上周A股市场整体呈现震荡调整格局，主要宽基指数涨跌分化，市场结构性特征显著。其中，科技应用 有所走强，石油石化连续两周大涨，商业行业继续推升军工板块热度，但新能源行业回调。 行业方面，石油石化、军工（商业航天）、传媒计算机（AI应用与数字人民币）、机械设备（机器 人）行业等领涨，公用事业、电力设备等转跌。 宏观分析：国内12月PMI逆季节性回升，预期改善 国内方面，制造业PMI逆季节性回升，企业预期明显改善。统计数据显示，2025年12月份，制造业PMI 为50.1%，比11月上升0.9个百分点，自4月份以来首次升至扩张区间。在调查的21个行业中有16个行业 PMI较11月出现回升。 主要原因在于：一是贸易环境持续优化，外需订单回补成为主要驱动力；二是国内政策加大逆周期和跨 周期调节力度；三是能源保供和部分行业复产也推动了PMI的改善，服务业和建筑业景气度上升，供需 修复带动12月PMI反弹。我们认为，政策支持下，短期内内需有望持续改善，但需关注价格波动风险。 政策面来看，宏观政策更加积极有为，节奏有望靠前发力。具体来看，第一，财政部提前下达2026年新 增地方政府债务限额。第二，发改委组织下达2026年提前 ...

Market Overview - The A-share market experienced a volatile adjustment last week, with significant divergence among major indices and notable structural characteristics in the market [1] - Technology applications strengthened, while the oil and petrochemical sectors saw consecutive weeks of gains; the commercial sector continued to boost the military industry, but the new energy sector faced a pullback [1] Macro Analysis - In December, the domestic manufacturing PMI showed a seasonal rebound, rising to 50.1%, an increase of 0.9 percentage points from November, marking the first time since April that it entered the expansion zone [2] - Among 21 surveyed industries, 16 reported a PMI increase compared to November, driven by improved trade conditions, increased external demand, and domestic policy adjustments [2] - Key macro policies include early issuance of local government debt limits for 2026 and a total of approximately 295 billion yuan allocated for early construction projects, aimed at accelerating fund disbursement [2] Overseas Economic Data - Recent U.S. economic data exceeded expectations, with pending home sales in November rising by 3.3%, significantly above the anticipated 0.9% [3] - Initial jobless claims unexpectedly fell to 199,000, compared to the expected 218,000 [3] - The December FOMC meeting minutes indicated a hawkish tone, with most participants supporting potential rate cuts if inflation trends downward, while also acknowledging risks of rising inflation [3] Investment Strategy - The company is optimistic about technology growth, non-bank financials, and cyclical assets as the Chinese stock market is expected to stabilize and surpass significant thresholds in 2026 [4] - Factors supporting this outlook include anticipated U.S. interest rate cuts, continued inflow of incremental capital, and policy measures aimed at stabilizing the real estate market [4] - The focus is on sectors benefiting from AI and emerging market industrialization trends, as well as cyclical valuation opportunities under domestic demand expansion [4] Sector-Specific Insights - In the technology growth sector, there is potential in domestic internet, electronics, media, and computing, particularly with the ongoing chip technology breakthroughs and storage price increases [5] - Non-bank financials are expected to benefit from increased wealth management demand and capital market reforms, with a focus on insurance and brokerage sectors [5] - Cyclical sectors are showing marginal improvements in valuation and are likely to benefit from policies aimed at expanding domestic demand and stabilizing the real estate market, including tourism, hospitality, and commodities [6]