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Huang Wentao of China CITIC Construction Investment Co., Ltd. and others: It is estimated that deficit ratio will rise to over 4% in 2025, and it is expected that the stock and debt will continue. On December 9th, the Political Bureau of the Central Committee held a meeting to analyze and study the economic work in 2025. Huang Wentao, chief economist of CITIC Jiantou, and Liu Tianyu, macro analyst of CITIC Jiantou, believe that the policy tone of this Politburo meeting is quite proactive, which shows that the central government has made a full assessment and policy reserve for the pressures and risks that may be encountered in economic development next year, which has strongly echoed the expectations of economic entities. Huang Wentao and Liu Tianyu pointed out that GDP growth in the fourth quarter is expected to reach more than 5.2%, achieving the expected goal of annual economic growth of around 5%. On this basis, the annual growth target of about 5% will also be the basic premise of policy discussion in the next few years. Since the fourth quarter of this year, the fiscal policy has been continuously overweight. This time, the fiscal policy is set to be "more active", which indicates that the fiscal policy will expand again. It is estimated that deficit ratio will increase to over 4% in 2025. Both stocks and debts are expected to continue. Unconventional countercyclical adjustment policies not only provide sufficient impetus for the recovery of economic vitality, but also provide strong support for improving expectations and reviving confidence, and provide sufficient source of living water for the capital market. The stock market is expected to continue to strengthen and the risk-free rate of return is expected to continue to decline.Heavy meeting set the tone! The turnover of A-shares exceeded one trillion yuan for 50 consecutive trading days, focusing on the opportunities of core assets of A50ETF Huabao (159596). On December 10th, the A-share market rose across the board, and the turnover of Shanghai and Shenzhen stock markets exceeded one trillion yuan for the 50th consecutive trading day, setting a new record. By midday, A50ETF Huabao (159596) had increased by 1.98%, with a turnover of 101 million yuan. In terms of constituent stocks, the top ten awkward stocks rose more and fell less. CITIC Securities led the gains, and China Ping An, China Merchants Bank and other stocks followed suit. According to changjiang securities's analysis, "moderately loose monetary policy" indicates abundant liquidity and broad-spectrum interest rate is still in the downward channel, which is expected to benefit bonds and stocks from the denominator. The "more active fiscal policy" and "all-round expansion of domestic demand" indicate that the broad credit policy is expected to continue to increase, and it is expected to support the price of equity assets from the molecular side.Shisi Pharmaceutical Group: Dilalos dispersible tablets (125mg) have obtained the approval of pharmaceutical production registration. Shisi Pharmaceutical Group announced on the Hong Kong Stock Exchange on December 10th that it has obtained the approval of pharmaceutical production registration of Dilalos dispersible tablets (125mg) in National Medical Products Administration, China, which belongs to the fourth category of chemicals and is deemed to have passed the consistency evaluation. Deslorax dispersible tablets are mainly used to treat chronic iron overload caused by frequent blood transfusion in patients with β -thalassemia over two years old, and chronic iron overload in patients with transfusion-independent thalassemia syndrome over 10 years old.

Hongya CNC: The income from exporting products to the US market is relatively low. Hongya CNC (002833) said on the interactive platform today that the company's products are exported to more than 70 countries and regions, and the income from the US market is relatively low.Research Report: In the third quarter, the installed capacity of traction inverters for electric vehicles in China accounted for 61% of the world. According to the latest research of TrendForce Jibang Consulting, the total installed capacity of traction inverters for electric vehicles in the third quarter of 2024 reached 6.87 million, which was 7% higher than that in the same period last year, but the growth rate has been reduced. In the competition pattern of first-class suppliers, BYD benefited from the hot sales of its models. In the third quarter, the installed market share of traction inverter increased by 1% to 18%, surpassing Denso of Japanese factory for the first time and becoming the company with the highest market share. The market share of Huichuan Technology has also increased to 6%, which shows that the competitiveness of China manufacturers in this field continues to increase. Generally speaking, China manufacturers, Japanese manufacturers and Tesla together account for half of the global installed capacity, while the influence of European and American manufacturers is gradually weakening. TrendForce Jibang Consulting indicated that the regional differentiation of traction inverters is becoming more and more obvious, with the installed capacity in China accounting for 61% of the global total. Under the pressure of shrinking market, Europe is actively reforming and cutting expenditure to enhance the competitiveness of the electric vehicle industry chain. In the short term, the stable demand in China market will continue to support the growth of traction inverter market. In the long run, if the European automobile industry chain can be successfully reformed, it will help boost the overall performance of the global traction inverter and electric vehicle market.The interest rates of 10-year treasury bonds and CDB active bonds all went down by about 5bp, while those of 24 interest-bearing treasury bonds went down by 4.9bp to 1.856%, and those of 24 CDB dropped by 5.25bp to 1.9175%.

Broad-based index products are expected to increase the Y share of personal pension, and personal pension products are expected to expand after the second anniversary of the personal pension system. It is understood that mainstream broad-based index products are expected to increase the personal pension Y share, including Shanghai and Shenzhen 300 Index, CSI 500 Index, CSI A500 Index, GEM Index and other products, which can provide investors with more allocation needs. (SSE)The investment of Shanghai private equity venture capital industry in the first three quarters was 45.947 billion yuan, a year-on-year decrease of 50%. On December 10th, at the 17th Bund Finance Shanghai International Equity Investment Forum, the development report of Shanghai private equity venture capital industry in 2024 was officially released. According to the report, in the first three quarters of 2024, there were 327 investments in Shanghai private equity venture capital industry, a year-on-year decrease of 47%; The total investment was 45.947 billion yuan, a year-on-year decrease of 50%. All rounds of financing activities have decreased, especially the A+ round, B round, D round and private placement round. The report also shows that in the first three quarters of 2024, the total amount of investment subscribed by Shanghai LP was about 67 billion yuan, a year-on-year increase of 15.61%; A total of 301 LPs were invested, a year-on-year decrease of 50.25%.Australia's 3-year bond yields fell by 3 basis points after the RBA commented on inflation.