Group 1 - The A-share market has shown weak performance recently, with the Shanghai Composite Index closing down 1.1% on December 16, marking a cumulative decline of 2.5% over the past six trading days [2] - The market is experiencing a broad decline, with over 4,000 listed companies falling, while the trading volume on December 16 was 1.75 trillion yuan, slightly down from the previous day [2] - The sectors performing well include retail, beauty care, and social services, while telecommunications, non-ferrous metals, and power equipment saw the largest declines [2] Group 2 - Both internal and external factors have contributed to a temporary decline in market risk appetite, with external factors playing a dominant role. The recent FOMC meeting indicated a neutral to hawkish stance, with expectations of only one rate cut by 2026, raising concerns about liquidity [3] - Domestic economic data for November showed a continued slowdown compared to October, with significant declines in fixed asset investment and retail consumption growth, leading to increased market focus on fundamental data [3] Group 3 - The underlying logic for market growth remains intact, with a positive mid-term trend expected through 2026. The macro policy shift since last year has changed investor sentiment, providing a stable foundation for market recovery [4] - The fundamental drivers of the current market rally include the restructuring of the international monetary order and advancements in industrial innovation, both of which have not been disrupted [4] Group 4 - The current market pullback may offer good positioning opportunities for the first half of 2026, as overall valuations in the A-share market remain attractive compared to global peers and major asset classes [5] - Suggested investment strategies include focusing on growth styles during market corrections, with three main lines of focus: 1) sectors experiencing growth such as AI technology and innovative pharmaceuticals, 2) companies benefiting from overseas expansion, and 3) cyclical sectors nearing improvement points [5][6]
中金：内外因素引发回调，中期向好逻辑未改