核心要点：
　　·2022年12月A股投资者较为谨慎。截至12月27日，本月上证指数下跌1.77%，深证成指下跌0.02%，市场波动幅度不大。板块方面，餐饮旅游、传媒、食品饮料涨幅居前;本月日均成交额达8096.34亿元，北上资金净流入达321.12亿元。
　　·寻找高性价比始终是投资的关键。今年A股市场出现回落，当前A股估值仍处于近10年的低位区间，从估值的角度看，市场行情的出现需要事件驱动或政策春风不断吹拂。国际方面，美联储主席近期暗示2023年不会降息，美联储如何平衡通胀和加息是2023年市场的重点关注焦点。美联储持续加息期间欧美滞胀的风险将对A股例行的春季行情形成隐患，需持续密切关注。无论是从事件性催化、政策端利好还是国际市场带来的隐患等方面看，市场的投资价值始终将回归寻找高性价比。
　　·政策助力，消费板块受益。中共中央、国务院近日印发了《扩大内需战略规划纲要(2022-2035年）》，并发出通知，坚定实施扩大内需战略、培育完整内需体系，是加快构建以国内大循环为主体、国内国际双循环相互促进的新发展格局的必然选择。明确了以优化供给带动内需扩大，消费是强内需的核心之一，在疫情后消费修复与扩大内需的背景下，中短期消费板块迎来行情修复。
　　·1月配置建议在磨底中布局。如果美联储在2023仍加息两次，期间需警惕欧美滞胀风险输入的隐患，将掣肘A股每年的春季攻势行情。在国内政策利好的带动下，与疫情密切相关的:经济重启节奏与经济复苏的强度将成为1月主要影响市场节奏的关键。临近春节+疫后时期消费复苏，消费板块受益明显。我们认为1月仍处于磨底的结构性震荡时期，投资策略应当聚焦受益于春节带动的板块+高性价比受益题材及个股。1月我们建议战略性布局传统价值股如大消费、医疗服务、稳增长等板块。
　　风险提示:1）疫情进展超预期的风险;2）货币和财政政策基调转向的风险;3地缘政治风险;4）美债利率超预期上行的风险。
　　

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