Liang Zhonghua of Haitong Securities: The general direction of "positive" macro policy in 2025 has been determined, and 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. Liang Zhonghua, chief macro analyst of Haitong Securities, said that judging from the statement of the meeting, the general direction of "positive" macro policy in 2025 is certain. Among them, "supernormal countercyclical adjustment" was put forward for the first time. Liang Zhonghua analyzed that "supernormal adjustment" may be different from QE (quantitative easing) in western countries, but refers to a traditional tool that has grown steadily in the past few years, making a breakthrough on the margin and playing the role of "keeping innovation" and "enriching and perfecting the policy toolbox". Judging from the policies that have been issued since September, this round of steady growth is a steady growth under the framework of "high quality". The high-quality framework will not change, and there will be no strong stimulation of flood irrigation. The meeting proposed to "implement a more active fiscal policy and a moderately loose monetary policy". Liang Zhonghua believes that next year's finance is expected to make further marginal efforts. It is expected that deficit ratio may improve. At present, 3.5%-4.0% is more likely, and the scale of special bonds may be marginally increased. Special government bonds supporting "duality" and "two innovations" will continue to be issued or increased. In addition, the debt-melting policy launched in November will also be the financial focus next year, and it is expected that special government bonds may be issued to supplement bank capital. In addition, the gradual interest rate cut will continue next year, and the structural monetary policy will continue to exert its strength. The meeting stressed that "it is necessary to vigorously boost consumption, improve investment efficiency, and expand domestic demand in all directions." In this regard, Liang Zhonghua believes that compared with Politburo meeting of the Chinese Communist Party's statement of "expanding domestic demand with the focus on boosting consumption" in July, this meeting pays more attention to expanding domestic demand, and its support is expected to be further increased in the future. Since the beginning of this year, with the extra-long special national debt funds in place, the consumption of consumer goods trade-in policy has gradually emerged. There is still room for further efforts to expand domestic demand policies such as replacing old consumer goods with new ones next year. Liang Zhonghua also mentioned that this meeting clearly put forward "stabilizing the property market and stock market", which shows that the policy pays high attention to the property market and stock market. As an important signal to pay attention to the economy and expectations, the policies of the property market and stock market are also positive.Stellantis Group: The joint venture battery factory with Contemporary Amperex Technology Co., Limited is planned to be put into operation at the end of 2026, with an annual production capacity of 50 GWh. On December 10th, Stellantis Group announced that it had reached an agreement with Contemporary Amperex Technology Co., Limited to set up a joint venture with an investment of up to 4.1 billion euros to build a large lithium iron phosphate battery factory in Zaragoza, Spain. The factory plans to start production at the end of 2026, and its planned annual production capacity can reach 50 GWh. Depending on the customary regulatory conditions and approval, it is expected that the transaction will be completed in 2025.The Chinese side said that all factions in Syria should put the interests of the people first. On the 9th local time, the Security Council held closed-door consultations on the situation in Syria at the request of Russia. Fu Cong, Permanent Representative of China to the United Nations, said: We are paying close attention to this situation and hope that it will stabilize as soon as possible. We also hope to start an inclusive political process as soon as possible. At the same time, all factions and parties in Syria should put the interests of the people first.
Easyhome: It spent 19,443,600 yuan to buy back shares, with the highest transaction price of 3.26 yuan/share. On December 9, Easyhome announced that the company would buy back shares by centralized bidding for the first time through the special securities account for share repurchase, with 6,012,800 shares repurchased, accounting for 0.10% of the company's total share capital, with the highest transaction price of 3.26 yuan/share and the lowest transaction price of 3.26 yuan/share.Analyst: The market from September 24th to October 8th may not be interpreted in the short term. Today, the A-share market opened, and the three major indexes all opened sharply higher. The Shanghai Composite Index opened 2.58%, the Shenzhen Component Index opened 3.66%, the Growth Enterprise Market Index opened 4.88%, and the Shanghai and Shenzhen stock markets opened less than 50 stocks. In addition, Hong Kong's Hang Seng Index opened up 3.21%, and the Hang Seng Technology Index rose 4.24%. So, how to interpret the future market? Analysts believe that the market from September 24 to October 8 may not be interpreted in the short term. After all, the chip pressure still exists, but the bull market atmosphere may last longer and spread more widely. From the short-term perspective, three major signals have also appeared. First of all, the one ETF Southern China A-Share CSI 500, which was first opened in the peripheral Japanese stock market, fell slightly after it surged. Yesterday, the Nasdaq China Jinlong Index also fell back in the late session, and after the A50 opened in the morning, it also fell slightly, indicating that the funds may be more rational. Second, before the surge, the intensity of foreign ambush was not as great as last time. Yesterday's data showed that the global position of Long onlys has returned to the level of June. The low option trading volume of FXI/KWEB also shows the slight degree of macro investors' positions. It may also mean that the follow-up potential is also relatively large; Third, foreign investors have less doubts about the market this time than last time. After the last surge, foreign investment was still generally not optimistic, but the degree of optimism was significantly enhanced this time. (Broker China)China's trade account in November was 692.8 billion yuan, with the previous value of 679.1 billion yuan.
The Nikkei 225 index closed at 39,197.42 points in early trading, up 0.09%.Wu Yingjie, former member of the 14th Chinese People's Political Consultative Conference Standing Committee and former director of the Culture, Literature, History and Learning Committee, was expelled from the Party and public office for serious violation of discipline and law, and Wu Yingjie, former member of the 14th Chinese People's Political Consultative Conference Standing Committee and former director of the Culture, Literature, History and Learning Committee, was expelled from the Party and public office for serious violation of discipline and law. (CCTV News)In the first 11 months, the export of mechanical and electrical products was 13.7 trillion yuan, up 8.4%. According to the data of the General Administration of Customs, in the first 11 months of this year, the export of mechanical and electrical products was 13.7 trillion yuan, up 8.4%, accounting for 59.5% of China's total export value in the same period. The export of containers and agricultural machinery increased by 108.7% and 23.1% respectively; The export of ships and motorcycles increased by 65.3% and 24.8% respectively; Exports of flat panel display modules, automatic data processing equipment and their parts increased by 20% and 11.4% respectively. In terms of imports, in the first 11 months of this year, the imports of energy products and mineral products increased by 6.3% and 4.3% respectively; Imports of mechanical and electrical products reached 6.35 trillion yuan, up by 7.5%, of which aircraft parts and electronic components increased by 13.7% and 10.5% respectively. (CCTV News)