CITIC Securities' December strategy: seize the opportunity to lay out and prepare for the year-end market rally.

The CITIC Construction Investment Research Report indicates that although there may still be fluctuations in the market in the short term, CITIC Construction Investment believes that any decline would be a better opportunity for positioning. In the short term, the focus at the strategic level is on seizing opportunities to prepare for the year-end market. Focus on the Federal Reserve interest rate meeting after December 10 and the Central Economic Work Conference, and consider low-level positions and strategic positioning before the meeting, paying attention to the support of the half-year line and market trading volume. The main reasons for the year-end market include: the consensus on the early spring enthusiasm, the possibility of the Federal Reserve cutting interest rates providing a signal for improved liquidity, policy expectations in the first year of the "Fifteen-Year Plan", and similarity with the year-end market in December 2020. Considering the industrial prosperity expectations in 2026, CITIC Construction Investment believes that AI, new energy, innovative medicine, mechanical equipment, non-ferrous metals, and chemicals are expected to be the main sectors to rise in the year-end market. Also focus on opportunities in Hong Kong stocks in the internet and commercial aerospace sectors. Key industries to focus on: non-ferrous metals, AI, new energy, innovative medicine, mechanical equipment, Hong Kong stocks in the internet sector, chemicals, etc. Key themes to focus on: commercial aerospace.