★春节前后科技反弹窗口将至！布局错杀修复与硬科技主线 【本期重点】 ★剧震中的主线切换：高切低行情下，如何把握科技与内需的轮动脉搏？ ★春节行情"预热"：服务消费领跑，数据微光下的结构性机会 ★油价"上有顶、下有底"，三桶油股息在走高 ★事件驱动行情接近尾声，煤价继续上涨空间有限 本期会谈邀请数位买方机构的基金经理，对大盘、政策、以及后市投资机会等进行深度交流。 ★在分歧中锁定共识：全球AI资本开支加速，硬件是穿越波动的"锚" ★旺季将至+政策催化，锂电迎来布局黄金窗口 ...

Group 1: Market Overview - The A-share market showed a strong upward trend last week, with major indices generally rising. The market style continued to favor resource products and technology growth, while consumer sectors experienced a pullback [1] - In terms of industry performance, sectors such as non-ferrous metals (precious metals + industrial resources), military industry (commercial aerospace), and power equipment (data center power) led the gains, while consumer, banking, and coal sectors turned downward [1] Group 2: Macroeconomic Analysis - The national fiscal work conference emphasized the continuation of a more proactive fiscal policy in 2026, focusing on expanding fiscal spending and ensuring necessary expenditure. Key tasks include boosting domestic demand, increasing investment in new productive forces, and promoting employment and income growth [2] - From January to November, the total profit of industrial enterprises above designated size reached 66,268.6 billion yuan, a year-on-year increase of 0.1%. The manufacturing sector's profit totaled 50,317.9 billion yuan, growing by 5.0%. Notable growth was seen in the computer, communication, and other electronic equipment manufacturing sectors, while the oil and gas extraction sector saw a decline of 13.6% [2] Group 3: International Economic Context - In the U.S., third-quarter economic data exceeded expectations, leading to a cooling of interest rate cut expectations. The GDP growth rate for Q3 was 4.3%, surpassing the expected 3.3% and the previous 3.8%. The resilience of the U.S. economy is attributed to strong personal consumption, increased public spending, and improved export contributions [3] - Structural weaknesses in the labor market and the upcoming Federal Reserve leadership change may influence future interest rate decisions [3] Group 4: Investment Strategy - The market is expected to take a significant step forward as the year ends, supported by factors such as a systemic decline in risk-free interest rates and an anticipated surge in asset management demand [4] - Capital market reforms are enhancing the investability of Chinese assets and improving market resilience to risks, suggesting a potential shift from a volatile market to a more stable one [4] Group 5: Investment Directions - The focus is on technology, financial services, and consumer sectors. Specific areas of interest include technology growth driven by advancements in AI and computing infrastructure, as well as financial sectors like brokerage and insurance benefiting from capital market reforms [5] - The domestic policy to expand internal demand is expected to strengthen, making it a key theme alongside technology. Emerging consumption trends and events like sports and winter tourism are highlighted as potential investment opportunities [5]