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Soochow securities interprets the meeting of the Politburo in December: there is more room for imagination in the policy of steady growth next year. soochow securities said that the meeting of the Politburo in December put forward three new formulations, indicating that there is more room for imagination in the policy of steady growth next year. The first is to "stabilize the property market and stock market". On September 26th, the Politburo meeting described the real estate market and the capital market as "to promote the real estate market to stop falling and stabilize" and "to vigorously boost the capital market". In December, the Politburo meeting put forward more directly and clearly: "Stabilize the property market and the stock market". The second is "moderately loose monetary policy". After 2010, the keynote of China's monetary policy has been "steady" for a long time, and it has changed to "moderately loose" for the first time in 14 years, and monetary policy is promising. In 2024, the regulatory mechanism of monetary policy has undergone a framework change. Since 2024, loan lending has changed from supply constraint to demand constraint, and monetary policy has gradually weakened its focus on quantitative targets and paid more attention to the role of interest rate regulation. Therefore, the adjustment of "moderate easing" in 2024 may mean that monetary policy will continue to exert its strength from the "demand side" in 2025, and continue to promote the expansion of effective financing demand by maintaining sufficient liquidity supply and reducing financing costs. The third is to "strengthen unconventional countercyclical adjustment". The meeting pointed out: "enrich and improve the policy toolbox, strengthen unconventional countercyclical adjustment, and lay a good policy' combination boxing'". The expression "extraordinary countercyclical regulation" was first put forward.VIVENDI shareholders approve the company split plan.Market News: Australia and Nauru have reached an $89 million security and economic treaty.

Interpretation of Guangfa Strategy 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 may well 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. Specific to economic work, the first priority is to "expand domestic demand", and the expression of "stabilize the property market and stock market" is more straightforward: the importance of expanding domestic demand is unquestionable, which alleviates the concern of "whether to only resolve risks and lack demand stimulation" in the early stage of the market; In September, the Politburo meeting stated that the stock market should strive to boost the capital market and the property market should "promote the real estate market to stop falling and stabilize". This meeting was more direct in its determination to support the stability of the equity market and the real estate market.The main force of China INE crude oil futures just broke through the 530.0 yuan/barrel mark, and the latest price was 530.1 yuan/barrel, up 1.69% in the day.Chinese stocks and ETF US stocks soared at the beginning of the session, with many houses rising by more than 74%, shells rising by more than 13%, and Weilai and Xpeng Motors rising by more than 11%; China ETF rose more than 22%, China overseas Internet ETF rose more than 9%, and China large-cap ETF rose more than 7%.

Liu Jianchao met with Shi Resta, First Vice Chairman of CPN (Maoist Center). On December 9, Liu Jianchao, Minister of International Liaison Department of CPC Central Committee, met with Shi Resta, First Vice Chairman of Nepal communist party (Maoist Center). The two sides exchanged views on implementing the important consensus of the leaders of the two countries, strengthening inter-party exchanges, deepening cooperation in building the "Belt and Road" and promoting the development of relations between the two parties and the two countries. (Xinhua News Agency)The central bank increased its holdings of gold and released a positive signal. Shanghai Gold ETF received a net purchase of funds for eight consecutive months. According to the data, as of the end of November, 14 commodity gold ETFs listed and traded in A shares all received a net purchase of funds during the year. From April to November, two ETFs received net capital inflows for 8 months, and Shanghai Gold ETF(518600) was the one with the largest net purchase, with an interval net inflow of 370 million yuan, which attracted considerable attention. (China Securities Network)Pre-market news of U.S. stocks: ① Stock index futures of U.S. stocks fell slightly before the market closed on Monday, global stock markets remained stable, and investors digested geopolitical turmoil. ② As of press time, Dow futures fell 0.07%, S&P 500 futures fell 0.11%, and Nasdaq futures fell 0.15%. (3) Germany's DAX index fell by 0.10%, Britain's FTSE 100 index rose by 0.26%, France's CAC40 index rose by 0.34%, and Europe's Stoxx 50 index fell by 0.02%. ④WTI crude oil rose 1.21% to $68.01/barrel. Brent crude oil rose 1.00% to $71.83/barrel. ⑤ The next test of the financial market is the US consumer price report on Wednesday, which will provide the Fed policymakers with a final observation of the inflation environment before the last meeting this year. The core data is expected to remain at 3.3% in November, which should not hinder the interest rate cut. 6. Analysts of Wall Street banks have basically published their annual forecasts. Their average forecast is that the S&P 500 index will rise by about 10%, which is in line with the historical average. 7 Tesla's share price rose more than 2% before the market, approaching a record high, and the sales growth target for next year is 20-30%. Today, NVIDIA's pre-market diving fell by more than 2%, and the General Administration of Market Supervision decided to file an investigation according to law. Pet-name ruby ultra-micro computers rose more than 12% before trading, and the request for delaying the submission of financial reports was approved by Nasdaq.