【Huatai Securities: This round of "cross-year market" may have certain foundations, but its sustainability is facing challenges】Jin Shi Data December 2, Huatai Securities research report believes that from the perspective of fundamentals, liquidity, and policy expectations, this round of "cross-year market" may have certain foundations: 1) Fundamentals, PMI has rebounded for three consecutive months and is stronger than seasonal trends, and the mid-cycle prosperity index tracked by Huatai Securities has also improved month-on-month; 2) Liquidity, the US dollar index and US Treasury yields have declined; insurance liabilities' premium income has rebounded year-on-year since the beginning of the year, and insurance funds and ETFs may provide incremental liquidity; 3) Policy expectations have warmed ahead of the Central Economic Work Conference. However, sustainability is facing challenges: 1) The intensity and effectiveness of policies need to be verified, and the transmission of broad fiscal expansion to the credit cycle still requires time; 2) Before Trump officially takes office, the negative impact of potential tariff policies may be traded repeatedly; 3) The sustainability of the thematic profit-making effect and the warming of trading funds needs further observation. (Source: Jin Shi Data)