上周A股市场延续震荡格局，指数表现分化、科技成长占优。尽管重要会议强调对拉动内需的支持，11 月M2和社融规模增速保持稳定，CPI数据也有所回暖，但当前资金依然更青睐科技板块。周内A股交投 活跃度有所回升，日均成交额升至1.95万亿元。风格上看，科技成长领涨而周期、消费普遍下跌。整体 体现为：成长>周期>消费>金融。 金鹰基金表示，近期多项重要会议与数据落地，国内方面，上周政治局会议、中央经济工作会议先后举 行，初步奠定政策基调并明确"扩大内需"、"人工智能+"、"着力稳定房地产市场"等结构性方向。数据 上，11月CPI有所回暖、M2和社融规模增速保持稳定，但居民消费动力仍不足。后续需关注财政提效、 货币适度宽松与结构性政策落地对市场的持续提振。 海外方面，美联储超预期鸽派降息，但联储内部分歧加剧，提前重启技术性扩表应对流动性紧张，资本 市场在降息呵护下软着陆。但上周五科技板块集体下挫，市场对AI泡沫的担忧仍存，市场或呈阶段性 震荡。后续关注本周将公布的11月非农数据、明年初美联储新任主席的提名情况，我们认为美联储在明 年年初降息暂歇后，仍会持续开启降息，温和通胀和疲弱就业或依然支持美联储保持降息路径。 关注 ...

Group 1 - The A-share market continues to experience fluctuations with significant sector differentiation, as the Shanghai Composite Index struggles around the 4000-point mark, indicating a high-level consolidation phase [1] - The market shows structural characteristics with consumer recovery leading the gains, defensive pharmaceutical stocks strengthening, and technology sectors under pressure, reflecting a trend of consumption > finance > cyclical > growth [1] - The average daily trading volume in the A-share market has risen to 2.04 trillion yuan, indicating increased trading activity despite a general decline in market participation [1] Group 2 - Economic data in China presents mixed signals, with October CPI turning positive year-on-year, but other indicators such as retail sales, fixed investment, and industrial value-added showing marginal weakness, suggesting that domestic economic momentum still requires policy support [2] - The U.S. government has ended its shutdown, but market sentiment remains cautious due to the absence of U.S. economic data, with the Federal Reserve maintaining a hawkish stance; this has led to short-term valuation pressure on U.S. tech stocks [2] - Looking ahead, there is a possibility of the Federal Reserve choosing to cut interest rates in December, supported by upcoming inflation and employment data, which could influence market dynamics [2] Group 3 - The investment strategy suggests a balanced approach to rapidly rotating market styles, focusing on core themes in technology while paying attention to domestic policy directions for value stocks [3] - Although cyclical and consumer sectors may face short-term performance pressures, current stock prices have largely reflected pessimistic mid-term expectations, indicating potential for valuation recovery [3] - The technology sector is expected to undergo a phase of capital pressure digestion, with short-term stagnation in pharmaceuticals and military industries potentially leading to a rotation towards technology, while mid-term focus remains on sectors with fundamental support such as overseas computing power, storage, consumer electronics, and wind energy storage [3]