CICC interprets the meeting of the Politburo in December: the fiscal policy next year is expected to be significantly higher than this year. CICC issued a document saying that the tone of the Politburo in September will be continued, and this Politburo meeting will further inject confidence into the market, and there will be many new formulations in policy. From the perspective of policy objectives, the demand for growth is more clear, and the expression of "property market and stock market" is also very clear. From the policy direction, expanding domestic demand ranks first, and the tendency to boost consumption and improve people's livelihood is further highlighted. From the policy tone, monetary and fiscal policies are more active, and "extraordinary countercyclical adjustment" is put forward for the first time. In terms of specific policy prospects, we believe that the following aspects are worthy of attention: the intensity of fiscal policy next year is expected to be significantly higher than this year; The loose space of monetary policy may be opened through comprehensive policies, and the structural monetary policy may be significantly overweight; Expand domestic demand in an all-round way, and incremental measures may focus more on consumption; Further promote reform and opening up. Generally speaking, the policy mix is in line with what we judge as "tight credit, loose money and wide finance" in the second half of the financial cycle.China's Ambassador to Ukraine met with Ukrainian Minister of Agricultural Policy and Food to jointly promote the upgrading of agricultural cooperation. According to the website of the Embassy of China in Ukraine, on December 9, 2024, Ambassador Ma Shengkun met with Ukrainian Minister of Agricultural Policy and Food Covali, and Tcaciuc, Director of Ukrainian Food Safety and Consumer Protection Agency, attended the meeting. The two sides had an extensive and in-depth exchange of views on cooperation in agriculture and food. Ambassador Ma said that China-Ukraine agricultural cooperation has a long history, good foundation and broad prospects, which is an important aspect of bilateral economic and trade cooperation. China has always attached great importance to it and is willing to strengthen cooperation with Uzbekistan in the fields of policy communication and coordination, mutual access of agricultural products and agricultural technology cooperation, and jointly promote the upgrading and upgrading of agricultural cooperation between the two countries. Minister Covali said that China and Ukraine are strategic partners, and China is the most important agricultural trade partner of Ukraine. Uzbekistan attaches great importance to Sino-Ukrainian agricultural cooperation and is willing to strengthen communication with China, improve the level of trade and jointly promote the agricultural development of the two countries.Ping An Securities: In 2025, the A-share market will have more flexibility in the slow-release growth style of key pricing risks. Ping An Securities Research Report pointed out that in 2025, the A-share market will have more flexibility in the slow-release growth style of key pricing risks. Specifically, structural investment opportunities are increasing. 1) scientific and technological innovation, that is, technology industries that benefit from the support of domestic new quality productivity policies and can cope with overseas risks, including TMT and artificial intelligence; 2) Manufacturing growth, that is, advanced manufacturing sectors with global competitiveness and expected marginal improvement in industrial structure, including power equipment (photovoltaic, lithium battery, etc.), new energy vehicles, national defense and military industry, etc.; 3) domestic demand consumption, that is, the consumption sector that is expected to be repaired by fundamentals under the support of domestic demand policy, and pay attention to some real estate infrastructure chains that are reversed; 4) Commodity price increase, paying attention to ferrous metals that benefit from the stabilization of real estate, and other commodity price increase sectors with potential disturbances on the supply side.
Millennium Capital has increased its office space in Hong Kong. According to Sing Tao Daily, Millennium Capital Management Asia leased another floor of the second phase of Hong Kong Central International Financial Center. Millennium will lease 46 floors of about 23,909 square feet of space until September 2027. The rent for new office space is estimated at around HK$ 120 per square foot. The company has rented the 43rd floor of the same building.In November, the annual rate of M2 money supply in Japan was 1.2%, and the previous value was 1.20%. M3 annual rate is 0.7%.The introduction of detailed measures for the supervision of centralized drug consumables emphasizes the priority of using the selected products. Recently, the Notice of the National Health and Health Committee of the National Medical Insurance Bureau on Improving the Working Mechanism of Centralized Drug Purchasing and Implementation put forward detailed measures to strengthen the supervision of the admission, use, monitoring and assessment of centralized drug consumables. The local authorities are required to conduct investigations from the third month after centralized procurement, and urge medical institutions to give priority to the use of selected products and rationally manage the use of non-selected drugs. Emphasis is placed on the dynamic monitoring of the online price and purchase volume of centralized varieties, and institutions that fail to complete the agreed purchase volume will be regarded as unqualified. It is required to improve the provincial consultation mechanism for centralized procurement, ensure stable supply, and at the same time promote comprehensive supervision in coordination, curb unhealthy practices, and promote the priority use of selected drugs and consumables. (Official WeChat official account of the National Medical Insurance Bureau)
Japan's Nikkei average index futures rose 0.23%.59 Hong Kong stocks were repurchased by the company yesterday, with Tencent Holdings, AIA and Aauto Quicker having the largest amount of repurchase. On December 9, a total of 59 Hong Kong stocks were repurchased by the company, and the amount of repurchase of 11 stocks exceeded HK$ 10 million. Among them, Tencent Holdings, AIA and Aauto Quicker -W have the largest repurchase amounts, with the repurchase amounts of HK$ 701 million, HK$ 61.927 million and HK$ 48.4189 million respectively.In November, the annual rate of M2 money supply in Japan was 1.2%, and the previous value was 1.20%. M3 annual rate is 0.7%.
Strategy guide 12-13
Strategy guide
12-13