bank of currency Overview

CITIC Securities: The short-term copper price rebound has a foundation, and it pays attention to the allocation opportunities of the copper plate. CITIC Securities Research Report said that the recent TC negotiation results of copper concentrates, frequent domestic policy warm winds, and the off-season destocking of domestic stocks have been resonantly catalyzed, superimposed with the fall of the US dollar. We believe that the short-term copper price rebound has a foundation and the medium-term fundamental expectations are more solid. We predict that the copper price in the next quarter will run in the range of 9000-10000 USD/ton, which has strong upward elasticity in the short term. It is suggested to pay attention to the allocation opportunities of copper plate. It is suggested to comprehensively select stocks from the dimensions of segment valuation rationality, output growth next year and copper price elasticity.The central bank is in charge of the Financial Times: A more active and promising macro policy is to implement a moderately loose monetary policy. The front page of the Central Bank's Financial Times commented that the Central Economic Work Conference clearly stated that it is necessary to "implement a more active and promising macro policy". A more active macro policy is to implement a moderately loose monetary policy. The change of monetary policy is always closely related to a country's macroeconomic situation. Since the monetary policy was set as "stable" in 2011, the monetary policy stance has changed to "moderately loose" again after many years. This decision not only marks the flexible response and active adjustment of China's economic policy in the face of the current complex economic situation at home and abroad, but also reflects the management's profound insight and precise policy on market demand, downward pressure on the economy and deflation risk.Bank of Japan: The confidence index of large manufacturers rose to the highest level since March 2022.

CITIC Securities: Short-term white horse style may be dominated by stages due to compensatory growth and repair. CITIC Securities Research Report pointed out that looking forward to 2025, we expect that the market style will gradually switch from individual investors to institutional investors, and ETF will become an important configuration tool. We believe that the construction of ETF portfolio should mainly depend on the judgment of style rotation and timing. We believe that in the short term, Politburo meeting of the Chinese Communist Party and the Central Economic Work Conference will once again confirm the policy inflection point, which is expected to boost institutional investors' risk appetite, and the white horse style may prevail in stages due to compensatory growth and repair. However, in the large-cycle environment, it is still unable to meet the conditions for the continued dominance of white horse stocks, and it is necessary to continue to observe the price signals and policies.Onlikon: Compound α-keto acid tablets are planned to be selected for the tenth batch of national centralized drug procurement. Onlikon announced on December 13, and on December 12, the company participated in the bidding for the tenth batch of national centralized drug procurement organized by the National Drug Joint Procurement Office. After the bid opening and evaluation by the Joint Procurement Office, the company plans to select this centralized drug procurement. The indication of that medicine is to prevent and treat the damage caused by metabolic disorder in protein due to chronic renal insufficiency. The drug is a national medical insurance catalogue product, with an annual sales of 218,900 yuan in 2023, accounting for 0.01% of the company's annual operating income in 2023.CITIC Jiantou: The Matthew effect of the property insurance industry is expected to be further highlighted. CITIC Jiantou said that the State Financial Supervision and Administration Bureau recently issued the Action Plan on Strengthening Supervision, Preventing Risks, Promoting Reform and Promoting the High-quality Development of the Property Insurance Industry. In terms of comprehensive supervision and strict supervision, the Action Plan proposes to improve the quality and effectiveness of property insurance supervision from strengthening market access and exit supervision, promoting hierarchical and classified supervision, strictly rectifying illegal activities, and improving prudential supervision system and rules. In terms of effectively preventing and resolving risks, the Action Plan proposes to enhance the ability of risk prevention and resolution of the property insurance industry by enhancing the ability of capital replenishment and improving the monitoring and early warning system, and proposes to encourage mergers and acquisitions of property insurance companies. Deepen reform and promote opening up, and propose to guide property insurance institutions to position their development, accelerate business transformation and upgrading, enhance risk management capabilities, and promote high-level opening up. On the whole, the Action Plan will help to prevent and resolve risks in the property insurance industry, lay a foundation and provide guidance for the high-quality development of the industry, and the Matthew effect of the industry is expected to be further highlighted.

The dollar rose to 152.91 yen against the yen, the highest since November 27.The yield of major inter-bank interest rate bonds generally declined at the beginning of the session, and the yield of 10-year treasury bonds "24 interest-bearing treasury bonds 11" fell by 0.5bp to 1.8030%, hitting a record low; The yield of 10-year CDB "24 CDB 15" decreased by 2.25bp to 1.86%, and the yield of 30-year Treasury bond "24 Special Treasury Bond 06" decreased by 2.25bp to 2.02%.Palestinian President meets Lebanese Prime Minister, stressing the implementation of Security Council resolutions to promote a comprehensive ceasefire. On December 12, local time, Palestinian President Abbas met with Lebanese caretaker Prime Minister Mikati in Rome. The two sides discussed the situation in Palestine and Lebanon, agreed on the importance of strengthening efforts and unity, and stressed the need to implement UN Security Council Resolution 2735, promote a comprehensive ceasefire in Lebanon and the Gaza Strip, safeguard Lebanon's stability, peace and security, ensure humanitarian aid to enter the Gaza Strip, and realize the full withdrawal of Israeli troops from the Gaza Strip.