*Economic Work Conference:It is necessary to enhance the consistency of macroeconomic policy orientation. Strengthen the coordination and cooperation of fiscal, monetary, employment, industrial, regional, science and technology, environmental protection and other policies, incorporate non-economic policies into the assessment of the consistency of macro policy orientation, strengthen policy coordination, and ensure that the same direction is exerted and a joint force is formed. Strengthen economic propaganda and guidance, and sing the theory of China's economic brightness.
China Tourism Academy:According to the China Tourism Group Development Report (2023), the number of domestic tourists will reach 54 in 20230.7 billion, domestic tourism revenue will reach 52 trillion yuan,recovered to 90% and 91% of 2019 levels, respectively. Domestic tourism consumption is further concentrated in scenic spots, resorts, blocks, and business districts, and tourists' travel destinations and project choices are more diversified, and family travel, suburban vacations, city roaming, reverse tourism, night tourism, light sports, etc., constitute the "diversity + personalization" characteristics of the holiday tourism market.
* Economic Work Conference: Next year, we must insist on seeking progress while maintaining stability, promoting stability with progress, and establishing first and then breakingWe should adopt more policies that are conducive to stabilizing expectations, growth, and employment, and actively forge ahead in changing the mode, adjusting the structure, improving quality, and increasing efficiency, so as to continuously consolidate the foundation for stability and improvement. It is necessary to strengthen the counter-cyclical and cross-cyclical adjustment of macroeconomic policies, continue to implement a proactive fiscal policy and a prudent monetary policy, and strengthen the innovation and coordination of policy tools.
Macroeconomics
1. ** Economic Work Conference: To further promote the economic rebound, we need to overcome some difficulties and challengesThe main reasons are the lack of effective demand, overcapacity in some industries, weak social expectations, still many risks and hidden dangers, the domestic cycle has blockages, and the complexity, severity and uncertainty of the external environment have risen.
2. Cyberspace Administration of China: Carry out a one-month special action to "clear and rectify the problem of poor information content guidance". Concentrate on rectifying chaos such as anomie of value orientation and frequent occurrence of bad content in the field of short **, and urge short ** platforms to strengthen the content review system. Comprehensively standardize the operation of short functions, better meet the spiritual and cultural needs of the people, promote the formation of a benign competitive environment for the short industry, and promote the healthy and orderly development of the industry.
3. **Economic Work Conference:It is necessary to profoundly comprehend the scientific judgment of the economic situation, earnestly enhance the sense of responsibility and mission of doing a good job in economic work, seize all favorable opportunities, take advantage of all favorable conditions, and do as soon as possible, and do more if possibleStrive to respond to the uncertainty of changes in the situation with the certainty of our own work.
4. Science and technology**:The findings from the University of Michigan were published in the latest issue of the journal Science Advances. New research finds that reproduction and longevity are strongly negatively correlated genetically, meaning that mutations in genes that promote reproduction tend to shorten longevity. Interestingly, the study found that when controlling for the number and timing of reproduction of genes, the number ofHaving only two children is beneficial for having the longest lifespan.
5. Chen Min, Vice Minister of the Ministry of Water ResourcesFrom January to November, the national investment in water conservancy construction was 1,156.5 billion yuan, a year-on-year increase of 09%；Among them, the implementation of bank loans was 206.4 billion yuan, a year-on-year increase of 197%；social capital was 114 billion yuan, a year-on-year increase of 262%。The investment in water conservancy construction was 1,093.8 billion yuan, a year-on-year increase of 85%, which is more than the scale completed in the whole of last year.
6. United States:In November,CPI increased by 3 year-on-year1%, estimated 31%，Previous value 32%；Month-on-month growth of 01%, estimated 00%, the previous value was 00%。Core CPI rose 4% year-on-year, expected 4%, previous value of 4%;Month-on-month, up 03% and 0 expected3%, the previous value was 02%。
Real estate dynamics
1. **Economic Work Conference: Actively and steadily resolve real estate risksMeet the reasonable financing needs of real estate enterprises with different ownership systems without discrimination, and promote the stable and healthy development of the real estate market. To coordinate the resolution of local debt risks and stable development, major economic provinces should truly take the lead and make greater contributions to stabilizing the national economy.
2. Hangzhou City, Zhejiang Province:The thirteenth batch of land for the transfer of 10 residential land, with a total area of 45740,000 square meters, with a total starting price of 128700 million yuanAbout 1338.8 billion yuan, with a total transaction area of 34340,000 square meters. Among them, Greentown won a total price of 74 in this land auction$1.4 billion ** won four land parcels.
3. Chengdu, Sichuan Province:ushered in 6 plots of land3 parcels were at a premium of more than 15%. The land with the highest starting floor price is developed by Chengdu Renhe Spring Xincheng Real Estate Development *** with a total price of 9The first bid of 100 million yuan was converted into a floor price of 23,500 square meters, with a premium rate of 4329%。
4. Middle Finger Academy:In November, the real estate sector disclosed a total of 46 M&A transactionsThis is an increase of 11 from the previous month. Among them, 40 transactions disclosed a total transaction size of about 252600 million yuan, an increase of 199 percent from the previous month8%, with an average single transaction size of 6300 million yuan, an increase of 199%。Judging from the number of disclosed M&A transactions and the overall scale, the enthusiasm of M&A activity has rebounded.
5. Wanda Group: PAG and Dalian Wanda Commercial Management Group jointly announced the signing of a new investment agreement. PAG will work with other investors to reinvest in Zhuhai Wanda Commercial Management after redemption by Dalian Wanda Commercial Management Group at the end of its 2021 redemption period. In August 2021, the existing investors invested approximately RMB38 billion in Zhuhai Wanda Commercial Management.
6. Country Garden:Combined with the actual business needs of the industry and the company, executive directors Yang Huiyan, Mo Bin, Yang Ziying and non-executive director Chen Chong took the initiative to request a reduction in salaryThe annual salaries of the four have dropped to 120,000 yuan a year. Among them, Yang Huiyan's annual salary was lowered from 370,000 yuan to 120,000 yuan, and Mo Bin's annual salary was reduced from 3 million yuan to 120,000 yuan.
Stocktaking
On Tuesday, the Shanghai Composite Index was at 300344 points,The turnover was 33317.1 billion. The Shenzhen Stock Exchange Component Index was reported at 962526 points, **008%, with a turnover of 45432.5 billion. GEM index reported 190387 points, **062%, with a turnover of 20489.9 billion. Overall, there are more than 3,000 stocks in the whole market, and the turnover of the two cities is 787.5 billion, a decrease of 124 billion from the previous trading day. In terms of sectors, education, real estate, ** retail and other sectors were among the top gainers, while lithography machines, BC batteries, CPOs, brain-computer interfaces and other sectors were among the top decliners. Northbound funds sold a net 50 throughout the day2.4 billion yuan, of which 18 were net sold through Shanghai-Hong Kong Stock Connect2.9 billion yuan, and the Shenzhen Stock Connect net sold 319.5 billion yuan.
Tuesday,The Hang Seng Index rose 107%，1637450 points. The Hang Seng Tech Index rose 174%，373025。The state-owned enterprises index rose 148%，561450 points. On the disk, China Literature Group rose by more than 13%, Country Garden rose by more than 6%, Longfor Group rose by nearly 5%, Li Ning, Xiaomi Group, and Xiaopeng Motors rose by more than 4%, and Sunac China fell by more than 6% against the trend. Southbound funds were net sellers of 26HK$9.8 billion. Among them, Hong Kong Stock Connect (Shanghai) net sold 8HK$5.3 billion, with a net sale of 18HK$4.5 billion.
As of December 12, there were 235 listed companies on the Beijing Stock Exchange, with 1 new company. The total market capitalization is 38928.8 billion yuan, with a turnover of 10.7 billion400 million yuan.
4. Financing balance of the two cities:As of December 11, the financing balance of the Shanghai Stock Exchange was reported at 83560 billion yuan, an increase of 10 from the previous trading day7.6 billion yuan;The financing balance of the Shenzhen Stock Exchange was reported at 75885.3 billion yuan, an increase of 230.9 billion yuan;The two cities combined 159445.3 billion yuan, an increase of 33 from the previous trading day8.5 billion yuan.
5. Shanghai Securities News:Since the beginning of this year, a total of 186 companies have repurchased in Hong Kong, and the cumulative repurchase amount has reached 1113HK$6.6 billion, which has exceeded the HK$104.9 billion for the whole of last yearand hit an all-time high. Since 2005, Hong Kong stocks have experienced a total of five rounds of buybacks, all of which started when the market was sharply** and valuations were at low levels.
6. **Times:As of December 12,Since the beginning of this year, a total of 305 companies have raised funds for the first time, with a cumulative amount of 3,4987.6 billion yuan;The average amount raised by a single company is 114.7 billion yuan. In terms of intervals, there are 108 companies that have raised more than 1 billion yuan.
7. Shanghai Securities News:Despite the market adjustment this year, equity investment advisory portfolios are still the mainstream option for investors. Investors remain relatively optimistic about the expected return on investment advisory portfolios in 2024Nearly eighty percent of investors want yields of more than 10%.
8. AMAC:In November, the number of newly filed private placements was 1,573, and the scale of new filings was 4810.9 billion yuan;Among them, there are 1,025 private equity investments, and the new filing scale is 1985 billion yuan;There were 192 private equity investments, with a new filing scale of 1506.9 billion yuan;There are 356 venture capitals, and the new filing scale is 1319 billion yuan. As of the end of November, there were 153698 private placementsSurvival** scale 2061 trillion yuan.
9. Li Ning:The Board has decided that the Scheme will repurchase Shares in the open market from time to time under a repurchase mandate within a period of six months from the date of this announcement, subject to market conditions. The Company intends to use up to HK$3 billion to repurchase shares under the share repurchase plan.
10. Interface News: IDG Capital is in contact with Chery Holdings to acquire equityBut Chery is still in the consideration stage. Chery Automobile is restarting its IPO and plans to complete its A-share listing by 2025. IDG Capital is considering acquiring part of the shares of Chery Holding Group*** from existing shareholders for up to 7 billion yuan**.
11. Cultural Investment Holdings (5 boards):Recently, the volatility of stock prices has been significantly higher than the industry average, and there is a risk of speculation that the market sentiment is overheated. Affected by the downturn in the industry, the company's main business income continued to decline, resulting in the company repaying the second phase of the principal of 200 million yuan to Dongfang Hongyuan. The company will face losses such as penalty interest on the principal and interest of overdue debts.
12. Longyun shares (2 boards):Recently, some investors have asked whether the company is involved in the "short drama" business through the "SSE e-interaction" platform and investorsThe company is not involved yet.
13, Wanda Movie:Wanda Culture Group, Beijing Hengrun and Wang Jianlin signed an Equity Transfer Agreement with Ruyi Investment to separately transfer their holdings of Wanda Investment. 8% and 12% of the equity was transferred to Ruyi Investment, and the total transfer price was 215.5 billion yuan. After this transaction,The actual controller will be changed to Ke Liming, and Wang Jianlin will indirectly control 109% equity. **Trading will resume from the market open on Wednesday, December 13.
Wealth Spotlight
1. **Economic Work Conference: Promote consumption from post-epidemic recovery to continuous expansionCultivate and expand new consumption, vigorously develop digital consumption, green consumption, and healthy consumption, and actively cultivate new consumption growth points such as smart home, cultural and entertainment tourism, sports events, and domestic "trendy products". Stabilize and expand traditional consumption, and boost bulk consumption such as new energy vehicles and electronic products.
2. Shanghai Securities News:Recently, 3 more public REITs products have been reported. At present, there are 29 public REITs products listedA total of 18 public REITs have been declared but not yet listed, and the speed of new listings has increased. At the same time, more and more investors are including public REITs in their investment scope.
At the end of the year, many banks quietly started the "first war" of consumer loans. There are banks that solicit customers by issuing coupons, discount coupons and other activities. Bank consumer loan discounts are also "piled up", and the minimum annualized interest rate is "1".
4. Financial breakfast:Hot spots out non-stop, track what you want to hear. Apple's Vision Pro will be officially available in North America in January 2024. Is Vision Pro expected to open a new development cycle for consumer electronics?What new technologies are worth paying attention to?What industries can be combined with to bring new opportunities?Fortune friends, hurry up to the end of the article to view today's financial secretarial tracking vision pro: innovation of interaction and ecology
Industry Watch
1. **Economic Work Conference:It is necessary to promote industrial innovation with scientific and technological innovationIn particular, disruptive technologies and cutting-edge technologies are used to give birth to new industries, new models, and new kinetic energy, and develop new quality productive forces. Improve the new first-class system, implement high-quality development actions for key industrial chains in the manufacturing industry, strengthen quality support and standard guidance, and improve the resilience and safety level of the industrial chain. It is necessary to vigorously promote new industrialization, develop the digital economy, and accelerate the development of artificial intelligence. Encourage the development of venture capital and equity investment.
2. Zhejiang Airport Group:As of December 11, the province's airports have achieved a passenger throughput of 70.24 million passengers in 2023, once again setting a new historical record. Among them, Hangzhou Xiaoshan International Airport is expected to reach 40 million passengers by the end of this yearReturn to the "40 million" class of the world's busiest airports.
3. Same-way travel:In the seven days to December 11, the popularity of travel during the New Year's Day holiday increased by 465% year-on-year, and the number of local hotel bookings increased by more than five times compared to normal days. In terms of outbound travel, the capacity of international flights and the supply of outbound travel products have gradually recovered this yearIn 2024, the popularity of outbound travel during the New Year's Day holiday will be more than 5 times higher than that of the same period last year.
4. World Coffee Portal: There are currently nearly 50,000 coffee shops in China, surpassing the United States to become the world's first. Together, the takeaway-focused chains Luckin Coffee and Cudi Coffee added more than 11,000 new stores, driving this growth. There are about 120,000 coffee shops in East Asia, with China accounting for more than 40%.
5. CCTV News:The first offshore wind power project with a million-kilowatt installed capacity in the Guangdong-Hong Kong-Macao Greater Bay Area has been fully completed and put into operationIt can generate about 3 billion kilowatt hours of electricity a year. The first megawatt offshore wind farm in the Guangdong-Hong Kong-Macao Greater Bay Area is located in Huizhou, Guangdong Province, with a total of 104 offshore wind turbines installed.
6. Interface News:Because of the recovery of consumer electronics products such as mobile phones, e-cigarettes, and small household appliancesLarge MCU chip companies.
In the third and fourth quarters, the destocking was accelerated, and the vehicle-grade products of domestic MCUs were also accelerated in the third and fourth quarters to the supply of domestic new energy vehicles such as Huawei Wenjie and Changan.
7. Airbus: In the next 20 years, China may become the largest aviation service marketChina's air passenger traffic will grow at an average annual rate of 52%, nearly double the global average, and China's demand for new aircraft will exceed 9,000 units, accounting for 23% of the world's total new aircraft demand in the same period.
8. Flight Steward:From December 4 to 10, domestic airlines operated 5,578 international flights, an increase of 4 percent month-on-month2%, recovering to 61 in 20198%。Compared with 2019, the recovery rate of Shanghai Airlines among the top 10 airlines exceeded 100%.The recovery rate of the three major airlines is more than 6 percent, and the recovery rate of its Middle East Airlines is nearly 7 percent.
9. China Automobile Dealers Association:In November, the transaction volume of the national second-hand car market was 165150,000 vehiclesMonth-on-month growth of 264%, an increase of 29 year-on-year18%，The transaction amount is 10700.1 billion yuan. From January to November, the cumulative trading volume of used cars was 1675230,000 units, a year-on-year increase of 1465%, an increase of 214 compared to the same period10,000 units, with a cumulative transaction value of 10,7075.2 billion yuan.
10、 techinsights：In the third quarter,Semiconductor equipment sales increased by 11%，Better than expected. Test equipment sales increased by 17%, followed by fab equipment sales increased by 12%。Sales of assembly and packaging equipment decreased by 22%。For the full year, semiconductor equipment sales are expected to decline by only 3%.
Company news
1. Xiaomi:Recently,Mr. Yu Chengdong unjustifiably made untrue remarks about our company's "keel shaft" technology, which is seriously inconsistent with the facts. Please follow the basic rules of "science and rigor", and do not smear his peers and mislead the public.
2. The Paper:It is reported thatWe have successively received the deposit payment notices issued by the WeChat public platform. According to the Regulations on the Administration of Margin for Mini Program Transactions, your Mini Program "XX Theater" needs to pay a deposit. The WeChat Official Accounts Platform reminds that the payment must be completed before December 17, otherwise relevant functions may be restricted, including but not limited to restricting the search of Mini Programs.
3. Set microgrid:It is reported thatTSMC is on the verge of finalizing its future 3nm and 2nm customers. In 2025, it will start producing 2nm chips, and in 2024, the production of its 3nm chips will increase quarter-by-quarter. In addition to Apple, AMD, NVIDIA, BROADCOM, MediaTek, and Qualcomm are also customers of TSMC's 3nm and 2nm chips.
Global vision
1. **Economic Work Conference:We will continue to build a market-oriented, law-based, and international first-class business environment, and build the "Invest in China" brand. Effectively break through the blockages for foreigners to do business, study, Xi, and tourism in China. We will do a good job in supporting the implementation of the eight high-quality Belt and Road Initiatives, and coordinate the promotion of major landmark projects and "small but beautiful" livelihood projects.
2. UN Secretary-General António Guterres:On the eve of COP28, there is still a huge gap to be bridged, climate ambition and equity need to be balanced, and developed countries should deliver on all commitments. Parties are urged to ensure maximum ambition in both reducing greenhouse gas emissions and achieving climate justiceClimate negotiations still need to "bridge the huge gap".
3. China Customs:In the first 11 months, China and Vietnam imported and exported 145 trillion yuan, a year-on-year increase of 36%, China and Vietnam** account for 25% of China and ASEAN**. Among them,In November, the import and export of China and Vietnam was 1619200 million yuan, a year-on-year increase of 125%, a monthly record high.
4. Reference message:U.S. Commerce Secretary Raimondo saidDiscussions are underway with NVIDIA to allow the sale of AI chips to ChinaBut stressed that Nvidia cannot sell the most advanced chips to Chinese companies. The U.S. side is carefully studying the details of the three AI chips that Nvidia is developing for China.
Financial data
Domestic
On December 12, a total of 6,269 companies were listed, an increase of 0 on the same day, and the turnover was 28.1 billion. The three boards into the index reported 90084, up 035%, turnover 16.1 billion.
2. Domestic commodities**:As of the afternoon of December 12, the ups and downs were mixed, hogs, coking coal, urea,Coke rose more than 2%.Fuel oil, iron ore, European line container transportation, caustic soda, Shanghai zinc, ethylene glycol, rapeseed meal, stainless steel rose more than 1%;Lithium carbonate fell by more than 8%, and glass, LPG, and pulp fell by more than 1%.
3. Treasury bonds:On December 12, the main contract of 2-year treasury bond ** TS2403 stabilized at 100984；The main 5-year Treasury bond ** contract TF2403 fell 001% to 101975；The main contract of 10-year treasury bond ** T2403 fell 002% to 102215。The 10-year Treasury rate fell 065 bp to 264%；The interest rate on the 10-year CDB fell 0.49bp, to 275%。
4. Shanghai International Energy Exchange:On December 12, the main contract was 2401, with 5546 yuan barrel**, 38 yuan, an increase of 069%。All contracts traded 241092 lots, and open interest increased by 217 lots to 73,584 lots. The main contract traded 162622 lots, and the open interest decreased by 1,334 lots to 27,171 lots.
5. Central Bank:On December 12, a 7-day reverse repurchase operation of 414 billion yuan was carried out on the same day, and the winning interest rate was 180%, the same as before. Due to the expiration of 210 billion yuan of 7-day reverse repurchase on the same day, a net investment of 204 billion yuan was realized.
6、shibor：Overnight 17610%，*0.60 basis points. 7-day report 18390%，*1.60 basis points. 3 months report 25850%，*1.30 basis points.
7. RMB:The onshore yuan was quoted at 7 against the US dollar at 16:30**1744, up 00362%, the central price of RMB was reported at 71174, down 00155%。
8. Shanghai Environmental Exchange:On December 12, the trading volume of carbon emission allowance listing agreements in the national carbon market was 296523 tons, with a turnover of 2,123810,000 yuan, ** price 7081 yuan ton, up 061%。
abroad
9. Asia: The Nikkei 225 index rose 016%，3284370 points. South Korea's KOSPI index rose 039%，reported 253527 o'clock.
10. U.S. stocks: The Dow closed up 048%，3657794 points;The Nasdaq closed up 070%，1453340 o'clock;The S&P 500 closed up 046%，464370 points.
11. Europe:Britain's FTSE 100 closed down 003% to 754277 points;Germany's DAX30 closed down 002% at 1679174 points;France's CAC40 closed down 011% at 754355 points.
The settlement price of COMEX in February closed down 003% to 1993$2 oz.
WTI ** settled down 38% at 68$61 barrel;Brent *** settlement price closed down 367% at 73$24 barrel.
14. Baltic Dry Bulk Index: **167%，at 2551 points.
Vision Pro: Innovation in Interaction and Ecology
Zheshang**:Apple will officially mass produce the first-generation Vision Pro in December, with the first batch of 400,000 units in stock, with a sales target of 1 million units in 2024 and 10 million units in the third year. It is recommended to focus on this key layout point at the end of 2023. As Apple's first mixed reality terminal, Vision Pro has become a star product that has significantly promoted the prosperity of the XR market in the past year, and the price of $3499 shows that its products are relatively high-end in the early stage. Driven by high-end single products, the lightweight market is expected to become a new blue ocean for MR terminals.
Huachuang **: The proportion of Apple's Vision Pro Chinese mainland** chain has been greatly increased to about 60%. Vision Pro is expected to start a new cycle of consumer electronics. Extended Reality (XR) technology generally refers to the creation of a combination of real and virtual, human-computer interaction environment through software and hardware conditions such as computer production, display and interaction technology, including VR, AR and MR, which will bring new user experience and solutions, and has a wide range of application potential in many fields, with very broad development prospects. As Apple's blockbuster product in the XR field, Vision Pro is an important milestone in the development of consumer electronics, and the iteration of XR products may give rise to machinery-related investment opportunities.
People's livelihood**:Vision Pro has outstanding technological innovation and indicates the main line for hardware upgrades. 1) Optical solution, Pancake has the advantage of being thinner and lighter, and the weight can be optimized to be reduced by about 50%. 2) Display solution: The Micro OLED used by Vision Pro has an effect of over 4K, leading a new round of XR display hardware innovation. 3) Perceptual interaction, Vision Pro is equipped with 12 cameras + 5 sensors, users only need to simply look at the APP and interact with gestures. Apple has officially opened the road of "spatial computing" this time, redefining the interaction paradigm, and eye tracking technology can greatly improve the interactive experience, making applications move from the B-end to the C-end.
IFC**:Meta VR headset has entered the Chinese market, and based on the large market consumption capacity, it is expected to drive VR headset shipmentsVision Pro is expected to become a benchmark device for the MR track, and the further promotion of cooperation with Unity will promote the improvement of the infrastructure for content ecological constructionIn the continuous development of the XR industry, it is recommended to pay attention to MR shipments and the development of the content ecology, as well as the relevant targets in the media sectorEnterprises that have been operating VR games + education for many years, have more mature virtual reality technology and have been combined with cultural tourism and other fields, as well as targets with more mature VR camera technology.