The market is driven by multiple factors but still experiences fluctuations

1. External market dynamics: AI pullback raises resonance concerns

On Friday, the US stock market opened high but closed low, with the Nasdaq index falling by 1.69%. AI giants represented by Nvidia generally adjusted. This trend has once again tightened the mood of A-share investors holding technology and growth sectors. However, it is worth noting that strong signals of chip industry stimulus policies have recently emerged domestically, and the logic of self-controllability is still being strengthened.

In the current macroeconomic context, the impact of the Federal Reserve FOMC meeting results on the stock and bond markets is relatively mild, with market fluctuations mainly stemming from adjustment pressures following earnings reports from heavyweight stocks like Oracle and Broadcom. It is noteworthy that the AI industry has become deeply bound to the US real economy and market volume, forming a pattern of "technology coexisting with a bull market." Before the emergence of a new major replacement line, even if funds attempt to switch, the process is unlikely to be smooth, and the adjustment of the AI sector is often accompanied by overall market volatility.

SpaceX's IPO process confirmed: the company officially announced plans for an IPO next year, with an estimated valuation of about $800 billion (more rational than the previously rumored $1.5 trillion), but it will still become the world's highest-valued unicorn company.

2. Domestic market main line: Commercial aerospace enthusiasm continues

Commercial aerospace has become the most sustainable hotspot in the recent market, with related themes (including commercial aerospace, space computing, reusable rockets, etc.) maintaining high enthusiasm for the fourth consecutive week. Catalytic factors are dense:

SpaceX's IPO expectations boost sector sentiment

The Ministry of Industry and Information Technology has clearly stated to accelerate satellite internet construction, focusing on the new track of "space computing"

China's first space computing joint laboratory has been established in Shanghai

The Long March 12甲 rocket is scheduled to launch on December 17

This sector has formed a triple drive of policy, events, and technology landing, becoming the current focus of capital accumulation.

3. Industry and policy trends

Baijiu sector: Guizhou Moutai is rumored to introduce a control policy, and recently the wholesale price of Feitian Moutai has rapidly jumped to 1580 yuan/bottle, with four price adjustments in a single day. In the short term, this has boosted sentiment in the baijiu sector, but the "control volume and maintain price" strategy may suppress revenue growth in the medium to long term, making it too early to declare the industry has fully bottomed out.

Fertility support policies: The National Healthcare Security Administration has proposed "striving to achieve basically no cost for childbirth next year," indicating that encouraging childbirth policies are entering a substantial implementation phase. Follow-up supporting policies in education, childcare, and other areas are worth tracking.

Real estate dynamics: Vanke's debt extension plan has not yet been approved by creditors and is currently still in a negotiation window. This event reflects that cash flow pressure in the industry still exists, but the overall impact on the sector is expected to be limited.

Energy sector:

Nvidia will hold a closed-door meeting next week to discuss power solutions in the AI era

The Central Financial Affairs Office has clarified that it will expand the application of green electricity next year and cultivate new points such as hydrogen energy and green fuels

The coverage of research reports by brokers in the sub-sectors of hydrogen energy and nuclear power has significantly increased recently.

4. Short-term market outlook and strategic thoughts

Liquidity environment: The central bank today conducted a 600 billion yuan reverse repurchase operation, clearly indicating liquidity support intentions. Combined with news about Moutai's volume control, the probability of a significant market decline in the short term is relatively low, and it is expected to mainly consolidate through fluctuations.

Hotspot observation: Key tracking of the capital receiving strength in commercial aerospace, nuclear power, and other main lines after divergence. In addition, there are also structural opportunities in directions such as retail consumption, cross-strait relations, and domestic technology substitution.

New stock subscription reminders:

December 15: Jianxin Superconductor (Sci-Tech Innovation Board)

December 16: Jiangtian Technology (Beijing Stock Exchange)

December 19: Qiangyi Co., Ltd. (Sci-Tech Innovation Board), Yufan Technology (Shenzhen Main Board), Shuangxin Environmental Protection (Shenzhen Main Board)

Among them, Mu Xi Co., Ltd. (a domestic GPU company), which is expected to be listed soon, is attracting attention due to its scarcity and is likely to become another "big ticket."