【Citic Securities: Institutional Capital, Active Capital, And Retail Capital Are Expected To Resonate In December To Drive The Market'S New Year'S Eve Market】According To The Citic Securities Research Report, Looking Ahead To December, It Is Expected That The Central Economic Work Conference Will Once Again Boost Institutional Financial Confidence; Economic Data For The Fourth Quarter Are Expected To Pick Up Steadily And Price Signals In The Real Estate Sector Will Improve Partially; The Impact Of Negative External Expectations Has Been Gradually Digested, And The RMB Is Expected To Stabilize; Institutional Capital, Active Capital, And Retail Capital Are Expected To Resonate In December, Driving The Market'S New Year'S Eve Market. First, Judging From Policy Signals, Active Fiscal Policies Or The Highlight Of The Year-End Economic Work Conference Are Expected To Exceed Market Expectations. The Previous Policy Expectations For Institutional Funding Are Generally Conservative, And There Is More Room For Improvement In The Future Compared To Active Capital. Second, Judging From Price Signals, Factors Such As Trade-In And Export Grabbing Are Expected To Support A Steady And Moderate Recovery In The Real Economy In The Fourth Quarter. Housing Prices In Some Cities Already Showed A Steady Upward Trend, But Overall Stopping The Decline And Stabilizing Back Still Requires Policy Support. Again, Judging From External Signals, The Negative Impact Of Potential Additional Tariffs Has Been Gradually Absorbed By The Market, And The RMB Is Expected To Remain Stable In December After Undergoing A Round Of Rapid Adjustments. Finally, From A Market Perspective, The Increase In Agencies' Policy Expectations And The Entry Of Insurance Funds Into The Market In December May Change The Current Trend Of Weak Institutions In Terms Of Pricing Capacity And Strong Active Capital. In Terms Of Allocation, It Is Also Necessary To Gradually Switch To Excellent Performance Growth And Domestic Demand Consumption