策略周报：继续耐心布局高景气-20251221

Group 1 - The report emphasizes the importance of patiently positioning in high-growth sectors despite year-end market volatility, with a focus on sectors like AI, semiconductors, new energy, and non-ferrous metals [3][12] - The bond market shows signs of recovery in bullish sentiment, with expectations for interest rate cuts and new public fund fee regulations, although the report advises maintaining a neutral duration stance due to potential resistance in further declines of the 10-year government bond yield [3][12] - The report highlights that the A-share market has shown resilience in certain high-growth sectors, suggesting a favorable outlook for the upcoming spring market in January and February [3][12] Group 2 - Recent economic data indicates a decline in consumer growth to 1.3% in November, with fixed asset investment growth falling to -2.6%, reflecting increased pressure on the domestic economy [9] - The report notes that the bond market has priced in negative factors, leading to improved market sentiment, while the A-share market has experienced fluctuations due to global market concerns, particularly following the Bank of Japan's interest rate hike [10][12] - The report tracks key indicators in the A-share and bond markets, noting a slight decline in A-share valuation and trading activity, with average daily trading volume dropping to 17,605 billion yuan [20]