digital money forum- Top Overview

CITIC Securities: The main line of the anti-monopoly investigation on domestic chips in NVIDIA is clear. According to the CITIC Securities Research Report, on December 9, 2024, the General Administration of Market Supervision launched an investigation on NVIDIA Company in accordance with the law, which is a legal management means to regulate and maintain fair market competition order, and has a leading role in the domestic chip industry, and is expected to boost domestic computing power and market sentiment of chips in a short time. In combination with the increasing emphasis on self-control by relevant domestic departments and industry associations, we expect that the overall localization pace of domestic semiconductor industry is expected to be further accelerated, and the manufacturing link is also expected to benefit.The decline in the yield of major inter-bank interest rate bonds has expanded, and the decline in the yield of major inter-bank interest rate bonds has expanded. The yield of 10-year treasury bonds "24 interest-bearing treasury bonds 11" has dropped by 2.5bp to 1.88%, continuing to hit a record low; The yield of 30-year active bond "24 Special Bond 06" went down 3.5bp to 2.0750%.Guotai Junan: Actively grasp the double-low and low-premium convertible bonds with high selective price and good flexibility. Guotai Junan said that the probability of short-term risk events is not high, and the liquidity of the domestic stock market is also supported. Considering the A500 opening of positions, the allocation of insurance and wealth management products and the year-end ranking of funds, we should actively prepare for the new year-end rebound of China stock market from December 2024 to January 2025. Actively grasp the new year's rebound, high selective price and good flexibility of double low and low premium convertible bonds.

The introduction of detailed measures for the supervision of centralized drug consumables emphasizes the priority of using the selected products. Recently, the Notice of the National Health and Health Committee of the National Medical Insurance Bureau on Improving the Working Mechanism of Centralized Drug Purchasing and Implementation put forward detailed measures to strengthen the supervision of the admission, use, monitoring and assessment of centralized drug consumables. The local authorities are required to conduct investigations from the third month after centralized procurement, and urge medical institutions to give priority to the use of selected products and rationally manage the use of non-selected drugs. Emphasis is placed on the dynamic monitoring of the online price and purchase volume of centralized varieties, and institutions that fail to complete the agreed purchase volume will be regarded as unqualified. It is required to improve the provincial consultation mechanism for centralized procurement, ensure stable supply, and at the same time promote comprehensive supervision in coordination, curb unhealthy practices, and promote the priority use of selected drugs and consumables. (Official WeChat official account of the National Medical Insurance Bureau)Japan's Minister of Economic Regeneration Ryosuka Akazawa: Steady progress is being made in overcoming deflation.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.

Japan's Nikkei average index futures rose 0.23%.The decline in the yield of major inter-bank interest rate bonds has expanded, and the decline in the yield of major inter-bank interest rate bonds has expanded. The yield of 10-year treasury bonds "24 interest-bearing treasury bonds 11" has dropped by 2.5bp to 1.88%, continuing to hit a record low; The yield of 30-year active bond "24 Special Bond 06" went down 3.5bp to 2.0750%.Galaxy Securities: Domestic policies may continue to increase, and metal prices are expected to go up. china galaxy Securities said that on the demand side, the domestic package of economic incremental policies played a significant role. In November, China's manufacturing PMI rose to 50.30%, which was in the expansion range for two consecutive months, and the expansion pace was slightly accelerated. The domestic central economic work conference is just around the corner, and it is expected to put forward more positive incremental policy instructions for the economy next year, continue to raise the expectation of macro-recovery, and benefit the rise of copper prices. In addition, the new non-agricultural data in November in the United States reflected that the negative impact of hurricanes and strikes dissipated, but the number of new jobs in the first two months was revised up and the unemployment rate rose, which made the market worry about weak employment. After the data was released, traders increased their bets on the Fed's interest rate cut in December. It is expected that the possibility of the Fed's interest rate cut in December will rise from 67% before the report was released to 85%, and now it has risen to 86%. However, China's central bank once again increased its holdings of gold by nearly 5 tons after half a year in November, indicating that the logic and willingness of global central banks to increase their holdings of gold are still there in the current geopolitical turmoil. The expected warming of interest rate cuts, the central bank's continued increase in gold holdings, and the recent short-term martial law in South Korea and the escalating conflict between Russia and Ukraine are expected to jointly support the price of gold.