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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.Ping An Securities: It is estimated that the overall net profit growth rate of listed banks will be 1% in 2025. Ping An Securities released the annual strategy report of the banking industry in 2025, saying that looking forward to 2025, the insufficient effective demand and the continuous pressure on asset-side pricing level are still important factors restricting the upward flexibility of bank profits. On the one hand, the inhibitory effect of insufficient effective demand on scale growth still exists, and it is estimated that the scale of new credit will be 17.9 trillion to 19.2 trillion yuan in 2025, corresponding to the year-end growth rate of 7.0%-7. On the other hand, the level of interest margin is also subject to the downward trend of asset-side pricing level, and factors such as LPR reduction, stock mortgage adjustment and implicit bond swap will continue to impact asset-side pricing. However, considering the acceleration of the reduction of deposit listing interest rate, the improvement of deposit repricing progress, and the supervision of manual interest payment and interbank liabilities, it is expected that the decline of interest margin will be slightly narrowed in 2025. In terms of asset quality, it is expected to remain stable, the policy will continue to exert its efforts to bottom out risks, the core indicators are expected to remain stable, and the provision is expected to continue to feed back the profit level. On the whole, it is estimated that the overall net profit growth rate of listed banks will be 1.0% in 2025. The idea of stock selection is "high dividend+pro-cyclical", and policy combination boxing promotes the repair of plate valuation.The South Korean prosecutor summoned Guo Zhonggen, the commander of the special operations before the investigation. On the 13th local time, the South Korean prosecutor summoned Guo Zhonggen, the commander of the special operations before the investigation.

CMB International: Upgraded the target price of WuXi Bio to HK$ 22.88, optimistic about the company's valuation and performance repair. CMB International published a report, predicting that the US Biosafety Act will fail with high probability, which will help WuXi Bio to achieve continuous performance growth in a relatively stable business environment. With the recovery of global biomedical financing, we are optimistic about the company's valuation and performance repair. According to the report, the NDAA in FY 2025 does not include the Biosafety Act, and the legislation of the Biosafety Act failed with high probability. On December 7, the US Senate and the House Armed Services Committee announced the National Defense Authorization Act (NDAA) for fiscal year 2025, which was finally negotiated by the committees of the two houses. The Biosafety Act was not included in the amendment of NDAA in FY 2025, which means that the Biosafety Act failed to pass the legislative path of joining NDAA. The Biosafety Act can still promote separate legislation, but considering that the window of the current US Congress session is less than two weeks, the Bank believes that the success rate of separate legislation is extremely low. CMB International maintained the "Buy" rating of Yaoming Bio, and its target price rose from HK$ 13.58 to HK$ 22.88. It is estimated that the company's revenue will increase by 7.1%/12.4%/ 13.9% from 2024 to 2026, and its adjusted net profit will increase by 0.8%/11.1%/13.4% respectively.De Mingli: Under the guidance of the strategic development plan focusing on storage industry, the company has sold touch-related businesses and assets. De Mingli said on the interactive platform that under the guidance of the strategic development plan focusing on storage industry, the company has sold touch-related businesses and assets to optimize resource allocation and business structure. For details, please refer to previous related announcements.More than eight members of parliament from South Korea's ruling party supported the impeachment of Yin Xiyue.

Vista Jiajie: The development of cloud computing and digitalization in Asia-Pacific IT distribution is accelerating. According to the research report of CLSA, Vista Jiajie, as the eighth largest IT distributor in the world and the second largest IT distributor in China, has benefited from the rapid growth of cloud computing and the digitalization development in Southeast Asia, and has a good market position. The company occupies a dominant position in the ICT industry in the Asia-Pacific region, especially in Southeast Asia and China, with obvious demographic advantages and huge growth potential. Vista Jiajie is Starlink's preferred partner in ASEAN. The global cloud computing market is expected to grow at a compound annual growth rate of 18.6% from 2023 to 2027. Vista Jiajie has an optimistic prospect in the fields of cloud computing and artificial intelligence.Zhongke Chuangda: Cooperation with Bean Bag will promote the transformation and application of the scientific research results of the big model on the vehicle side and intelligent hardware side with Volcano Engine. Zhongke Chuangda said on the interactive platform on December 13th that it has cooperation with Bean Bag. The company reached an in-depth cooperation with Volcano Engine to build a joint laboratory to empower end-to-end intelligence. The two sides will give full play to the advantages of core technologies, products and markets in their respective fields, and work together to promote the transformation and application of scientific research results of large models on the vehicle side and intelligent hardware side, empowering industrial innovation and development.CICC: The personal pension system in the Mainland has been fully extended to the whole country to help the long-term development of the insurance industry. CICC published a research report that the personal pension system in the Mainland has been fully extended to the whole country. The bank believes that as one of the important allocation directions of personal pension, various promotion policies will help the long-term development of the insurance industry. Although the average scale of personal pension is small compared with other savings insurance, it can still obtain stable long-term funds and high-quality new customers if it is properly operated. Zhongjin pointed out that in the early stage, the insurance industry may need to establish close ties with powerful sales channels or explore the characteristic mode of self-owned agent channel sales. In the long run, it is necessary to strengthen its own asset management capabilities and explore special services such as health care, which may help build core competitiveness.