Overall outlook on the stock market in 2024

Overall outlook on the stock market in 2024

I think there will be a big rebound, the tighter the spring pressure, the more intense the rebound, and 2024 is the year of the reversal of the dollar cycle, the year of fiscal and monetary policy afterburner, and under low interest rates, equity investment opportunities should be very good.

Without further ado, let's get started.

Macroeconomic analysis for the Year of the Dragon is divided into two broad categories: foreign and domestic.

abroad

There are three major variables in the global economy in the Year of the Dragon:

The first variable is the shift from tightening to structural easing. That is, the US dollar interest rate hike turned to interest rate cut, because the US dollar is still the world currency at this stage, so this turn often means a fundamental change in the direction of capital flows. In the process of the dollar's easing, there are also two possibilities: a soft landing and a hard landing for the United States. A soft landing would result in low growth and low inflation, and a hard landing would result in high inflation and stagflation, and the U.S. and European economies would likely behave similarly to the late 1970s. In this regard, my judgment is that a soft landing is more likely, but a black swan cannot be ruled out, the world economy is a serial, and at this stage we have not seen the factors that can lead to a hard landing. From an investor perspective, we also want global stability.

The second variable is globalization and de-globalization. In 2023, Russia-Ukraine, Israel-Pakistan, northern Myanmar, the Red Sea, etc., as well as Sino-US trade frictions that have not yet been clear. The world is currently in a stage of change, and the anti-globalization factor is still very serious. As the biggest beneficiary of globalization, China is likely to face increasing external economic uncertainties, and unexpected de-globalization events may lead to the emergence of black swans.

The third variable is low growth. It may be because of the aging population, it may be because of de-globalization, or it may be because the post-pandemic economic recovery is less than expected. The global economy has entered a phase of low growth, which makes it possible that even if the dollar were to be extremely accommodative, the flood of global liquidity would not have occurred. In particular, economies such as Europe and China are shifting from increment to stock, from young to middle-aged, and the state of low growth may be the best choice for most countries. It is important to emphasize here that low growth is not a risk, but a normal state, which means that there may not be many risks, but the opportunity to get rich overnight is also rare.

To sum up, the possible variables are science and technology, there will be GPT and room temperature superconductivity in 2023, but these so-called technologies will eventually lack application and landing, and in fact they have not had a substantial impact on the level of productivity, Moore's law is close to the physical limit and also makes the iterative deceleration of consumer electronics, so if there is no explosive scientific and technological progress, then low growth will be the norm, and even if there is relaxation, the global strategy of investors in the Year of the Dragon is still to seek stability.

domestic

Consumption: China's consumer market should generally be positive in the Year of the Dragon for three reasons:

First, the consumption bottleneck is eliminated. The key factor in 2022 is masks, but the Year of the Rabbit still suffers some impacts, many schools have cold symptoms, and in the Year of the Dragon, such bottlenecks restricting consumption will be further eliminated.

Second, the release of excess savings. Loan interest rate is a long-term process, from the current situation of China's economy, whether it is local, financial, real estate enterprises and so on are too leveraged, so the interest rate downward is the general trend, and the downward interest rate superimposed on the slightly higher inflation rate, can be considered to have a crowding out effect on savings deposits, spending money at the moment is more cost-effective than depositing in the bank, so in the Year of the Dragon consumption, the release of excess savings may have a strong effect on stimulating consumption.

Third, the job market is recovering. With the policy force, the domestic market demand has recovered, and the recovery of the job market should be expected. A positive feedback loop between employment and consumption will gradually take shape, with income growth promoting consumption growth, which in turn will lead to employment and income.

To sum up, the recovery of the consumer market in the Year of the Dragon can be expected, but the above three points are to raise the lower limit of the consumer market in the Year of the Dragon, however, there is an upper limit in the current domestic consumer market, and the factors here are: high leverage, aging, and low global growth rate. Under high leverage, they dare not spend, and the demand has undergone structural changes under aging. Therefore, from the perspective of investment, investors should consider the changes in the consumer market from the perspective of aging demand.

Investments: Investments change in the Year of the Dragon

The growth rate of manufacturing investment will fall somewhat. Manufacturing investment in the Year of the Rabbit has made up for the decline in real estate investment, and manufacturing investment in 2023 will recover to a certain extent, but there is a problem of saturation in manufacturing investment. Therefore, manufacturing investment will fall slightly in the Year of the Dragon. China's manufacturing industry is more reflected in structural reforms, and the manufacturing capacity will not increase too quickly, but the investment in digitalization and green and low-carbon will increase, which will bring dividends to related industries, which will continue throughout 2023, and in the Year of the Dragon, I think it will continue.

Real estate investment is still not going to recover quickly. According to the research of investment banks, the house-price-to-income ratio and rental yield of China's large cities are still high among the world's major cities, with a range of about 10%, and with the demographic factors and leverage factors, the real estate market has entered the stock stage, and real estate investment has entered the stock stage from positive growth to negative growth, and from increment to stock. And the decline in real estate investment is likely to remain in place throughout the Year of the Dragon. But the good news is that with the gradual implementation of policies in all aspects, real estate investment in the Year of the Dragon, although not as good as in the past, is still better than in 2023, and housing prices should most likely show a stable state. However, investors should not have excessive expectations for the property market and real estate stocks.

To sum up, industrial investment in the Year of the Dragon is generally a pattern of bottoming out and rebounding and structural optimization. Note that investment here does not mean investing in stocks, but the concept of investing in the troika of macroeconomics. In the Year of the Dragon, industrial investment is generally heavy on structure and light on scale, such as increasing digitalization in the manufacturing industry, green and low-carbon investment, such as infrastructure improvement in the process of real estate decentralization, urban village transformation, long-term leasing and other investment will be significantly increased.

Import and export: Under the global weakness, the comparative advantage of China's manufacturing continues to consolidate, and structural opportunities still exist.

In the context of low global growth and de-globalization, the key to exports in the Year of the Dragon is not scale, but structure. The so-called structure, some export enterprises are good, and some are bad. Among them, the bad is labor-intensive exports, because the barriers are low, and countries with cheaper labor can undertake them, such as Vietnam and India, and the good ones are high-end manufacturing. Since the electronics manufacturing industry is now in the bottleneck of development, automobile manufacturing, pharmaceutical manufacturing, machine tool manufacturing, industrial robot manufacturing, aircraft manufacturing, ship manufacturing, equipment and construction machinery manufacturing, etc., will provide the main increase in exports in the Year of the Dragon. Exports may not only be goods, but also service-oriented products such as games, communication services, and application services will account for an increasing proportion of exports in the future.

In terms of imports, the current mainland policy is stimulating domestic demand, and many external frictions, the final solution may also be to balance the foreign trade surplus by increasing imports, in this regard, there are not many related sectors of the stock market, but cross-border e-commerce may be an area worth paying attention to. In addition, mainland imports are often dominated by resource-based products, such as energy and food, and once imports are increased, domestic competitors may encounter competitive pressure.

Look at the whole:

The inflation rate in the Year of the Dragon may be higher, and under the easing of internal and external easing, higher inflation may make the global commodities of industrial demand appear in a bull market, and the decline in PPI in the Year of the Dragon will be narrowed, but the PPI will not change qualitatively, similar to the PPI in 2023 will fall by 2.9%, and the decline in 2024 may be 0.3%, under the low growth rate of the global economy, it is difficult to expect an economic recovery similar to 2014-2015. Policies such as shantytown reform brought about a boom in the property market, which in turn turned into an overall economic boom. From the perspective of all aspects of the Year of the Dragon, the policy aspect of the Year of the Dragon is bound to increase investment, but the focus of the policy may be to solve the problem of high local government debt and prevent the occurrence of debt risks. It should be noted that in the structure of China's fiscal expenditure, local governments are the main force of fiscal stimulus, and at this stage, many foreign institutions are bearish on China because the local debt is too high. For example, the previous special government bonds are supporting local governments.

From an investment point of view, the property market is to be avoided, and with the recovery of the consumer market and the rebound of inflation, consumer stock investment should be the focus of investment in the Year of the Dragon. As the age structure of the population changes, investment in pharmaceutical stocks can continue to be maintained. As the manufacturing industry shifts from scale to quality, such as new energy, digitalization, technological innovation, and domestic substitution, etc., are the investment directions, and high-end manufacturing will replace large-scale manufacturing to become the mainstream of China's manufacturing industry. In terms of government investment, although a lot of infrastructure will still be opened, the saturation of infrastructure supply has been obvious, and now the government will consider the effectiveness of investment when investing in infrastructure, so it may focus on energy, communications and other fields.

Lv Changshun (Cairns) Certificate number: A0150619070003. [The above content only represents personal views and does not constitute a basis for trading, the stock market is risky, and investment needs to be cautious]

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.wx-root[data-weui-mode=care]:not([data-weui-theme=light]),,body:not(.pages_skin_pc) body[data-weui-mode=care]:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .85);--weui-FG-HALF: rgba(255, 255, 255, .65);--weui-FG-1: rgba(255, 255, 255, .55);--weui-FG-2: rgba(255, 255, 255, .35);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .. 15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;-- weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .6);-weui-tag-background-red: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, ..) 1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK 255, 255, .05)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root:not([data-weui-theme=light]),body:not(.pages_skin_pc) body:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .. 1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-BRAND: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .) 6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media screen and (min-width:1024px) and (prefers-color-scheme:dark){body:not(.pages_skin_pc) .wx-root:not([data-weui-theme=light]),body:not(.pages_skin_pc) body:not([data-weui-theme=light]){-appmsgExtra-BG: #121212}}@media(prefers-color-scheme:dark){body:not([data-weui-theme=light]).my_comment_empty_data{background-color:#111}}body,.wx-root{--weui-BG-6: rgba(0, 0, 0, .05);--weui-ACTIVE-MASK: rgba(0, 0, 0, .05)}body,.., wx-root{--weui-REDORANGE: #ff6146;--weui-BG-0: #ededed;--weui-BG-1: #f7f7f7;--weui-BG-2: #fff;--weui-BG-3: #f7f7f7;--weui-BG-4: #4c4c4c;--weui-BG-5: #fff;--weui-FG-0: rgba(0, 0, 0, .9);--weui-FG-HALF: rgba(0, 0, 0, .9);--weui-FG-1: rgba(0, 0, 0, .55);--weui-FG-2: rgba(0, 0, 0, .3);--weui-FG-3: rgba(0, 0, .1);--weui-FG-4: rgba(0, 0, 0, 0, 0, .15);--weui-FG-5: rgba(0, 0, 0, .05);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #fa9d3b;--weui-YELLOW: #ffc300;--weui-GREEN: #91d300;--weui-LIGHTGREEN: #95ec69;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1485ee;--weui-PURPLE: #6467f0;--weui-WHITE: #fff;--weui-LINK: #576b95;--weui-TEXTGREEN: #06ae56;--weui-FG: #000;--weui-BG: #fff;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, .1);-- weui-TAG-TEXT-ORANGE: #fa9d3b;--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: #06ae56;--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: #10aeff;--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(0, 0, 0, .5);--weui-TAG-BACKGROUND-BLACK: rgba(0, 0, 0, .05)}body,.wx-root{--weui-BG-0: #ededed;--weui-BG-1: #f7f7f7;--weui-BG-2: #fff;--weui-BG-3: #f7f7f7;--weui-BG-4: #4c4c4c;--weui-BG-5: #fff;--weui-FG-0: rgba(0, 0, 0, .. 9);--weui-FG-HALF: rgba(0, 0, 0, .9);--weui-FG-1: rgba(0, 0, 0, .55);--weui-FG-2: rgba(0, 0, 0, .3);--weui-FG-3: rgba(0, 0, 0, .1);--weui-FG-4: rgba(0, 0, 0, .15);--weui-FG-5: rgba(0, 0, 0, .05);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #fa9d3b;--weui-YELLOW: #ffc300;--weui-GREEN: #91d300;--weui-LIGHTGREEN: #95ec69;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1485ee;--weui-PURPLE: #6467f0;--weui-WHITE: #fff;;--weui-LINK: #576b95;--weui-TEXTGREEN: #06ae56;--weui-FG: #000;--weui-BG: #fff;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: #fa9d3b;--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: #06ae56;--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: #10aeff;--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(0, 0, 0, .. 5);--weui-TAG-BACKGROUND-BLACK: rgba(0, 0, 0, .05)}.wx-root,body{--weui-BTN-ACTIVE-MASK: rgba(0, 0, 0, .1)}.wx-root,body{--weui-BTN-DEFAULT-ACTIVE-BG: #e6e6e6}.wx-root,body{--weui-DIALOG-LINE-COLOR: rgba(0, 0, 0, .1)}.wx-root,body{--weui-BG-COLOR-ACTIVE: #ececec}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BTN-ACTIVE-MASK: rgba(255, 255, .1)}} @media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BTN-DEFAULT-ACTIVE-BG: rgba(255, 255, 255, .126)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-DIALOG-LINE-COLOR: rgba(255, 255, .1)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--APPMSGCARD-BG: #1E1E1E}}@media( prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--APPMSGCARD-LINE-BG: rgba(255, 255, 255, .07)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BG-COLOR-ACTIVE: #373737}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BG-6: rgba(255, 255, 255, .1);--weui-ACTIVE-MASK: rgba(255, 255, 255, .1)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-REDORANGE: #ff6146;--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6); --weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .) 6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media(prefers-color-scheme: dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--discussInput-BG: rgba(255, 255, 255, .03)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--nickName-FG: #959595}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--weui-BG-0: #111;--weui-BG-1: #1e1e1e;--weui-BG-2: #191919;--weui-BG-3: #202020;--weui-BG-4: #404040;--weui-BG-5: #2c2c2c;--weui-FG-0: rgba(255, 255, 255, .8);--weui-FG-HALF: rgba(255, 255, 255, .. 6);--weui-FG-1: rgba(255, 255, 255, .5);--weui-FG-2: rgba(255, 255, 255, .3);--weui-FG-3: rgba(255, 255, 255, .1);--weui-FG-4: rgba(255, 255, 255, .15);--weui-FG-5: rgba(255, 255, 255, .1);--weui-RED: #fa5151;--weui-ORANGERED: #ff6146;--weui-ORANGE: #c87d2f;--weui-YELLOW: #cc9c00;--weui-GREEN: #74a800;--weui-LIGHTGREEN: #3eb575;--weui-FIRE: #07c160;--weui-BLUE: #10aeff;--weui-INDIGO: #1196ff;--weui-PURPLE: #8183ff;--weui-WHITE: rgba(255, 255, 255, .8);--weui-LINK: #7d90a9;--weui-TEXTGREEN: #259c5c;--weui-FG: #fff;--weui-BG: #000;--weui-TAG-TEXT-RED: rgba(250, 81, 81, .6);--weui-TAG-BACKGROUND-RED: rgba(250, 81, 81, .1);--weui-TAG-TEXT-ORANGE: rgba(250, 157, 59, .6);--weui-TAG-BACKGROUND-ORANGE: rgba(250, 157, 59, .1);--weui-TAG-TEXT-GREEN: rgba(6, 174, 86, .6);--weui-TAG-BACKGROUND-GREEN: rgba(6, 174, 86, .1);--weui-TAG-TEXT-BLUE: rgba(16, 174, 255, .6);--weui-TAG-BACKGROUND-BLUE: rgba(16, 174, 255, .1);--weui-TAG-TEXT-BLACK: rgba(255, 255, 255, .5);--weui-TAG-BACKGROUND-BLACK: rgba(255, 255, 255, .05)}}@media(prefers-color-scheme:dark){.wx-root:not([data-weui-theme=light]),body:not([data-weui-theme=light]){--appmsgExtra-BG: #121212}}

div.autoTypeSetting24psection > p,div.autoTypeSetting24psection > section{margin-bottom: 24px;}