【策略周报】会议定调落地，布局春季成长

Key Points - The article discusses significant events impacting the economic landscape, including the U.S. allowing Nvidia to export AI chips to China under certain conditions, emphasizing national security [2] - The Central Political Bureau of the Communist Party of China highlighted the importance of domestic demand and a strong domestic market in its economic work for 2026, addressing issues like insufficient effective demand [2][4] - The Federal Reserve lowered its policy interest rate range by 25 basis points to 3.50%-3.75%, with expectations of 1 to 2 rate cuts in the following year [2] - In November, consumer prices showed a slight decrease month-on-month but a year-on-year increase, while the Producer Price Index (PPI) rose slightly month-on-month but fell year-on-year [3] - The Central Economic Work Conference outlined eight key tasks for 2026, focusing on domestic demand and innovation-driven growth [4] Market Overview - The bond market showed signs of recovery after adjustments due to credit events in real estate and concerns over monetary easing, with a shift in language regarding monetary policy from "timely" to "flexible and efficient" [6] - The A-share market experienced mixed performance as seasonal tightening of funds led to a slowdown in new capital inflow, resulting in a focus on short-term opportunities amid a backdrop of policy anticipation [7]