周观点：美国居民部门加杠杆或将深化长期风险-20251221

Group 1 - The report highlights that the U.S. resident sector is showing signs of increased leverage, but its sustainability is questionable [2][9] - The report indicates that the U.S. non-farm payroll data for November exceeded expectations, with an increase of 64,000 jobs, while the structure of job growth is weak, concentrated in education and healthcare services [8] - The report suggests that the Chinese market may undergo a significant style shift during the release of overseas risks, accompanied by a substantial appreciation of the Renminbi [3] Group 2 - The report notes that the U.S. Federal Reserve's balance sheet expansion and adjustments in the asset structure of U.S. commercial banks are ongoing [4] - It emphasizes the importance of monitoring the potential strengthening of the U.S. dollar, which could signal risks leading to a simultaneous decline in the U.S. dollar, U.S. Treasury bonds, and U.S. stocks [3] - The report expresses a long-term positive outlook on sectors such as insurance, state-owned enterprises, anti-involution industries, Chinese internet companies, and military trade [3]