Ye Fan, Southwest Securities: In 2025, the upward trend of domestic economy will continue, and it is estimated that the annual RRR will be lowered by about 100bp. The Central Economic Work Conference will be held in Beijing from December 11th to 12th. Ye Fan, chief economist of Southwest Securities, said that in 2025, the domestic economy will continue to stabilize and upward under the policy. From the structural point of view, infrastructure and manufacturing investment are expected to remain the main support items for domestic investment next year, and the decline in real estate investment will gradually narrow; Domestic demand is expected to play a stronger role in stimulating the economy than external demand, and domestic residents' consumption is expected to continue to pick up under the policy. Regarding the direction of fiscal and monetary policies, Ye Fan predicted that the issuance scale of ultra-long-term special government bonds will be around 1.5 trillion -2 trillion yuan in 2025, and it will continue to support the "dual" areas. In the first half of next year or the peak of government bond issuance, there may be a RRR cut for hedging. It is estimated that the RRR cut will be about 100bp for the whole year, and the interest rate cut will be decided by camera. The interest rate cut of 25bp-40bp may be promoted step by step.Zhongke Chuangda: Cooperation with Bean Bag will promote the transformation and application of the scientific research results of the big model on the vehicle side and intelligent hardware side with Volcano Engine. Zhongke Chuangda said on the interactive platform on December 13th that it has cooperation with Bean Bag. The company reached an in-depth cooperation with Volcano Engine to build a joint laboratory to empower end-to-end intelligence. The two sides will give full play to the advantages of core technologies, products and markets in their respective fields, and work together to promote the transformation and application of scientific research results of large models on the vehicle side and intelligent hardware side, empowering industrial innovation and development.Shaanxi experts took the lead in formulating the first Expert Consensus on Clinical Operation of Micro-apical Surgery in China. Recently, according to the news from the Stomatological Hospital of Air Force Military Medical University, Yu Qing, a professor of dental endodontics in this hospital, led by top experts from more than 10 well-known domestic hospitals, including Peking University Stomatological Hospital, West China Stomatological Hospital of Sichuan University and Ninth People's Hospital affiliated to Shanghai Jiaotong University School of Medicine, successfully formulated the first Expert Consensus on Clinical Operation of Micro-apical Surgery in China in three years.
Sora concept stocks strengthened, Huace Film and Television rose by more than 10%, Sora concept stocks strengthened, Huace Film and Television rose by more than 10%, Fengyuzhu and Tianyu Entertainment both went up, and Borui Communication, Jincai Internet, Yuanlongyatu and Huayang Lianzhong followed suit.Outlook of Consumer Industry of Minyin Securities in 2025: The expansion of domestic demand grasps the opportunity of differentiation and change. Minyin Securities released a report on the outlook of consumer industry in 2025, saying that consumer demand is generally weak in 2024, and price factors also restrict growth. Looking forward to China's consumer industry in 2025: (1) Consumption plays a leading role and expanding domestic demand is in a more priority position. The variety and scale of trade-in of consumer goods are expected to continue to expand, and local governments will also introduce new policies to promote consumption in light of local conditions. (2) Rational consumption is more differentiated, and consumers pay for quality-price ratio and spiritual experience. The performance of Tou International Consumer Goods Company in China is also characterized by differentiation. Most of them recognize the long-term value of the China market. Despite short-term challenges, they plan to focus on strengthening localization and continue to invest in the China market. (3) When Trump comes to power, consumption will face greater challenges, and it will require higher global supply chain integration ability, diversified layout and localization ability. It is suggested to grasp the main line of domestic demand expansion, including dairy products with expected improvement at the bottom, outdoor sectors with high prosperity and tidal play sectors. If the demand recovers as scheduled, the catering/sports shoes and clothing/chain retail industry in a period of change will be flexible. In terms of export chain, it is necessary to observe whether the risk of trade friction is fully priced. In the medium term, the overseas market is vast, and the key to success is the added value and bargaining power of products, the matching degree between overseas demand and overseas supply chain, and the global diversified layout.Morgan Stanley Xing Ziqiang: China can fully withstand the improvement of the central financial deficit ratio. On December 13th, Xing Ziqiang, chief economist of Morgan Stanley China, said at the "Caijing Annual Meeting 2025: Forecast and Strategy" and the 2024 Global Wealth Management Forum that the Central Economic Work Conference broke the previous mindset of fiscal prudence. It is predicted that the budget of deficit ratio will reach a higher level next year, and may even exceed the level of 2020 (above 3.6%). With China's relatively strong national balance sheet, it can fully withstand the relatively high deficit ratio of the central government. Most other countries in the world have abandoned the so-called deficit ratio constraint of around 3% after facing the downturn of the real estate market and other factors.
The concept of unmanned driving changed partially. Both Haida and SAIC have daily limit, while the concept of unmanned driving changed partially. Both Zhonghaida and SAIC have daily limit, and Gaoxinxing, Huati Technology, Yutong Heavy Industry and Jinlong Automobile have followed suit.EDI SUSIANTO, Executive Director of the Bank of Indonesia: The decline of the Indonesian rupiah was affected by global sentiment and the rise of the US dollar.A new round of "account opening war" has come. Some banks have already arranged specific marketing tasks at the grassroots level on the day when the notice was issued. On December 12, the Ministry of Human Resources and Social Security and other five departments jointly issued the "Notice on the Full Implementation of the Individual Pension System", which pointed out the key direction for the next development of relevant financial institutions. "The Bank has arranged a business-side meeting to deploy the work after the full implementation of the personal pension business." The relevant person in charge of the retail line of the head office of a stock bank told the reporter. It is also known that some banks have already arranged specific marketing tasks at the grassroots level on the day when the Notice was issued. When the personal pension system is fully rolled out, banks, insurance and other financial institutions with exhibition industry qualifications are actively preparing for the upgrading and optimization of personal pension business. A new round of "staking the land" for banks in account opening, deposit and agency sales is about to start, and the product reserves of various financial institutions will also reach a new level. (CSI Taurus)
Strategy guide 12-14
Strategy guide 12-14
Strategy guide 12-14
Strategy guide 12-14
Strategy guide
12-14
Strategy guide
Strategy guide 12-14
Strategy guide
12-14
Strategy guide
12-14
Strategy guide 12-14