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China Merchants Securities: Investment Guidelines of the Central Economic Work Conference for A-shares next year From these four aspects, China Merchants Securities said that the investment guidelines of the Central Economic Work Conference for A-shares next year mainly include the following aspects: 1) From a macro perspective, the support intensity of policies for various economic work is expected to exceed market expectations. Specifically, the fiscal policy orientation is positive, deficit ratio will arrange or keep it above 3%, the issuance scale of ultra-long-term special government bonds will be further expanded, and the scale and investment field of special bonds are expected to be further extended; Monetary policy mentioned "timely lowering the RRR and cutting interest rates", and the goal of liquidity policy changed from balance to loose tendency, which will bring room for valuation improvement of A shares. 2) From the perspective of expanding domestic demand, consumption will become the main line of investment next year: the meeting will continue the deployment of the Politburo meeting in December, and in the order of writing, consumption will still be placed at the top of next year's key tasks. In terms of specific measures, it is planned to boost consumption mainly through two aspects. First, increase the income of residents; The second is to increase consumption scenarios. 3) Focus on scientific and technological innovation to lead the development of new quality productive forces, and grasp two main lines: this meeting focused on "carrying out' artificial intelligence+'action and cultivating future industries". Artificial intelligence has appeared in the draft of the Central Economic Work Conference for three consecutive years. Future industries have also appeared in the draft of the Central Economic Work Conference for two consecutive years. Therefore, it is recommended to focus on artificial intelligence+and future industries. 4) Focus on "comprehensive improvement of' involution' competition": In terms of "involution" competition, photovoltaic industry is the representative in emerging industries. Recently, in addition to self-regulatory measures such as industry association initiatives, the photovoltaic export tax rebate rate has been lowered and industry norms have been updated to further control new production capacity. The policy is further introduced to curb the "involution" competition of photovoltaics. It is recommended to pay attention to photovoltaic, lithium battery and other industries.More than 100 underground money houses have been destroyed by public security organs to crack down on the money-changing party. The Ministry of Public Security held a press conference today (13th) to inform the public security organs throughout the country of the effectiveness of measures to crack down on the money-changing party and derivative crimes. According to the press conference, in May 2024, the Ministry of Public Security deployed the national public security organs to carry out special work to crack down on the rectification of the "money exchange party" and derivative crimes, cracked a series of cases, arrested a group of "money exchange party" personnel, and smashed a group of "underground money houses". The whole chain destroyed a group of criminal gangs and achieved remarkable results. Since the action, the Ministry of Public Security has listed and supervised 16 major cases; The National Immigration Bureau instructed the border inspection authorities in Zhuhai, Shenzhen, Guangzhou and other places to actively cooperate with the special work class to carry out verification and disposal and personnel transfer. Since the special action, 142 personnel of the "money exchange party" have been seized and handed over to the special work class according to law. A total of 263 derivative criminal gangs suspected of illegal business operations, organizing illegal border crossing, fraud, illegal detention, etc. were destroyed in various places, and more than 100 underground money houses were destroyed, and more than 80 billion yuan of funds involved were identified. The headquarters in front of the Ministry of Public Security further strengthened the clues, organized relevant provinces to carry out five centralized arrests, arrested 846 suspects and cracked a number of major cases.Saudi institutions are optimistic about China's "huge investment opportunities" in the fields of health care and biotechnology. Ekta Torani, chief investment officer of Saudi KBW Venture Capital Company, recently said in Abu Dhabi, United Arab Emirates that with the increasingly close economic and trade ties between the Gulf region and China, the institution is optimistic about China's "huge investment opportunities" in the fields of health care and biotechnology.

AI glasses ushered in the limelight, and Google reached a cooperation with domestic manufacturers. According to the news, on December 13, at the Android XR conference, Google reached a strategic cooperation with domestic consumer-grade AR glasses manufacturer XREAL to jointly build the Android XR ecosystem. According to media reports, OPPO, vivo, Huawei, Tencent and ByteDance are all evaluating the AI glasses project. In addition, a number of listed companies said on the investor question and answer platform that they have corresponding technology or product reserves in AI glasses. Huaxin Securities Research Report pointed out that AI glasses have become a new outlet in the smart wear market, or lead the next generation of terminal revolution. AI glasses not only have the effect of virtual vision enhancement, but also realize real-time analysis of user behavior and environment by integrating artificial intelligence algorithms, providing more accurate and personalized services. AI glasses also improve comfort and prolong wearing time in design and portability. At the same time, it provides a more natural and convenient interactive experience innovation through various sensing technologies. With the gradual reduction of costs, AI glasses are expected to be further widely used. According to the report of Wellsenn XR, it is estimated that after 2030, the AI+AR smart glasses industry will enter a period of rapid development; By 2035, AI+AR smart glasses will eventually replace traditional smart glasses, and the global sales of AI+AR smart glasses will reach 1.4 billion units, which is equivalent to the size of smart phones and will become the next generation general computing platform and terminal. (Securities Times)The White House commuted the sentences of 1,500 people in one day, and Biden pardoned 39 people in one day. According to Agence France-Presse reported on December 12, US President Biden commuted the sentences of nearly 1,500 people and pardoned 39 people at the end of his term. The White House said that this was the "largest" leniency action in a single day in American history. Biden announced on the 12th that about 1,500 people would be commuted, and at the same time, 39 non-violent offenders would be pardoned, saying that they had turned over a new leaf and were committed to making the community safer. (Reference message)SHIBOR reported 1.4040% overnight, down by 7.80 basis points. In 7 days, SHIBOR reported 1.7580%, up 12.30 basis points. SHIBOR reported 1.7350% in three months, down by 0.50 basis point.

The concept of robot bottomed out and Tianqi shares rose linearly, and Tianqi shares rose linearly. Before that, the construction industry went out of 9 boards in 10 days, Astar went out of 13 boards in 21 days, and Tongda Power went up. Hanyu Group, Maihe, Jiangsu Reilly, Hanwei Technology and Best were among the top gainers.Ministry of Finance of Thailand: It is estimated that the global minimum corporate tax of 15% will be implemented from January 2025.Meijin Energy has set up a new coal washing company with 100 million yuan. According to the enterprise investigation APP, Shanxi Meijin Taiyue Coal Washing Co., Ltd. was recently established, with Wu Yong as the legal representative and a registered capital of 100 million yuan. Its business scope includes: coal washing; Sales of coal and products; Coal-based activated carbon and other coal processing. Enterprise investigation shows that the company is wholly owned by Meijin Energy.