【策略周报】继续耐心布局高景气

Key Points - The core viewpoint of the article highlights the recent economic data indicating a slowdown in China's economy, alongside significant monetary policy changes in Japan that may impact global markets [2][4]. Group 1: Important Events Review - On December 15, the National Bureau of Statistics released November economic data showing a decline in consumption growth to 1.3% (previously 2.9%), a cumulative fixed asset investment growth rate of -2.6% (previously -1.7%), and an industrial added value decrease to 4.8% (previously 4.9%), indicating increased pressure on the domestic economy, although achieving the annual growth target remains feasible [2]. - On December 19, the National Financial Regulatory Administration publicly solicited opinions on the draft "Asset-Liability Management Measures for Insurance Companies," which clarifies assessment methods and standards, implementing long-term evaluations to prevent excessive pursuit of business expansion and short-term profits that could compromise asset-liability management [2]. - On December 19, the Bank of Japan announced a 25 basis point interest rate hike, raising the unsecured overnight call rate to 0.75%, the highest level since 1995, with the decision passing unanimously 9-0 [2]. Group 2: Market Reactions - The bond market showed slight recovery as negative factors were priced in, improving market sentiment and raising expectations for interest rate cuts and new public fund fee regulations, leading to a downward adjustment in yields from previously high levels [3]. - The A-share market experienced fluctuations and adjustments, particularly in growth sectors, influenced by the Bank of Japan's interest rate hike, which raised global market concerns and amplified volatility, while dividend and financial sectors helped lift the Shanghai Composite Index for three consecutive days [4].