Core Viewpoint - The A-share market is expected to experience a cross-year rally supported by new policy deployments, with a focus on TMT and advanced manufacturing sectors, while defensive and consumer sectors may be considered in the short term due to external factors [2]. Group 1: Market Performance - The Shanghai Composite Index fell by 0.34% this week, while the Shenzhen Component Index rose by 0.84%, and the ChiNext Index increased by 2.74% [2]. Group 2: Institutional Insights - **Everbright Securities**: Anticipates a cross-year market rally supported by new policy measures, with a focus on TMT and advanced manufacturing sectors. If external factors lead to market fluctuations, defensive and consumer sectors should be monitored [2]. - **Tianfeng Securities**: Notes that the CPI continued to rise year-on-year in November, while PPI's decline widened slightly. The market may be preparing for a new trading pulse before March, amidst a performance vacuum and policy negotiations [3]. - **Guotai Junan**: Believes that the market is entering a cross-year offensive, with expectations for policy upgrades and increased trading activity. The focus is on technology, brokerage insurance, and consumer sectors, as the market is expected to recover from previous adjustments [4]. - **CITIC Securities**: Emphasizes the importance of seeking intersection in investment strategies, focusing on overseas exposure and positive changes in domestic demand. Highlights the potential for resource and traditional manufacturing sectors to benefit from global market positioning [5].

Group 1 - The core viewpoint of the report indicates that the November CPI continues to rise year-on-year, while the PPI shows a slight widening of its decline [1] - Exports have turned positive year-on-year and exceeded expectations, indicating a potential recovery in trade [1] - M1, M2, and social financing metrics have all shown a decline, suggesting a tightening in liquidity [1] Group 2 - The upcoming December Politburo meeting and Central Economic Work Conference are expected to provide a positive evaluation of this year's work and set a "two-wide" tone for next year's initiatives [1] - The market is anticipated to be in a performance vacuum and policy negotiation period until March, which may lead to a new trading pulse [1]

Market Overview - The market experienced fluctuations after reaching a new high in November, maintaining a high-level consolidation phase. The recent phone call between the leaders of China and the U.S. and Trump's announcement of a visit to China next year may lead to improved bilateral relations [1] - Expectations for a rate cut by the Federal Reserve in December have shifted, with several officials expressing dovish sentiments, potentially improving market liquidity [1] Public Funds - In November, the newly established equity public fund shares reached 71.644 billion, an increase of 16.821 billion from the previous month, ranking in the 94.44 percentile over the past three years [6] - The issuance of active equity funds in November was 25.500 billion, up by 9.612 billion month-on-month, while passive equity funds saw an issuance of 28.892 billion, an increase of 6.354 billion [6] - The net subscription for existing stock ETFs in November was 17.700 billion, a decrease of 33.587 billion from the previous month, with significant net subscriptions observed in strategy and thematic ETFs [6] Private Securities Funds - The scale of private securities funds reached 7.01 trillion in October, showing a significant increase compared to September [2] - The number of newly issued stock products in October was 995, a decrease of 53 from September, indicating a slight downward trend [2] - The average position of the private equity long-only index in September was 66.22%, up by 2.40 percentage points from August, placing it in the 44.1 percentile since 2010 [2] Northbound Capital - The average daily trading volume of northbound capital in November was 221.242 billion, a decrease of 14.35% from the previous month, with its share of total A-share trading falling to 11.56% [7] Margin Financing - As of the end of November, the total margin financing balance was 2.47 trillion, down by 0.52% month-on-month, with the financing balance at 2.46 trillion, a decrease of 0.50% [7] - In November, there was a net outflow of 12.613 billion in margin financing, with its trading activity showing a high-level decline [7] Institutional Investment - The number of new institutional accounts opened on the Shanghai Stock Exchange in November was 9,700, a year-on-year increase of 28.49%, while individual accounts saw a decline of 11.86% [3] Insurance Capital - In Q3 2025, the net increase in equity assets held by property and life insurance reached 863.994 billion [8] - Recent macroeconomic conditions are favorable for insurance capital to enter the equity market, with risk factors for long-term holdings being adjusted downwards [8] Banking Wealth Management - The number of wealth management products issued in November was 6,651, a month-on-month increase of 35.73%, with the number of products reaching maturity also rising significantly [8] - The proportion of newly issued equity wealth management products in November was 0.92%, an increase of 0.63 percentage points from the previous month [8] Industrial Capital - In November, the net reduction in industrial capital was 40.131 billion, with an average daily net reduction of 2.007 billion, indicating a continued trend of net reduction [9] - The three main capital flow indicators showed a narrowing decline in November, suggesting a potential end to the current market adjustment phase [9]