Waiting for the CPI and the Federal Reserve's blockbuster meeting, U.S. stocks continued to rise in a thrilling manner, another new high in at least 20 months. Meta fell more than 2%;The chip stock index rose more than 3% to outperformBroadcom rose 9%., while Nvidia fell nearly 2%;Macy's, which reportedly received a premium takeover offer, rose 19%. The German stock index hit a new all-time high.
Blockbuster 10-year U.S. Treasury bond bidsOver the same period, U.S. Treasury yields refreshed their one-week highs and gave up most of their gains, the two-year Treasury yield, which hit a new high in nearly two weeks, turned down.
* Says the Bank of Japan will not end negative interest rates in DecemberThe yen fell more than 1% intraday。The U.S. dollar index hovered at a three-week high.
*For several days**, it continued to break away from its five-month low. U.S. natural gas fell nearly 6% to hit a six-month low. ** Down more than 1%., the futures fell below $2,000. London copper stopped two yangs and fell to a one-week high.
In the Chinese market, during the U.S. stock market, the Chinese concept stock index ended two consecutive declines, and Xpeng Motors closed up nearly 5%.JD.com fell more than 3%.；The offshore yuan fell to 7 intraday20 fell by more than 100 points, refreshing a three-week low. The central enterprise technology ETF rose in volume, the gem closed up more than 1%, and the Hong Kong stock Li Ning fell more than 14%.
Shanghai, Shenzhen and BeijingA number of important stock indices on the exchange have been adjusted, effective Monday.U.S. stocks: The Dow rose 043%, and the S&P 500 rose 039%, the Nasdaq rose 02%。Shenzhen** tradingwithSaudi ExchangeGroupSigned a memorandum of cooperation
Banxia InvestmentLi BeiNow** is a once-in-a-20-year opportunityGuo Lei: 2024,The troika of exports, real estate, and chemical debt drives economic growth
HeavyThe 10-year Treasury bond auction performance was mediocre but stronger than the 3-year bond auction, U.S. Treasury yields retreated intraday.
Bank of JapanAccording to reportsThere will be no end to negative interest rates in December, JPY** lower.
The oil industry is back in big mergers and acquisitionsOccidental PetroleumIt will acquire Crownrock for USD 12 billion.
Eli Lilly**After the drug is stoppedLosing weight slowly**
European stocks: The European STOXX 600 index rose more than 03%，It has hit a new high in the past two years。Germany's DAX 30 index closed up 021%。France's CAC 40 index closed up 033%。Britain's FTSE 100 index closed down 013%。
A shares: The Shanghai Composite Index closed at 299144 points, up 074%。The Shenzhen Component Index closed at 963261 points, up 082%。The GEM index closed at 191574 points, up 125%。
Bond market: The yield on the benchmark US 10-year Treasury bond rose 134 basis points at 42390%。The two-year Treasury yield fell 024 basis points at 47185%。
commodity: WTI closed up 0$09, up 013% to 71$32 barrel. Brent closed up 0$19, up 025% at 76$03 barrel. COMEX closed down 103% to 1993$70 oz. London copper closed down about 13%, London nickel fell about 12%, London cobalt fell more than 6 in three days4%, London lead rose about 16%。
Domestic macro
A number of important stock indexes on the three major exchanges of Shanghai, Shenzhen and Beijing have been adjusted, effective on Monday. Index adjustment can improve the representativeness of the index with the times, optimize the index investment function, and guide the healthy development of the market, and at the same time, it will bring about some passive adjustments of ETF** holdings ** tracking the index, which may also have a certain impact on the subsequent trend of related **. Shenzhen ** Exchange signed a memorandum of cooperation with the Saudi Exchange Group. The two sides will jointly study and promote cooperation in indexes, ** and REITs, study and explore ETF interoperability and cross-listing of listed companies, and jointly build a China-Saudi Arabia cross-border capital service mechanism based on the Shenzhen Stock Exchange's V-NEXT platform, so as to promote the participation of market entities of both sides in cross-border investmentto further promote the connectivity and integration of the capital markets of China and Saudi Arabia. **The General Office issued the "Several Measures to Accelerate the Integrated Development of Domestic and Foreign Trade". The first is to promote the convergence and integration of domestic and foreign trade rules and systems. The second is to promote the docking of domestic and foreign trade market channels. The third is to optimize the environment for the integrated development of domestic and foreign trade. Fourth, accelerate the integrated development of domestic and foreign trade in key areas. Fifth, increase fiscal and financial support. Lithium carbonate dived after the skyrocket, and the excitement was only in **, and the spot and ** were "unmoved". Shanghai medium-term ** is expected that, on the whole, the pattern of weak fundamental demand continues, and the short-term upward trend of lithium carbonate is still weak. Banxia Investment Li Bei: Now ** is a once-in-20-year opportunity. Li Bei pointed out in the monthly reportThe global capacity investment cycle has just risen for 2 years, this round of industrial upgrading in China is relatively successful, new energy, automobiles, machinery, chemicals, etc., in a relatively advantageous position in the world, better than Europe, Japan and South Korea, the industry is optimistic about the next 10 years. Guo Lei: In 2024,The troika of exports, real estate, and chemical debt drives economic growthDomestic companies
Three departments: adjust the technical requirements for new energy vehicle products that reduce or exempt vehicle purchase tax. From January 1, 2024, models applying for inclusion in the "Catalogue of New Energy Vehicle Models Exempted from Vehicle Purchase Tax" must meet the technical requirements of new energy vehicle products. The transition period is from January 1, 2024 to May 31, 2024. In November, China's automobile production and sales increased sharply, and the whole year is expected to create a record high. China's auto sales rose 27% year-on-year in November4%, and automobile exports increased by 46 percent year-on-year3%, the monthly production and sales of new energy vehicles exceeded one million for the first time, and the market share of new energy vehicles was 345%。It is expected that the auto market will continue to improve in DecemberAutomobile production and sales are expected to hit a record high for the full year, exceeding expectations to complete the annual ** target. Yang Huiyan, chairman of the board of directors of Country Garden, made a rare statement: ".The family will definitely smash the pot and sell iron to support the companyThe company will strive to become a model for the recovery of insurance companies as soon as possible. China Literature announced that it will acquire Tencent Comics-related assets for a total consideration of RMB600 million in cash. For China Literature, this acquisition is to obtain more head Guoman IP and expand the IP matrix of China Literature;The second is to greatly improve the animation ability of China Literature;The third is to improve the overall efficiency and effectiveness of China Literature's IP industry chain. Overseas macro
The blockbuster 10-year Treasury bond auction performance was mediocre but stronger than the 3-year bond auction, and the US Treasury yield retreated intraday. The interest rate of the 10-year U.S. Treasury bond auction fell sharply from the previous oneIt is still the third consecutive auction to reflect the tail of weak demandHowever, the bid multiples were significantly higher than the previous and recent averages, and stronger than the three-year Treasury bond auction earlier on Monday, which showed that overseas demand hit a one-and-a-half-year low. After the auction results were announced, the yield on the 10-year Treasury note retreated after hitting a one-week high. The "baby boomer" generation in the United States: enjoyed the "** bull market" when they were young, and encountered "high bond rates" when they retired. The Bank of Japan reportedly won't end negative interest rates in December, and the yen** is lower. The Bank of Japan ** believes thatWith wage growth sufficient to support sustainable inflation still not on the horizon, there will be no rush to remove negative interest rates in the last month of the year。The market's expectations for the Bank of Japan's pivot may be disappointed again. Overseas companies
The oil industry is back in big deals, with Occidental Petroleum buying Crownrock for $12 billion. In the preparation phase of this deal,Occidental Petroleum business jets visited Buffett's hometown of Omaha twice in November。This year, ExxonMobil bought Pioneer Natural Resources for $60 billion and Chevron bought Hess for $53 billion. After Eli Lilly** stopped taking the drug, the weight loss was slow**. The study showed that one year after stopping Eli Lilly**, the test subjects who had been taking the drug for eight months slowly lost half their weightIn the opinion of the investigators, continuous medication is required to achieve the best ** effect. Eli Lilly's shares fell as much as 5% during the session. Hyundai Motor's third-quarter operating profit was at an all-time highIt is the number one opponent for Chinese trams to go to sea。Hyundai's global sales of electrified models in the third quarter reached nearly 16.16 percent90,000 units, a year-on-year increase of 333%, and its electric vehicle sales in Europe are nearly 30,000 units. AI topics are related
The "GPU inflection point" is expected to come in the first quarter of next year, faster than the market expectation of one quarter to half a year. The two key technologies - HBM and advanced packaging capacity shortage ended ahead of schedule, and the problem of Nvidia's AI chips will also be alleviated. The European version of OpenAI shocked the AI industry, and Mistral AI released the first open-source MOE model, beating LLAMA 2 and approaching GPT-4, with a half-year valuation of $2 billion for 22 companies. A few days ago, a magnetic link of MOE detonated the AI circle. In the benchmark test that has just been released, the small model of 8*7b directly crushed the LLAMA 2 70b!Netizens called this a start-up version of a superhero story, and it was only a matter of time before it caught up with GPT-4. 1、Multimodal large models|Tianyancha APP shows that recently, Glory Terminal *** applied for the registration of the trademark "Glory Rubik's Cube Large Model", which is internationally classified as ** service, and the current trademark status is pending substantive examination. Previously, the company had applied for two "Magic Large Model" trademarks. Zhao Ming, CEO of Honor, previously said that Honor will soon launch a self-developed end-side AI model and new cloud services.
Comments: AVIC** believes that compared with cloud-side A1, device-side AI has significant advantages such as low latency, high data security and privacy, low energy consumption, independent network dependence, and personalization. In the AIGC era, localized AI models will become an important innovation direction for downstream terminals, or lead the consumer terminal industry out of the trough and lead hardware innovation. IDC**, by 2026, nearly 50% of the processors of terminal equipment in the Chinese market will be equipped with AI warning technology, optimistic about the development prospects of AI servers and edge AI chips.
ar|Recently, China Telecom's 5gar glasses were officially launched on the wing payment**, priced at 1999 yuan, which lowers the threshold of 5G AR glasses experience, and is expected to bring a universal experience with high cost performance.
Comments: Debang** believes that at this stage, AR products for consumers are still not widely popular, but with the support of developer tools for smartphone operating systems, more and more people are starting to use AR products. At present, such products are more used for movie viewing, games, mobile office, etc., and with the implementation of more application content, the application of Xi education, shopping, life navigation and other scenarios will be more abundant. One of the main reasons why users choose AR glasses is for entertainment use, accounting for up to 434%。With the successive launch of consumer-grade AR products and their widespread use in multiple scenarios, it is expected to open up the market space.
Photoresist|Japan's Sumitomo Chemical subsidiary Dongwoo Fine-Chem told South Korean semiconductor companies that it plans to increase krypton fluoride (KRF) and L-line photoresists** due to raw material and labor costs**, with an increase of about 10% to 20% depending on the product.
Comments: Photoresist is a key material for semiconductor production, which can use photochemical reactions to transfer the required fine patterns from the mask to the substrate to be processed through photochemical reactions and photolithography processes. There are many varieties of photoresist, and the KRF photoresist involved in this price increase belongs to high-end photoresist, which is one of the main competitive markets for domestic and foreign manufacturers in the future. Research institutions pointed out that the use of KRF and ARF photoresists is required to manufacture 8-inch and 12-inch wafers, and the expansion of global 8-inch and 12-inch wafer fabs will drive the demand for KRF and ARF photoresists. It is estimated that by 2025, the market size of KRF and ARF photoresist will be 90.7 billion, 10$7.2 billion.
Swap the battery|On December 11, the Ministry of Industry and Information Technology, the Ministry of Finance, and the State Administration of Taxation issued an announcement on adjusting the technical requirements for new energy vehicle products that reduce or exempt vehicle purchase tax. From January 1, 2024, models applying for inclusion in the "Catalogue of New Energy Vehicle Models Exempted from Vehicle Purchase Tax" must meet the technical requirements of new energy vehicle products. The battery swap mode has been mentioned again, which is regarded by the industry as a further highlight of the advantages of "separation of vehicle and electricity" under the "two exemptions and two reductions".
Comments: Range anxiety is a major obstacle to the development of the new energy vehicle industry, and the battery swap mode of "vehicle and electricity separation" can alleviate "range anxiety" and other problems more efficiently than charging. The Ministry of Industry and Information Technology said that it will continue to vigorously promote the construction of charging and swapping infrastructure, and encourage enterprises to develop battery swap mode models according to applicable scenarios.
Environmentally friendly|On the afternoon of December 11, the ** Information Office held a regular briefing on the policy to introduce the "Action Plan for Continuous Improvement of Air Quality". In order to thoroughly implement the decision-making and deployment, the Ministry of Ecology and Environment, together with the National Development and Reform Commission, the Ministry of Industry and Information Technology, the Ministry of Transport and other 26 departments, jointly formulated the "Air Quality Improvement Action Plan", which has been issued and implemented.
Comments: The battle to defend the blue sky is the top priority of the battle against pollution. According to preliminary statistics, because of air pollution control, the national direct and indirect investment is about 4 trillion yuan, driving GDP growth of 5 trillion yuan. Moreover, because of the improvement of air quality, many new technologies and new products independently developed by China have been widely used, which has effectively promoted the development of green energy-saving and environmental protection industries such as environmental protection equipment manufacturing, comprehensive technical services, boiler transformation, and new energy vehicles.
Digital Yuan|According to reports, recently, Hebei and other places have announced the pilot situation of digital yuan since the beginning of this year, and the pilot of digital yuan has expanded its scope and improved quality and efficiency significantly. In addition, a number of foreign banks, including HSBC China, announced the official launch of digital RMB services.
Comments: Industry insiders said that since 2023, the development of digital yuan has entered the fast lane, accelerating development in multiple dimensions, and is expected to empower more digital economy segments in the future.
US CPI for November.
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