Japan's Minister of Economic Regeneration Ryosuka Akazawa: Steady progress is being made in overcoming deflation.The yield of China's 10-year government bonds hit the 1.88% mark, hitting a new low.The Singapore Straits Times Index was basically flat at 3,795.86.
China Xinbao signed a strategic cooperation agreement with the Henan provincial government, and "Henan released" the news of WeChat official account on December 10th. Recently, China Export Credit Insurance Corporation and the Henan provincial people's government signed a strategic cooperation agreement to promote a higher level of opening up in the new era. According to the strategic cooperation agreement, China Xinbao and the Henan Provincial People's Government will give full play to their respective advantages, continuously expand and deepen multi-field and multi-level cooperation in the field of opening up, take various measures to stabilize foreign trade, consolidate traditional markets and expand emerging markets; Actively cultivate and expand foreign trade entities and improve the level of digital trade empowerment and financing facilitation; Expand the new kinetic energy of foreign trade development and create new advantages of cross-border trade hub services in central China; Strengthen the chain stabilization of key industrial chains and actively implement the strategy of "going out"; Deepen the construction of Henan's "Belt and Road" platform mechanism, build an overseas risk prevention and control system, jointly promote the high-quality development of Henan's foreign trade and economic cooperation, and promote Henan's high-level opening up.In October, China's corporate credit index was 158.83 points, and the trend of steady improvement continued to consolidate. The General Administration of Market Supervision announced today (10th) that in October, 2024, China's corporate credit index was 158.83 points, up 0.47 points from September, and the steady improvement of corporate credit level continued to consolidate. Regionally, the top five provinces and cities in the credit index are Beijing, Anhui, Jiangsu, Zhejiang and Shaanxi. From the perspective of industry, the index of accommodation and catering industry increased the most. In addition, the ranking of scientific research and technical service industry index has improved significantly, and it entered the top 5 of the index for the first time this year. The ranking of leasing and business services rose by two places, reaching a new high this year.Galaxy Securities: Pay attention to the investment opportunities in the fields of pig breeding and broiler breeding. The Galaxy Securities Research Report pointed out that: 1. Pig breeding: the loss of outsourcing piglet breeding has expanded. Based on the function value of fertile sows and MSY framework, the operation judgment of pig price in 2024 was basically verified. With regard to the trend of pig price in 2025, the annual average price runs relatively smoothly, and the difference lies in the continuous optimization of the total cost of excellent pig enterprises, which brings more than expected breeding profits. In addition, the impact point of the pig price in 2025 lies in the impact of the current winter climate change on the epidemic situation, which needs to be continuously tracked. It is suggested to pay attention to pig enterprises with leading/continuous improvement in cost control industry, relatively healthy funds and reasonable valuation. 2. Broiler breeding: 1) Yellow feather chicken: Many factors, such as low production capacity, may push up the price of yellow chicken, and the cost advantage of the head enterprise will be superimposed on the price to improve, and the profit elasticity has an advantage. It is recommended to pay attention to Lihua shares. 2) White feather chicken: In early December, avian influenza broke out in Oklahoma and New Zealand. New Zealand has announced that it will stop exporting poultry products; The introduction of Oklahoma, the only introduction state in the United States, is expected to be blocked. According to Boya Hexun, the domestic Anweijie poultry farm has received a notice of suspension of introduction; In other respects, the amount of seeds available in France and the reopening time of other States in the United States are still uncertain. If the production capacity of ancestral white chickens in China is reduced or the introduction is stopped due to the influence of overseas avian influenza, the industry boom cycle is expected to go up, and it is suggested to pay attention to the plate.
CITIC Securities' Outlook for OpenAI Release: The commercialization of AI will accelerate again. According to CITIC Securities Research Report, according to its official website, OpenAI announced that it will announce new products and functions for 12 consecutive working days from December 5th. At present, the official version of o1, ChatGPT Pro, enhanced fine-tuning and other functions have been released. We expect that the main directions of subsequent release will include multimodal, Agent and platform tools, AI applications, etc. The main products will include the foresight of important products such as Sora and Operator. At present, the rapid prosperity of model ecology, considering the upgrading of model capabilities and the lowering of industrialization threshold, combined with the application landing forms such as Agent, we expect that the landing of AI applications will continue to accelerate in 2025.Qingdao Yurun International Plaza failed again, and the starting price dropped from 1.2 billion yuan to 219 million yuan. On December 9, according to the information disclosed by Ali Assets Auction Network, the "Yurun International Plaza" project (HD0606-003 plot) in the core area of Qingdao High-tech Zone failed again, and the starting price dropped to 219 million yuan, and no one signed up. On July 4, 2022, the project was put on the market for the first time. At that time, the reserve price was 1.2 billion yuan. The project was developed by Qingdao Dihua Real Estate Development Co., Ltd., located in the core area of Central Intelligence Island. It was originally planned to invest 6 billion yuan to build a commercial complex integrating technology and finance Center and five-star hotels.Guotai Junan: Airline naked fares will keep rising year-on-year, and the pressure on oil prices will continue to improve. Guotai Junan Research Report said that the recent trend of passenger flow and load factor conforms to the characteristics of off-season, and is better than the same period in 2023. The pressure on oil prices has improved significantly since the fourth quarter of 2024. In December, the ex-factory price of domestic jet fuel increased slightly by 3% from the previous month and decreased by 17% year-on-year, continuing the downward trend of the central government. Recently, domestic naked fares have kept rising year-on-year, and it is estimated that more than half of the fuel has been reduced, reflecting that the recovery of supply and demand is better than expected, and it is expected that the off-season will greatly reduce losses year-on-year. Considering that the recent decline in international oil prices will be transmitted to China with a delay of about two months, the oil price pressure will continue to improve in the first quarter of 2025. It is predicted that the concentration of passenger flow in Spring Festival travel rush in the first half of 2025 will contribute to the active revenue management of the airline company, and the peak season may show more than expected profit elasticity and catalyze optimistic expectations. Reaffirm the logic of super cycle and long period of aviation equipment. When supply and demand recover, considering the marketization of fares and the slowdown of fleet growth, the profit center can be expected to rise.
Strategy guide 12-13
Strategy guide
12-13
Strategy guide 12-13