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Monetary policy has turned to "moderate easing", and experts say that it is expected to make greater efforts to lower the RRR and cut interest rates. The the Political Bureau of the Communist Party of China (CPC) Central Committee meeting held on December 9 changed the orientation of monetary policy from "steady" to "moderate easing" next year. Experts said that under the orientation of "moderate easing", the monetary policy space was further opened. In terms of total amount, it is more reasonable and sufficient to maintain liquidity; In terms of price, appropriately reducing the financing cost will better reflect the effectiveness of monetary policy. Next year, even greater RRR cuts and interest rate cuts can be expected. In addition to lowering the RRR and cutting interest rates, experts said that structural monetary policy tools, buying government bonds, open market buyout reverse repurchase and other operations are expected to continue to expand the scale, increase the frequency of use, and continuously enhance the effectiveness and pertinence of monetary policy. (CSI)Everbright Securities: The effect of trade-in subsidy for the whole year is much better than expected. Everbright Securities released a research report saying that the Politburo proposed to implement more relaxed policies, vigorously boost consumption and lead the development of new quality productivity. The intelligent direction of the automobile industry not only conforms to the development tone, but also plays an important role in boosting consumption. At the same time, the industry involves the "two new" themes of large-scale equipment renewal and trade-in of consumer goods, and the bank continues to be optimistic about investment opportunities in the automobile sector driven by favorable policies.Navigation warning! Sea shooting test in the southern Yellow Sea, according to the website of China Maritime Safety Administration, Lianyungang Maritime Safety Administration issued a navigation warning. From 8: 00 to 14: 00 on December 11, some sea areas in the southern Yellow Sea were fired with live ammunition, and it was forbidden to enter.

With the general election approaching, German Chancellor Angela Scholz supports reducing the value-added tax on basic groceries. German Chancellor Angela Scholz said in an interview on the evening of December 10th local time that he was in favor of reducing the value-added tax on basic groceries from 7% to 5% to help low-income families cope with inflation. The center-left leader also said that although the opposition Conservative Party has a big lead in the polls, he is confident of winning the early election on February 23rd.Hyundai Motor: Parker will continue to be the CEO of Hyundai Motor's North American business.CITIC Securities: The logic of "grabbing exports" is expected to support the short-term performance of China's exports. According to the CITIC Securities Research Report, in November, China's exports maintained a certain growth rate, exports to emerging markets maintained a high growth rate, and exports of mechanical and electrical products performed brilliantly. In the short term, both CCFI index and SCFI index are on the rise, and the logic of "grabbing exports" is expected to support the short-term performance of China's exports. In the long run, if the United States imposes tariffs on China, China's export performance may be dragged down. However, based on the analysis of the import share structure of the United States, the European Union, Vietnam, Mexico and other economies, we can see that the current pattern of China's trade diversification has improved compared with the last round of Sino-US trade friction, and the trade between emerging markets and China has become closer and closer. The imposition of tariffs by the United States on China may affect the bilateral trade between China and the United States more, and domestic enterprises going to sea and re-exporting trade may still be effective ways to hedge the impact of US tariffs on China.

Vanke: It received a loan of 1.05 billion yuan from the Postal Savings Bank. On December 10th, Vanke Enterprise Co., Ltd. (Vanke A, 000002.SZ) issued an announcement on providing guarantee for bank loans. According to the announcement, Vanke recently applied for a loan from Shenzhen Luohu Sub-branch of Postal Savings Bank of China Co., Ltd. (hereinafter referred to as "Postal Savings Bank"), with a total loan principal of RMB 1.05 billion, and subsequent companies will make withdrawals according to business needs. The holding subsidiaries of the Company provide corresponding mortgage and pledge guarantee for the relevant loans respectively, and at the same time, the holding subsidiaries, as co-borrower, undertake repayment obligations together with the Company. After this guarantee, the total external guarantee of the company and its holding subsidiaries will be 118.673 billion yuan, accounting for 4.732% of the company's audited net assets attributable to shareholders of listed companies at the end of 2023.Hyundai Motor: Parker will continue to be the CEO of Hyundai Motor's North American business.ADB lowered the growth forecast of developing economies in the Asia-Pacific region to maintain China's economic growth forecast. On December 11th, the Asian Development Bank issued the Asia Development Outlook 2024 (December Edition). According to the report, the development momentum in the Asia-Pacific region is steady, but as US President-elect Trump is about to take office, changes in his trade, finance and immigration policies may inhibit the development of the Asia-Pacific region and aggravate inflation. ADB lowered its growth forecast for developing economies in the Asia-Pacific region from the previous 5.0% to 4.9% in 2024, and from the previous 4.9% to 4.8% in 2025. China's economic growth is expected to remain at 4.8% and 4.5% in 2024 and 2025 respectively, which is the same as before.