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Huatai Securities: The statement of the Politburo meeting on macro-policies generally exceeded market expectations. Huatai Securities said in reading the research report of the Politburo meeting in December that, on the whole, the statement of the Politburo meeting on macro-policies generally exceeded market expectations, and the stocks and debts all gave positive responses. The subsequent central bank RRR cut is expected to land soon, which is expected to form a certain emotional resonance. The next focus is on the more specific economic deployment of the Central Economic Work Conference for next year. Compared with the expected guidance, the market pays more attention to the actual scale, especially whether there are clearer signals in finance, inflation and exchange rate, and whether the broad credit can actually come. As far as debt is concerned, the short-term market inertia is still there, and the downward trend of interest rates has not wavered. However, the market quickly responded to the mid-term "good" and overdrawn the market next year. It is suggested to enhance operational flexibility, maintain long-term interest rate positions, stop chasing up, cash in when it is favorable to prevent profit impulse, and continue to seize opportunities such as credit bonds for 3-5 years.Yardeni, Wall Street Strategist: The Federal Reserve should keep interest rates unchanged at its December meeting. Yardeni Research believes that at the upcoming FOMC meeting, US policymakers should keep interest rates unchanged and assess the economic situation. "Policy committees should take time to see how the economy will evolve in the coming months after Trump wins the election," strategists such as Ed Yardeni said in the report. Jerome Powell, chairman of the Federal Reserve, asserted at the last meeting that policymakers "can't (or won't) model the new government's fiscal policy before it is implemented". Although the impact of tariffs and tax cuts is still uncertain, the basic view is that inflation is still too high, real GDP growth is strong, and the labor market is close to full employment, which is likely to contradict the relaxation of monetary policy.CITIC Securities: In November, the PPI turned positive more than expected, and the core CPI continued to improve. According to the research report of CITIC Securities, the price data in November 2024 showed that the boosting effect on the economy after the policy shift in late September initially appeared at the "price end", mainly in two aspects: "PPI turned positive" and "continuous improvement of core CPI". In terms of PPI, this month's PPI turned positive more than expected, and the main contributions came from "the effect of trade-in for new products is gradually appearing at the price end of related industries" and "the acceleration of physical workload of infrastructure has boosted the prices of raw materials industries in the upper and middle reaches". It is embodied in the remarkable improvement of PPI in computer machine manufacturing, communication terminal equipment manufacturing, automobile manufacturing, durable consumer goods (means of subsistence), non-metallic mineral products industry and other industries. In terms of CPI, although the year-on-year growth rate of CPI further declined to 0.2%, which was significantly lower than the market expectation, it was largely affected by the over-seasonal decline in food prices. The core CPI, which the market paid more attention to, continued to improve slightly on the margin, with the year-on-year reading rising from 0.1% at the bottom of September to 0.2% in October and 0.3% in November. In terms of splitting, the CPI decline of the three major durable consumer goods and services has narrowed compared with the same period of last year. On the whole, the combination of "CPI 0.2%+PPI -2.5%" reveals that China is still facing significant "low inflation" pressure, and it is still necessary to continue to strengthen the price level with a package of incremental policies. Looking back, if the boosting effect of the "two new" policies on the demand of downstream industrial products and the driving effect of the accelerated issuance of special bonds on the physical workload of infrastructure can be released continuously, it will provide some support for the improvement of PPI; However, if you want to see the PPI continue to turn positive significantly, you may have to wait for the policy to further push the physical workload and real estate start-up data, as well as the more stringent supply-side optimization policies in some areas with more production capacity.

The Singapore Straits Times Index was basically flat at 3,795.86.Japan's Nikkei average index futures rose 0.23%.CITIC Securities' Outlook for OpenAI Release: The commercialization of AI will accelerate again. According to CITIC Securities Research Report, according to its official website, OpenAI announced that it will announce new products and functions for 12 consecutive working days from December 5th. At present, the official version of o1, ChatGPT Pro, enhanced fine-tuning and other functions have been released. We expect that the main directions of subsequent release will include multimodal, Agent and platform tools, AI applications, etc. The main products will include the foresight of important products such as Sora and Operator. At present, the rapid prosperity of model ecology, considering the upgrading of model capabilities and the lowering of industrialization threshold, combined with the application landing forms such as Agent, we expect that the landing of AI applications will continue to accelerate in 2025.

Twenty-four companies disclosed the progress of repurchase. Hikvision, 800 million Time and Space, and Jade Bird had the highest amount of fire repurchase plans. On December 10th, a total of 24 companies issued stock repurchase announcements. Among them, seven companies disclosed the stock repurchase plan for the first time, one company's repurchase plan was approved by the shareholders' meeting, four companies disclosed the implementation progress of stock repurchase, and 12 companies' repurchase plans have been implemented. Judging from the initial disclosure of the repurchase plan, the amount of stock repurchase plans of four companies on that day exceeded 10 million. Hikvision, 800 million Time and Space, and Jade Bird have the highest repurchase plans, and they are planned to repurchase no more than 2.5 billion yuan, 100 million yuan and 86.1216 million yuan respectively. Judging from the repurchase plan passed by the shareholders' meeting, a total of one company's repurchase plan exceeded 10 million on that day. Henghui Security has the highest repurchase amount, and it is planned to repurchase no more than 60 million yuan.Under the background of global energy structure transformation, methanol-based ethanol-hydrogen electric vehicle technology has gradually emerged in recent years, which not only further enriches the technical route of vehicle electrification, but also provides new ideas for solving the problems of energy security and emission reduction in transportation in China. The reporter learned that at present, Liaoning, Shanxi, Tianjin and other places are actively promoting policies to accelerate the development of the alcohol-hydrogen electric vehicle industry, and some car companies represented by Geely are also stepping up their layout to compete for a new track in this industry. According to industry insiders, alcohol-hydrogen electric vehicles have many advantages and there is huge room for future development. (Economic Information Daily)The yield of major inter-bank interest rate bonds continued to decline, and the yield of 10-year treasury bonds "24 interest-bearing treasury bonds 11" fell by 0.5bp and hit the 1.90% mark, hitting a record low.