Zhongjin's fixed income: the financing demand is weak under the background of debt conversion, and the monetary policy needs to continue to increase. Zhongjin's fixed income commented on the financial data in November, saying that it is expected that the currency will be loose or significantly accelerated next year, while the short-term interest rate may have a large downside. Under the background of slow real estate recovery, the domestic economy has stabilized relatively moderately, and the long-term interest rate has been affected or relatively limited. Next year, monetary and fiscal cooperation will be closer, and the supply factor of government bonds may not have much disturbance to the long end. Recently, the market has fully priced loose expectations, and the long-term interest rate has dropped rapidly. Next year, with the RRR cut, the short-term interest rate will fall or accelerate, and the yield curve will move down sharply.What are the main means to stabilize the property market and the stock market in the economic work next year? The National Development and Reform Commission responded that stabilizing the property market and stabilizing the stock market have also been emphasized in recent times, and this Central Economic Work Conference is also clear again. Next, in the economic work next year, what means will we mainly use to stabilize the property market and the stock market? Wu Sa, deputy director of the Institute of Economics of the Macroeconomic Research Institute of the National Development and Reform Commission, said: from September 26th, when our Politburo meeting of the Chinese Communist Party proposed that the stock market should stop falling and stabilize, this time it made further efforts to promote the property market, which further demonstrated the determination and confidence of the central government in stabilizing the stock market and property market. At the same time, there are also a large number of reserved and implemented policies in finance and finance, such as the transformation of villages in cities, which are the focus of good policies.
Zhongjin's fixed income: the financing demand is weak under the background of debt conversion, and the monetary policy needs to continue to increase. Zhongjin's fixed income commented on the financial data in November, saying that it is expected that the currency will be loose or significantly accelerated next year, while the short-term interest rate may have a large downside. Under the background of slow real estate recovery, the domestic economy has stabilized relatively moderately, and the long-term interest rate has been affected or relatively limited. Next year, monetary and fiscal cooperation will be closer, and the supply factor of government bonds may not have much disturbance to the long end. Recently, the market has fully priced loose expectations, and the long-term interest rate has dropped rapidly. Next year, with the RRR cut, the short-term interest rate will fall or accelerate, and the yield curve will move down sharply. Challenging the monopoly of Europe and America, Chinese and Indian manufacturers have laid out the track of diet pills. For some time, GLP-1 (glucagon-like peptide -1) diet pills have caught fire in the United States and other western countries, and gradually marched into emerging markets. At present, two major pharmaceutical companies, Novo Nordisk in Denmark and Lilly in the United States, occupy most of the market share in the field of GLP-1 diet pills, but other pharmaceutical companies are also actively deploying the track. In 2026, Novo Nordisk's patent on smeagoutide will expire in China and India, while the patent on liraglutide, the main effective ingredient of the previous generation of GLP-1 diet pills, has expired in China and India. The industry believes that China and India, as two emerging markets, have a strong momentum of innovation and development in the pharmaceutical industry of both countries, and have great potential in the GLP-1 diet pills track. The entry of Chinese and Indian pharmaceutical companies will make the international competition in the field of GLP-1 diet pills more intense. (Global Times)
Minsheng Securities: In 2025, the banking sector grasped three main lines. The Minsheng Securities Research Report pointed out that it is expected that the revenue growth rate of listed banks will remain under pressure and profits will maintain positive growth in 2025. Restricted by factors such as the slowdown of scale expansion, the pressure of narrowing the net interest margin, and the marginal reduction of the contribution of financial investment to revenue, there is still pressure on the year-on-year growth of listed banks' revenue in 2025. However, with the gradual progress of local debt resolution, the real estate package policy has gradually become effective, and the hidden risks of banks in real estate and urban investment assets are expected to be effectively alleviated, and banks can maintain a low level of impairment provision, which supports profit performance. Grasp three main lines: 1) low-valued stock banks: it is recommended to pay attention to China Merchants Bank, Industrial Bank and Shanghai Pudong Development Bank; 2) High-quality rural commercial banks in regional cities: banks benefiting from chemical bonds. It is recommended to pay attention to Chongqing Rural Commercial Bank, Chongqing Bank and regional high-quality banks, and Qilu Bank, Chengdu Bank, Changshu Bank and Hangzhou Bank. 3) High dividend banks: In the process of economic recovery, high dividend strategy has absolute income stability, so it is suggested to pay attention to state-owned big banks, Nanjing Bank and Shanghai Rural Commercial Bank.Shanghai Airlines Exchange: This week, the export container transportation market was basically stable, and the market freight rates fluctuated. According to Shanghai Airlines Exchange, this week, the export container transportation market in China was basically stable, and different routes were divided due to their different supply and demand fundamentals, and the comprehensive index rose. On December 13th, the comprehensive freight index of Shanghai export containers released by Shanghai Shipping Exchange was 2,384.40 points, up 5.7% from the previous period.China's economic restructuring and upgrading loan interest rates have remained at a historically low level, the financial sector has continued to exert its efforts to support the real economy, and credit resources have more flowed to key areas and weak links of the national economy. At the end of November, medium and long-term loans for manufacturing industry, loans for "specialized and innovative" enterprises, and small and micro loans for general benefit increased by 12.8%, 13.2% and 14.3% respectively, which were higher than the growth rates of various loans in the same period. China's economic structure has been transformed and upgraded, and the credit structure has been continuously optimized. (CCTV News)
Strategy guide 12-14
Strategy guide 12-14