★
Macro dynamics
★
National Development and Reform Commission: It is strictly prohibited to add various risks such as hidden local government debt in the process of revitalizing existing assets
Today, the General Office of the National Development and Reform Commission issued a notice on further standardizing the implementation of new mechanisms for government and social capital cooperation projects. For projects that do not involve new construction, renovation, or expansion of existing assets, it is necessary to combine the historical operation of the project and the actual situation in the local area to reasonably predict project revenue, determine project valuation, and thoroughly demonstrate the feasibility and necessity of adopting a franchise model. We must strictly implement the requirements for preventing and resolving hidden debt risks of local governments. We must not use the pretext of revitalizing existing assets to transform the franchise model into a means for local governments, local state-owned enterprises, or platform companies to sell assets or obtain disguised financing. It is strictly prohibited to add various risks such as hidden debt of local governments in the process of revitalizing existing assets. Priority should be given to supporting private enterprises to participate in revitalization of existing asset projects through franchise models, and eligible state-owned enterprises should be encouraged to participate in standardized revitalization of existing asset franchise projects that do not involve new construction or expansion.
Minister of Industry and Information Technology Jin Zhuanglong: Vigorously enhance industrial scientific and technological innovation capabilities, optimize the construction layout of manufacturing innovation centers and pilot certification platforms
On the 24th, Jin Zhuanglong, Secretary of the Party Group and Minister of the Ministry of Industry and Information Technology, visited the Ministry's Industrial Development Promotion Center for research. Jin Zhuanglong pointed out that the Central Economic Work Conference has made important arrangements to promote the integrated development of scientific and technological innovation and industrial innovation, and to lead the development of new quality productive forces with scientific and technological innovation, providing fundamental guidance and clear direction for us to carry out industrial scientific and technological innovation work. We need to anchor the key task of realizing new industrialization, vigorously enhance industrial scientific and technological innovation capability, optimize the layout of manufacturing innovation center and pilot certification platform construction, implement standard upgrading to lead the optimization and upgrading of traditional industries, carry out large-scale application demonstration of new technologies, new products and new scenes in manufacturing, improve the development policy of science and technology service industry, accelerate the construction of a modern industrial system with advanced manufacturing as the backbone, and make new contributions to promoting Chinese path to modernization.
Ministry of Finance: By 2025, we will increase the fiscal deficit ratio and arrange for larger scale government bonds
The National Financial Work Conference will be held in Beijing from December 23rd to 24th. The meeting pointed out that in 2025, it is necessary to implement more active fiscal policies, continue to exert more strength, and play a good policy "combination punch". One is to increase the fiscal deficit ratio, increase expenditure intensity, and accelerate expenditure progress. The second is to arrange larger scale government bonds to provide more support for stable growth and structural adjustment. The third is to vigorously optimize the expenditure structure, strengthen precise investment, and pay more attention to benefiting people's livelihoods, promoting consumption, and increasing momentum. Fourthly, we will continue to make efforts to prevent and resolve risks in key areas, promote the smooth operation and sustainable development of the fiscal system. The fifth is to further increase transfer payments to local governments, enhance local financial resources, and secure the bottom line of the "three guarantees" at the grassroots level.
The National Conference on Housing and Urban Rural Development was held in Beijing
At 9:00 am this morning, the National Conference on Housing and Urban Rural Development was held in Beijing.
Multiple regions have disclosed intensively that the total scale of bond issuance plans for the first quarter of next year has exceeded 300 billion yuan
According to statistics, as of 5:00 p.m. on December 23, eight places in Sichuan, Fujian, Hebei, Guizhou, Yunnan, Hainan, Gansu, and Ningbo have disclosed their plans for issuing local government bonds in the first quarter of next year on China Bond Information Network, with a total scale of more than 300 billion yuan. Sichuan and Hainan plan to issue new bonds in late January next year. Professor Wen Laicheng from the Central University of Finance and Economics told reporters that this means that some of the newly added debt quotas for 2025 have been issued to various provinces and cities in advance, and it is expected that this quota may be around 2.7 trillion yuan. In the future, other provinces and cities will intensively disclose their bond issuance plans for the first quarter. It is expected that the progress of bond issuance in the first quarter of next year will be faster than the same period this year, which has a positive significance for driving effective investment and promoting stable economic growth in the first quarter of next year.
Shanghai: Building an Artificial Intelligence Drug Research and Development Platform
Today, the General Office of the Shanghai Municipal People's Government issued the "Work Plan for the Development of Medical Artificial Intelligence in Shanghai (2025-2027)" to establish an artificial intelligence drug research and development platform. Build a small molecule innovative drug screening and optimization platform to achieve lead compound discovery, efficacy evaluation, and new use of old drugs based on dynamic target structures. Build a large molecular biopharmaceutical model wet dry iteration design platform, develop integrated automation technology for large models and low flux wet experiments, achieve full process automation of low flux wet experiments such as protein particle construction, expression, purification, and performance testing, and accelerate product research and development.
General Administration of Customs: We need to accelerate the implementation of core policies for Hainan Free Trade Port
According to the "Customs Release", on December 23rd, the Party Committee of the General Administration of Customs held an expanded meeting. The meeting emphasized the need to accelerate the implementation of the core policies of Hainan Free Trade Port, formulate and implement customs supervision measures and supporting system documents, increase stress testing efforts, and ensure smooth and orderly operation of customs clearance and timely completion. To promote the expansion of institutional openness, actively connect with international high standard economic and trade rules, further research and implement customs support measures, and assist the high-quality development of Hainan's four leading industries. We need to deepen comprehensive anti smuggling management, crack down severely on the smuggling of tax-free "proxy agents" on Hainan's outlying islands and smuggling through "second tier ports" after customs clearance, strictly prevent the introduction of major animal and plant epidemics and diseases, as well as the invasion of alien species, and ensure that "first line is opened up and second line is controlled".
★
Financial institutions
★
The profit share of the American banking giant industry is expected to reach its highest level since 2015
Today, the industry profit share of the four largest banks in the United States is expected to reach its highest level in nearly a decade. According to industry tracker BankRegData, the four largest US banks in terms of deposits and assets - JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo - reported a total profit of approximately $88 billion in the first nine months of 2024.
Guoyuan Securities: Received reply from China Securities Regulatory Commission for participating in carbon emission trading
Guoyuan Securities announced on the evening of December 24th that the company has recently received a reply from the China Securities Regulatory Commission regarding Guoyuan Securities Co., Ltd.'s participation in carbon emission trading. According to the reply, the company's self operated business can participate in carbon emission trading at legal trading venues within the country.
Shanghai's first data product intellectual property pledge financing landing
On December 24th, it was learned from the Shanghai Data Exchange that under the guidance of the Shanghai Intellectual Property Bureau, the Shanghai Data Exchange, together with the Industrial and Commercial Bank of China Shanghai Branch and Wuhan Branch, has launched the first data product intellectual property pledge financing case in Shanghai.
National Interbank Funding Center: Institutions that fail to carry out regional quotation business as planned for more than six months will be considered as automatically withdrawing from the business
Today, the "Guidelines for Regional Quotation Business in the Interbank Bond Market of the National Interbank Funding Center" were released. It is explicitly stated that participating institutions should report their participation in regional quotation business to the Interbank Funding Center every six months. Institutions that fail to carry out regional quotation business as planned for more than six months will be deemed to have automatically withdrawn from the business; If an institution fails to comply with this guideline and other relevant rules of the interbank center, or conducts business beyond the scope of the business registration form, the trading center has the right to require it to correct or withdraw from the business; To participate in this business again after exiting, a new application is required.
★
Market data
★
Guangdong: Real estate development investment of 1032.022 billion yuan from January to November decreased by 17.6% year-on-year
Today, data from the Guangdong government website shows that from January to November, Guangdong's real estate development investment was 1.032022 trillion yuan, a year-on-year decrease of 17.6%; Among them, residential investment was 739.952 billion yuan, a decrease of 18.8%. From January to November, the sales area of newly-built commercial housing in the province was 66.0661 million square meters, a year-on-year decrease of 23.8%, of which the sales area of commercial residential housing decreased by 25.5%. The sales revenue of newly-built commercial housing was 1028.751 billion yuan, a decrease of 24.4%. From January to November, the actual funds received by real estate development investment enterprises in the province decreased by 22.1% year-on-year. Among them, bank loans decreased by 23.0%, self raised funds decreased by 21.2%, and deposits, prepayments, and personal mortgage loans decreased by 25.5% and 23.1%, respectively.
Review: All three major indexes have risen by over 1%. WeChat small store concept stocks exploded in the afternoon
Today, the market fluctuated and rebounded throughout the day, with all three major indices rising by over 1%. The total transaction volume of the Shanghai and Shenzhen stock markets for the day was 1.31 trillion yuan, a decrease of 223.2 billion yuan from the previous trading day. On the market, hot topics are rapidly rotating, but most of them have average sustainability, with over 3900 individual stocks rising in the entire market. From the perspective of sectors, the strong volatility of major financial stocks has driven the index up, and the four major banks of China, agriculture, industry, and construction have all continued to set historical highs during trading. The concept stocks of WeChat small shops rose sharply in the afternoon, with both online and offline stocks hitting the daily limit up. Copper cable high-speed connection concept stocks have been repeatedly active, with Shenglan shares and others hitting the limit up. Robot concept stocks rebounded, with Zhongli, Lide and others hitting the limit up. In terms of decline, the concept stocks of computing power have adjusted, with Chengdi Xiangjiang and others hitting the limit down. In terms of sectors, copper cable high-speed connections, rail transit equipment, WeChat stores, humanoid robots and other sectors saw the highest gains, while football concepts, brain computer interfaces, computing power leasing, ST and other sectors saw the highest declines. As of the close, the Shanghai Composite Index rose 1.26%, the Shenzhen Component Index rose 1.27%, and the ChiNext Index rose 1.17%.
Shenzhen Airport's annual passenger throughput has exceeded 60 million for the first time
The passenger throughput of Shenzhen Airport officially exceeded 60 million on December 23 this year. Shenzhen Airport's annual passenger throughput has exceeded 60 million for the first time, making it the fourth airport in mainland China to reach the "60 million level".
★
Company News
★
China Post establishes drone company in Beijing with 100 million yuan
Tianyancha shows that recently, China Post Unmanned Aerial Vehicle (Beijing) Co., Ltd. was established, with Xu Ning as the legal representative and a registered capital of 100 million yuan. Its business scope includes the manufacturing of intelligent unmanned aerial vehicles, research and development of intelligent robots, sales of intelligent robots, sales of artificial intelligence hardware, general application systems for artificial intelligence, and integration services for application systems in the artificial intelligence industry. It is wholly owned by China Post Express Logistics Co., Ltd.
Tencent responds to WeChat's "fully open 'gift giving' function before Spring Festival": gradually transitioning to grayscale based on actual experience
Today, in response to WeChat's plan to fully open the "gift giving" function of WeChat stores before the Spring Festival, Tencent stated that the "gift giving" function is gradually being phased out and will be based on actual experience.
KFC China's first price adjustment in two years, with an average increase of 2%
Today, globally renowned fast food brand KFC China launched a price adjustment on December 24th, marking the brand's first product price adjustment in nearly two years. It is reported that the average increase in this price adjustment is 2%, and the specific adjustment range ranges from 0.5 yuan to 2 yuan.
Ningde Times Panshi chassis officially released
According to Ningde Times, on December 24th, the Ningde Times Panshi chassis was officially released, redefining ultra-high safety standards and ushering in the era of ultra-high safety travel. Relying on the three major technological innovations of structural safety, battery cell safety, and high-voltage safety, Ningde Times Panshi chassis achieves a 120km/h center column collision free and non explosion, safeguarding ultra-high safety travel in all scenarios and at full speed range. Moreover, with safety as the cornerstone, the Ningde Times Panshi chassis empowers the vehicle with multi-dimensional experience upgrades, achieving longer endurance, greater intelligence, larger space, and faster development.
Amazon denies requiring sellers to 'choose between two': sales strategy can be decided independently if it does not comply with the facts
Today, as the top Amazon brand and North American mobile charging brand Anker's brand store suddenly closed on Pinduoduo's cross-border business Temu US site, some netizens revealed on social media that Amazon requires the top 20 sellers with sales on the platform to "choose one" between Amazon and Temu. If the seller opens a store of the same brand on Temu, they will receive a warning letter of "choose one". Regarding the claim by e-commerce giant Amazon that sellers are required to exclusively sell on its marketplace, Amazon responded that it is not factual. Sellers can independently decide their sales strategy and set product prices on Amazon Marketplace and other sales channels.
转播
