华泰证券研报认为，上周，随着12月美联储降息预期回升，A股缩量反弹。从ETF期权隐含波动率以及 资金面变化看，短期市场情绪有所修复。结构上，超跌修复是景气结构边际变化有限下的共识。展望 看，12月有望迎来基本面预期及宏观流动性改善、政策及产业主题催化以及筹码压力消化的先后落地， 春季躁动或提前启动。建议布局"春躁"中的高胜率方向，成长与周期均衡配置高性价比的细分方向。前 者关注航空装备以及AI链相关的 储能和电网及 电源设备。后者关注 化工以及 能源金属。此外， 大金 融及部分高性价比的消费，如 白酒以及to C消费 建材等，仍是中期中国资产重估的底仓选择。 ...

Core Insights - The report by CITIC Securities highlights the changing dynamics of global stock markets, indicating a shift from a "single core" investment strategy to a "regional diversification" approach, particularly in developed markets [3] - In emerging markets, there is a notable concentration in Asia, with China, India, and Taiwan collectively accounting for over 66% of the market [3] Market Structure - In developed markets, the weight of the US remains high at 71.46%, but has decreased, while Japan, France, and other developed markets are gaining weight [3] - The technology sector continues to dominate the global market, with information technology and finance accounting for over 42% in developed markets [3] - Emerging markets show a rise in technology and stable finance sectors, while resource sectors maintain relative strength [3] Regional Characteristics - China focuses on technology and manufacturing, showing high capital concentration and increasing capital attractiveness [3] - India's market structure is balanced with active consumption, finance, and industry sectors, benefiting from domestic demand and demographic advantages [3] - Japan's market is characterized by industrial and consumer discretionary sectors, reflecting traditional manufacturing strengths [3] - Hong Kong and Singapore maintain their status as financial centers, with telecommunications and finance leading in market capitalization and trading [3] - Australia continues to exhibit resource-oriented characteristics, while Southeast Asia's market structure is fragmented and less active, indicating a developing capital market [3] Valuation Levels - Global stock market valuations are generally rising, with significant differentiation at the industry level [4] - The US market shows high valuations and strong profitability, with the S&P 500 and NASDAQ 100 PE ratios exceeding 25 and 33, respectively, and ROE above 18% [4] - European markets have moderate valuations, with Germany's DAX high but limited profitability, while UK and French markets exhibit lower valuations and earnings [4] - Asian markets show significant valuation and profitability disparities, with South Korea being attractively valued but with weak earnings, while India sees a valuation decline [4] - The technology sector shows notable valuation differences, with Germany at historical highs and South Korea undervalued; the financial sector in the US and Australia is highly valued, while some Southeast Asian markets are significantly undervalued [4]