【策略】宽幅震荡，静待风起——2025年12月A股及港股月度金股组合（张宇生/王国兴）

Market Performance - In November, A-shares experienced a general decline, with the ChiNext 50 index dropping the most by 7.1%, while the Shanghai 50 index fell the least by 1.3% [7] - The Hong Kong stock market also showed volatility, with the Hang Seng Index increasing by 0.1% and the Hang Seng Technology Index decreasing by 4.9% as of November 26, 2025 [7] A-share Outlook - The market is believed to still be in a bull phase, but may enter a period of wide fluctuations in the short term. There is significant room for index growth compared to previous bull markets, but the focus may shift to the duration of the bull market rather than the magnitude of gains [8] - Short-term attention should be on defensive and consumer sectors, while TMT (Technology, Media, and Telecommunications) and advanced manufacturing sectors should be monitored in the medium term [8] Hong Kong Stock Outlook - The expectation of a potential interest rate cut by the Federal Reserve in December may lead to continued upward volatility in the Hong Kong stock market. The overall profitability of Hong Kong stocks remains strong, with relatively low valuations despite recent increases [9] - A "barbell" strategy is recommended, focusing on sectors such as autonomous control, chips, and high-end manufacturing, as well as independent internet technology companies and high-dividend, low-volatility stocks in sectors like telecommunications and utilities [9]