Macro Environment - The central economic work conference held on December 10-11 emphasized counter-cyclical and cross-cyclical adjustments, indicating a stable macro policy for 2026, focusing on structure and efficiency [10] - The manufacturing PMI for December was 50.1%, up 0.9 percentage points from the previous month, indicating an acceleration in manufacturing activities [12] - The non-manufacturing business activity index rose to 50.2%, returning to the expansion zone [12] Market and Industry Performance - In December, the bond market faced pressure, with the ten-year main contract down 0.05% and the thirty-year bond down 2.66% [50] - The equity market favored growth styles, with the advanced manufacturing sector rising by 5.97% and technology (TMT) by 4.55% [51] - The top five performing industries in December were defense and military (17.22%), non-ferrous metals (13.68%), and telecommunications (12.06%) [59] Monthly Allocation Recommendations - For January 2026, the report suggests focusing on technology sectors (such as electrical equipment and semiconductors), resource products, and high-dividend sectors due to ongoing policy support and a favorable liquidity environment [70]
月度策略：继续关注科技成长及高股息“哑铃”策略-20260107
Zhongyuan Securities·2026-01-07 08:38