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.Caitong Securities: It is expected that the main objectives and tasks of economic and social development will be successfully completed throughout the year. 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. According to Chen Xing, the macro chief analyst of Caitong Securities, from the current situation, the economic operation has been generally stable this year, and the key areas of risks have also been resolved in an orderly and effective manner. The meeting has confidence in this year's economic performance, and it is expected that the main objectives and tasks of economic and social development will be successfully completed throughout the year. From the perspective of future deployment, first, the positive attitude is unprecedented. The meeting mentioned that the policy will be more active and promising, and on the basis of counter-cyclical adjustment, it emphasized that the intensity should be "extraordinary" to offset "external shocks". We will implement a more proactive fiscal policy and a moderately loose monetary policy. Second, pay more attention to the actual effect of policies, not only to strengthen the forward-looking, targeted and effective regulation at the macro level, but also to promote the effectiveness of landmark reform measures in specific measures. Third, pay more attention to systematicness, emphasize "system integration and coordination", improve the toolbox, lay a good policy "combination boxing" and stabilize expectations.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.
Ramsden, Deputy Governor of the Bank of England: The Phnom Penh bond market is operating in an orderly manner, but there are also vulnerabilities such as leverage ratio and concentration of hedge funds.The Great Wall Fund with "Moderately Loose" Monetary Policy: It is expected to open up space for the downward trend of bond interest rates. the Political Bureau of the Communist Party of China (CPC) Central Committee held a meeting on December 9. The meeting pointed out that a moderately loose monetary policy should be implemented next year. The Great Wall Fund said that based on the "moderate easing" of monetary policy next year, the downside of bond interest rates is expected to be further opened, optimistic about the bond market in the coming year; At the same time, with the coming of the New Year's market, the bond interest rate may further decline in the context of loose liquidity and the entry of insurance funds.British Prime Minister Stamer meets UAE President.
According to sources, Greece will repay the first batch of rescue loans of 7.9 billion euros in advance on December 13th.Ziyan Food is caught in a product safety storm: the products in the online mall have been removed from the shelves and entrusted to a third party for testing. Ziyan Food, whose total number of exposed product colonies exceeds the standard, responded to the food safety storm. On the evening of December 8, Ziyan Food issued a clarification announcement. "After review and investigation by the company, the factory inspection report of the corresponding batch of products released in the video was qualified. The company has also entrusted a number of authoritative third-party testing institutions to conduct microbial testing on the company's products in the near future, and the relevant test results will be made public in time. " On December 9, Ziyan Food related people explained to reporters that the products involved in the video inspection were the "locked fresh clothes" series of Ziyan Baiwei Chicken Online Mall, which were sold by Shanghai Zihao Food Co., Ltd. through e-commerce platforms (JD.COM, Tik Tok, Taobao, Tmall, etc.) and new retail (box horse, ding-dong, etc.). "After the products sold by e-commerce platforms are produced by foreign factories, they are directly distributed to consumers by logistics companies." "At present, the related products of the online mall have been removed from the shelves for the first time", and Ziyan Food related people pointed out that "the company actively accepts the inspection by the regulatory authorities", and the incident is still waiting for the final confirmation of the regulatory authorities. (21 Finance)US stocks of Interpublic Group rose nearly 16% before the market, and Omnicom once fell more than 5%. Omnicom, a large advertising and public relations company, will acquire Interpublic Group by way of stock exchange.
Strategy guide
Strategy guide 12-13
Strategy guide
12-13