HT Strategy: There are three aspects of the conditions for the start of the New Year's market. At present, it is necessary to closely follow the incremental policies and fundamental trends.

On December 1st, Jinshi data, Haitong strategy released a research report, stating that at the end of the year and the beginning of the year, there is a performance window, an important meeting window, and many institutional games. The cross-year market often starts, but the start time and the magnitude of the increase vary widely. The conditions for the start of the cross-year market are the improvement of the fundamentals/liquidity easing/policy catalysis. The market elasticity depends on the strength of the driving factors and the previous market environment. At present, it is necessary to closely follow the incremental policies and the trend of the fundamentals. Structurally, technology manufacturing and medium- to high-end manufacturing with superior fundamentals are medium-term.