, most active public - offering equity funds outperformed the CSI 300. As of December 12, the net asset value of active public - offering equity funds increased slightly compared with that in Q4 2024 [60]. - Industry Recommendation: In the de - leveraging cycle, the stock - bond ratio is only slightly in favor of equities, and the value style is more likely to dominate. A recommended A + H dividend portfolio includes 13 stocks, and the A - share portfolio includes 20 stocks, mainly concentrated in industries such as banks, telecommunications, petroleum and petrochemicals, and transportation [9][65].