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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.Luo Zhiheng, Yuekai Securities: It is expected that the monetary policy will be further strengthened in 2025, or the RRR will be lowered or the interest rate will be reduced by 0.5 percentage points respectively. The Central Economic Work Conference will be held in Beijing from December 11 to 12. Luo Zhiheng, chief economist and dean of the research institute of Yuekai Securities, believes that overall, the tone of the meeting is more positive, and positive signals are released in terms of work objectives, policy tone and task deployment next year, which is conducive to strengthening and consolidating the momentum of sustained economic recovery next year. It is still a high probability that China's economy will achieve a growth rate of around 5% next year, as long as we implement greater fiscal and monetary policies, ensure that the policies work in the same direction, and promote a series of institutional reforms that restrict development. Luo Zhiheng predicts that in 2025, the monetary policy will be further strengthened, and the RRR and interest rate will be lowered by 0.5 percentage points respectively throughout the year; Rhythm or more advanced. In addition, the monetary policy toolbox will be further enriched and improved. On the one hand, it will adjust and optimize the policy tools such as refinancing of affordable housing, "convenient exchange of securities, funds and insurance companies" and stock repurchase and refinancing, which will be implemented and achieved practical results; On the other hand, we may appropriately narrow the width of the interest rate corridor and guide the money market interest rate to run smoothly around the policy interest rate center.Luo Zhiheng, Yuekai Securities: It is expected that the monetary policy will be further strengthened in 2025, or the RRR will be lowered or the interest rate will be reduced by 0.5 percentage points respectively. The Central Economic Work Conference will be held in Beijing from December 11 to 12. Luo Zhiheng, chief economist and dean of the research institute of Yuekai Securities, believes that overall, the tone of the meeting is more positive, and positive signals are released in terms of work objectives, policy tone and task deployment next year, which is conducive to strengthening and consolidating the momentum of sustained economic recovery next year. It is still a high probability that China's economy will achieve a growth rate of around 5% next year, as long as we implement greater fiscal and monetary policies, ensure that the policies work in the same direction, and promote a series of institutional reforms that restrict development. Luo Zhiheng predicts that in 2025, the monetary policy will be further strengthened, and the RRR and interest rate will be lowered by 0.5 percentage points respectively throughout the year; Rhythm or more advanced. In addition, the monetary policy toolbox will be further enriched and improved. On the one hand, it will adjust and optimize the policy tools such as refinancing of affordable housing, "convenient exchange of securities, funds and insurance companies" and stock repurchase and refinancing, which will be implemented and achieved practical results; On the other hand, we may appropriately narrow the width of the interest rate corridor and guide the money market interest rate to run smoothly around the policy interest rate center.

The 2024 Liaoning International Ice and Snow Economic Cooperation Promotion Conference was held. On December 12th, the 2024 Liaoning International Ice and Snow Economic Cooperation Promotion Conference was held in Shenyang. More than 150 government and enterprise guests from more than 20 countries including South Korea, Germany and France and Hong Kong and Macao attended the conference, and conducted in-depth exchanges on topics such as ice and snow tourism, ice and snow sports and ice and snow equipment manufacturing. This promotion meeting is an important sub-activity of "Liaoning International Ice and Snow Economic Cooperation and Negotiation Activities". It is understood that the "Liaoning International Ice and Snow Economic Cooperation Negotiation Activity" will last for three days, during which activities such as Liaoning Ice and Snow Economic Theme Exhibition, Liaoning-Europe and America Ice and Snow Economic Cooperation Exchange Conference and Liaoning Ice and Snow Economic Industry Tour will be held, aiming at deepening the exchanges and cooperation between Liaoning Province and the world in the field of ice and snow economy, jointly exploring new opportunities for the development of global ice and snow industry and building a brand of winter economic and trade cooperation in Liaoning Province. (Liaoning Daily)Huatai Securities: The countercyclical adjustment is stronger than expected, and the expansion of domestic demand may fall on the policy of boosting consumption. Huatai Securities believes that the macro-policy orientation conveyed by the Central Economic Work Conference is more positive, in fiscal policy (expanding deficit, increasing special national debt, expanding the use scope of special debt, etc.), monetary policy (moderately easing, timely lowering the RRR and cutting interest rates), real estate and capital market (stabilizing the property market and stock market), and expanding domestic demand policy (implementing special actions to boost consumption) In terms of currency securities, Huatai Securities believes that there is still room for interest rate cuts. On the one hand, the current real interest rate level is still high in horizontal comparison; On the other hand, credit expansion, especially the balance sheet expansion of developers and local governments, is relatively weak, and the cost of capital has room for further decline. It is expected that the central bank will cut interest rates by 30-50 basis points next year, but the pace may be affected by external changes and exchange rates.On December 11th, the reporter was informed that Vanke Property innovatively launched the "flexible pricing" model at the press conference of Wanwuyun Ruijian held in Shenzhen, and released "smart selection" products, returned the service options and pricing rights to the owners, and innovatively launched "flexible pricing" in the industry. Specifically, Vanke Property's "Smart Choice" products take "the whole cycle of project property services" as the main axis, forming a set of all kinds of services, in which 158 required services and 350 optional services are classified and screened out. At present, Vanke Property is pushing the industry to change from standardized pricing to flexible pricing. Kerry Property Management believes that this initiative has led the transformation and upgrading of property services in the stock era, and is expected to become the standard practice of the property management industry in the future, and promote the development of the whole industry in a more standardized and efficient direction. (Dahe Finance Cube)

ST Mo Long and other materials companies have set up sales business of renewable resources. The enterprise search APP shows that recently, Shandong Cangyuan Materials Co., Ltd. was established, with Liu Shuai as the legal representative and a registered capital of 5 million yuan. Its business scope includes: sales of machinery and equipment; Sales of coal and products; Sales of renewable resources; Import and export agents, etc. Enterprise equity penetration shows that the company is jointly held by ST Mo Long and others.Shenzhen Railway Commercial Co., Ltd. and Shenzhen Luckin Coffee reached a strategic cooperation alliance. On December 13th, Shenzhen Railway Commercial Co., Ltd. and Shenzhen Luckin Coffee reached a strategic cooperation alliance. This cooperation indicates that the two sides will jointly explore a new integration mode of track space and coffee retail. According to the agreement, Shenzhen Railway Commercial Co., Ltd. will make full use of the development and operation experience of different types of commercial projects such as Shenzhen subway station, station city complex and complex, and cooperate with Shenzhen Luckin Coffee in depth, and set up at least 50 stores in the commercial space of Shenzhen subway.Canadian officials: Considering limiting electricity to the United States to deal with the threat of US tariffs, Governor Doug Ford of Ontario, Canada, said on the 12 th that Ontario is considering limiting the supply of electricity to the United States as the ultimate means to deal with the threat of US President-elect Trump to impose tariffs on Canada. Canadian Prime Minister Trudeau held a meeting with provincial and regional officials on the 11th to discuss how to deal with the Trump tariff threat. According to local media reports, Ford said after the meeting that Ontario is preparing a list of retaliatory measures, including restricting the export of electricity to the United States. (Xinhua News Agency)