Huaxi Securities: When there is a lack of technology rotation, pay attention to the logic of shifting between high and low level consumption sectors.

Huaxi Securities pointed out that for the stock market, when there is a lack of rotation in technology, attention should be paid to the high and low logic of the consumption sector. In entering December, the market's willingness to chase after technology stocks has decreased, while funds are still trying to break through. In this situation, the high and low logic is expected to receive attention. Looking at the economic data from November, consumption growth has slowed down. Considering that the Central Economic Work Conference has listed "adhering to domestic demand as the key task for 2026", the market may anticipate intensified policy maneuvers. Meanwhile, the dividend sector has been adjusting since November 14, with a cumulative decline of 5.95% as of today. Based on historical experience since 924, the potential downside may be limited. The logic of new energy is relatively solid, but it has not recovered significantly since the big drop on November 21, which is also a direction worthy of attention.