【Huatai Securities: This round of "cross-year market" may have a certain foundation, but its sustainability is facing a test】 Jin Ten Data, December 2nd, Huatai Securities research report believes that from the perspective of fundamentals, liquidity, and policy expectations, this round of "cross-year market" may have a certain foundation: 1) Fundamentals, the PMI has been rising for three consecutive months and is stronger than seasonal levels, and the mid-term prosperity index tracked by Huatai Securities has also improved month-on-month; 2) Liquidity, the US dollar index and US Treasury bond yields have declined; insurance premium income on the liability side has rebounded year-on-year since the beginning of the year, and insurance capital and ETFs may provide incremental funds; 3) Policy expectations have warmed up before the Central Economic Work Conference. However, sustainability is facing a test: 1) The strength and effectiveness of policies remain 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 repeatedly traded; 3) The sustainability of the thematic profitability effect and the warming of trading funds need further observation. (Source: Jin Ten Data)