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Dongfang Jincheng: In 2025, the policy interest rate cut may reach 0.5 percentage points. the Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting on December 9 to analyze and study the economic work in 2025. Dongfang Jincheng judges that in 2025, the central bank will continue to implement vigorous interest rate cuts and RRR cuts, among which the policy rate cuts may reach 0.5 percentage points, which is significantly higher than the rate cut of 0.3 percentage points this year, and the interest rates of various structural monetary policy instruments will also be lowered in a timely manner, thus guiding the financing costs of enterprises and residents to go down. It is not ruled out that in 2025, it is possible to continue to implement a large-scale targeted interest rate cut on residential mortgages by greatly guiding the downward trend of LPR quotations for more than five years. (The Paper)Guangfa Strategy Review December Politburo Meeting: The change of policy tone "not seen for several years" is more direct to the determination to support the stability of the equity market and the real estate market. Guangfa Strategy Review December Politburo Meeting said that although the draft of the meeting did not involve specific economic target figures, the change of policy tone was "not seen for several years": (1) "Strengthening unconventional countercyclical adjustment" appeared for the first time in the draft of the conference, and we understand that this is likely to mean that the official target of deficit ratio will be unconventional. (2) "Moderately loose monetary policy" has reappeared since July 2010, and it has been "steady" during the period. Even in the 14-15 monetary easing cycle, there was no adjustment of this wording, which paved the way for the expectation of monetary easing in 25 years; (3) The "more active fiscal policy" has reappeared since July 2020. Under the special background of the 20-year epidemic, the official target of deficit ratio in that year was set at 3.6%, which was the highest since 2010. The change of tone after four years also indicates that the deficit space in 25 years is expected to be further opened.Hikvision: It plans to buy back 2 billion to 2.5 billion yuan of shares for cancellation. Hikvision announced that it plans to buy back 2 billion to 2.5 billion yuan of shares for cancellation according to law to reduce registered capital. The repurchase price range is no more than 40 yuan/share, and the funds come from the company's own funds and special loans for stock repurchase.

Kaitou Macro: The fall of Assad is unlikely to have a major impact on the energy market. Jason Tuvey, an analyst at Kaitou Macro, said that the fall of former Syrian President Assad is not expected to have a major impact on the energy market. The economist said that even at the peak of about 600,000 barrels per day in the early 21st century, Syria's oil production only accounted for a small part of the global oil supply, and since the beginning of the civil war in 2011, Syria's oil production has declined. At present, the country's oil production is less than 100,000 barrels per day, and most of the country's oil infrastructure has been destroyed. In a report to clients, Tuvey said: "Even if the political situation stabilizes, it will take years or even decades to rebuild, and its economy may never return to the pre-war scale. The situation in the energy market is similar. "Artes: The shares to be transferred by this inquiry have been fully subscribed. Artes announced that according to the inquiry and subscription on December 9, 2024, the initial transfer price of this inquiry was 11.88 yuan/share. A total of 38 valid quotations were received for this inquiry transfer, covering professional institutional investors such as fund management companies, insurance companies, qualified foreign investors, securities companies and private fund managers. The total number of shares effectively subscribed by institutional investors participating in this inquiry and transfer quotation is 121 million shares, and the corresponding effective subscription multiple is 2.18 times. The shares to be transferred in this inquiry have been fully subscribed, and it is preliminarily determined that there are 23 transferees, and the total number of shares to be transferred is 55,323,300 shares.Shenwan Hongyuan Securities interprets the meeting of the Political Bureau in December: highlighting "expanding domestic demand in all directions" and "stabilizing the property market stock market". Shenwan Hongyuan Securities Research Report pointed out that in December, Politburo meeting of the Chinese Communist Party's discussion on next year's economic work was more refined, guiding the direction of future policies, such as "expanding domestic demand in all directions". The meeting rarely emphasized "stabilizing the property market and stock market", highlighting that the current policy pays more attention to the impact of asset-side performance on the real economy. The positive signal of the policy is being released continuously, and more specific deployment focuses on the upcoming Central Economic Work Conference in December. In terms of fiscal and monetary policies, the positive degree of macro-policy adjustment is relatively rare. The meeting proposed "implementing more positive and promising macro-policies" and "strengthening unconventional counter-cyclical adjustment". Under the "more active" fiscal policy, it may be worth looking forward to actively using the central deficit space that can be improved. Under the tone of "moderate easing", monetary policy may pay more attention to internal balance, and the RRR cut can be expected.

Jingji Zhinong: In November, the sales revenue of live pigs was 262 million yuan. Jingji Zhinong announced that in November 2024, the company sold 132,700 live pigs with a sales revenue of 262 million yuan. The average selling price of commercial pigs is 17.33 yuan /kg. From January to November, 2024, the company sold 1.95 million pigs, with a cumulative sales income of 3.527 billion yuan.Hua Fu Securities Interpretation of the Politburo Meeting in December: More incremental policies can be expected in the future. The Hua Fu Securities Research Report pointed out that the Politburo Meeting in December decided to implement more active and promising macro policies in economic work next year, which released major signals to the market, including: First, it proposed to implement a more active fiscal policy, which was also proposed in response to the impact of the COVID-19 epidemic in 2020. Second, it is proposed to implement a moderately loose monetary policy, which is more positive than the previous statement. Moreover, from the historical experience, the "moderately loose" monetary policy implemented in China after the last financial crisis in 2009-2010 has significantly enhanced its support for economic growth. This change in expression will send a clearer and clearer policy signal to the market. Third, it is proposed for the first time to strengthen unconventional countercyclical adjustment, and more incremental policies can be expected in the future. Fourth, after the policy adjustment, the expansion of domestic demand will be put in the first place, which highlights the importance and policy determination of expanding domestic demand next year. The follow-up consumption promotion policy may exert its efforts in many aspects, such as continuously promoting the trade-in of consumer goods, introducing incremental measures related to service consumption, and improving the support and protection of low-and middle-income people. Fifth, it is clearly proposed to stabilize the property market stock market, which will help to continuously consolidate the momentum of stabilization and recovery of the real estate market and give full play to the important functions of the capital market.Xiaomi YU7 SUV is expected to be officially launched in June and July next year. According to Xiaomi Auto Weibo, Xiaomi YU7 SUV is expected to be officially launched in June and July next year.