外需修复，股指震荡

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The external demand is recovering, while the domestic demand growth momentum needs further strengthening. The stock index is in the process of repair, with no significant risks, but the upward momentum awaits clear signal catalysts. Attention should be paid to the stabilization at the support level and the non - farm payroll data in the overseas market [1][3] 3. Summary by Relevant Catalogs Market Analysis - Macro - economic data: In November, the national industrial added value above designated size increased by 4.8% year - on - year, the service industry production index increased by 4.2% year - on - year, and the total retail sales of consumer goods increased by 1.3% year - on - year. From January to November, the national fixed - asset investment decreased by 2.6% year - on - year. Among them, manufacturing investment increased by 1.9%, and real estate development investment decreased by 15.9%. The national urban survey unemployment rate in November remained flat at 5.1%. Overseas, the Fed's policy has shifted from mild tightening to neutral, with expected inflation and unemployment rate changes [1] - Stock index adjustment: In the spot market, the three major A - share indexes adjusted, with the Shanghai Composite Index falling 0.55% to close at 3867.92 points and the ChiNext Index falling 1.77%. The sectors showed mixed performance. The trading volume in the Shanghai and Shenzhen stock markets continued to decline to 1.7 trillion yuan. Overseas, the three major U.S. stock indexes closed slightly down [1] - Futures market: In the futures market, the basis of the current - month contract basically converged this week. The trading volume of IH increased, and the positions of the four major stock index futures decreased [2] Strategy - Overseas, pay attention to the non - farm payroll data as the three major U.S. stock indexes closed slightly down. Domestically, the latest economic data shows a differentiation between internal and external demand, with external demand recovering and the domestic demand growth momentum needing further strengthening. The stock index is in the repair process, with upward momentum awaiting clear signal catalysts. Attention should be paid to the stabilization at the support level [3] Charts - Macro - economic charts: Include charts on the relationship between the U.S. dollar index and A - share trends, U.S. Treasury yields and A - share trends, RMB exchange rate and A - share trends, and U.S. Treasury yields and A - share style trends [7][10] - Spot market tracking charts: Present the daily performance of major domestic stock indexes, the trading volume of the Shanghai and Shenzhen stock markets, and the margin trading balance [14][15] - Stock index futures tracking charts: Provide data on the trading volume and positions of stock index futures, basis, and inter - period spreads, as well as relevant charts [16][37][41]