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Xinhua Commentary: China's monetary policy has changed from "prudent" to "moderately loose" to send a positive signal. The commentary published by Xinhua News Agency on the 10th pointed out that the the Political Bureau of the Communist Party of China (CPC) Central Committee Conference held on the 9th analyzed and studied the economic work in 2025, in which the expression of monetary policy attracted people's attention. After a lapse of more than 10 years, the change of monetary policy orientation to "moderately loose" once again reflects the supportive monetary policy stance and sends a positive signal, which will strongly boost the confidence of all parties and help China's economy recover. The change of monetary policy is always closely related to a country's macroeconomic situation. This time, Politburo meeting of the Chinese Communist Party made it clear that the monetary policy will be "moderately loose" next year, not only because of the analysis and judgment of the current economic situation, but also because of the planning and consideration of the economic work next year. The timely adjustment of "loose is loose, tight is tight" will create a good monetary and financial environment for stable economic growth and high-quality development next year. From "steady" to "moderately loose", the change is the tightness of monetary policy, which is directly related to the blood of funds in the real economy. "Moderately loose" monetary policy means a reasonable money supply, a low interest rate and a relatively loose monetary and credit environment, which is conducive to further increasing financial support for key areas and weak links, guiding more funds to invest in scientific and technological innovation, people's livelihood consumption and other fields, promoting consumption and expanding investment, and better stimulating the endogenous motivation and innovation vitality of the whole society. From "steady" to "moderately loose", what remains unchanged is the supportive monetary policy stance. Since the beginning of this year, monetary policy has increased countercyclical adjustment in a timely manner. Although the tone of this year's monetary policy is "stable", on the whole, the monetary policy is flexible and moderate in implementation, and the market generally feels that China's monetary policy is in a stable and slightly loose state. The "moderately loose" monetary policy orientation next year can better reflect the "supportive" monetary policy stance. The combination of the two will further maintain a reasonable and sufficient liquidity, reduce the comprehensive financing cost of enterprises and residents, and provide financial support for the sustained economic recovery. At present, the expected change has become an important factor affecting the economic operation, and it is helpful to guide the expectation to make clear the monetary policy orientation next year in time. Externally, the international environment will become more complicated and severe next year; Internally, China's development faces many uncertainties and challenges. At this point, clarifying the monetary policy for next year, responding to market concerns, and releasing a clear signal will help promote China's sustained economic recovery. (Xinhua News Agency)The Turkish President and NATO Secretary-General discussed the situation in Syria by telephone. The Information Bureau of the Turkish Presidential Office released a message on December 10 local time, saying that Turkish President Erdogan had a telephone conversation with NATO Secretary-General Rutte on the same day, focusing on the latest development of the situation in Syria. Erdogan said that since the first day of the civil war in Syria, Turkey has always advocated maintaining the territorial integrity and stability of Syria. He stressed that Syria should be managed by the Syrian people, and Turkey will continue to do its best to build a unified and complete Syria free from terrorism.New quality productivity is still the core of policy orientation! Kechuang 100TF (588190) closed up 1.71%. On December 10th, Kechuang 100TF (588190) closed up 1.71%, with a turnover of 667 million yuan. The constituent stocks rose strongly, with Guo Dun Quantum up 6.19%, Siwei up 4.18%, and Hengxuan Technology, Ruichuang Micro-nano and Alice followed suit. Huajin Securities said that developing new quality productivity is still the main policy orientation. The meeting clearly put forward that "scientific and technological innovation should lead the development of new quality productivity", showing that the emerging industries related to the eight new quality productivity are still the main direction of the policy. From a short-term perspective, positive policies are expected to drive A-shares to start the New Year's market. First, from the molecular perspective, the meeting may raise the market's expectation of economic recovery: the meeting can expect to adjust fiscal and monetary easing next year and further economic recovery. In terms of liquidity, further easing of monetary policy is expected to rise.

Today, Shanzi Hi-Tech's daily limit was 300 million yuan for Ningbo Zhongshan West Road of Yongxing Securities, and Shanzi Hi-Tech's daily limit was 6.211 billion yuan, with a turnover rate of 32.07%. After-hours data showed that Shenzhen Stock Connect bought 203 million yuan for special seats and sold 199 million yuan, while Yongxing Securities sold 300 million yuan for Ningbo Zhongshan West Road and 91.8558 million yuan for special seats for one institution.The General Department of National Medical Products Administration publicly solicited opinions on the Guiding Principles for the Classification and Definition of Medical Device Products Using Nanomaterials (Draft for Comment). In order to guide the determination of management attributes and management categories of medical device products using nanomaterials, National Medical Products Administration organized and drafted the Guiding Principles for the Classification and Definition of Medical Device Products Using Nanomaterials (Draft for Comment), which is now open to the public for comments.Tianjin released the Catalogue of Talents Demand for New Quality Productivity in Manufacturing Industry, and Tianjin Municipal Bureau of Human Resources and Social Security recently released the Catalogue of Talents Demand for New Quality Productivity in Manufacturing Industry in Tianjin, identifying 198 jobs with strong correlation with 12 industrial chains in Tianjin, high level of talents demand and large market demand. The relevant person in charge of the Tianjin Municipal Bureau of Human Resources and Social Security said that the catalogue is supported by the dynamic demand data of talent markets of more than 2,900 key enterprises in the industrial chain, and the positions are sorted and classified through big data technology to reveal the inherent laws and trends of talent demand in Tianjin. At the same time, guided by the actual needs of employers, the relevant responsible persons and industry experts of 77 key enterprises in 12 industrial chains were invited to conduct in-depth exchanges and interviews, and the relevant job descriptions and job requirements were further verified and revised to ensure that the catalogue strictly and objectively reflected the market demand and provided effective reference and guidance for employers and job seekers.

The initial strength of inter-bank spot bonds was obvious. The yield of active bonds of 7-year and 10-year treasury bonds dropped by 3.5bp. The yield of active bonds of 7-year and 10-year treasury bonds fell by 3.5bp, the yield of 7-year "24 interest-bearing treasury bonds 18" reported 1.725%, and the yield of 10-year "24 interest-bearing treasury bonds 11" hit 1.87%, all hitting record lows. The yield of 30-year "24 Special Treasury Bond 06" dropped by 3.1bp to 2.079%, the lowest since the end of February 2005.CITIC Securities: In November, the PPI turned positive more than expected, and the core CPI continued to improve. According to the research report of CITIC Securities, the price data in November 2024 showed that the boosting effect on the economy after the policy shift in late September initially appeared at the "price end", mainly in two aspects: "PPI turned positive" and "continuous improvement of core CPI". In terms of PPI, this month's PPI turned positive more than expected, and the main contributions came from "the effect of trade-in for new products is gradually appearing at the price end of related industries" and "the acceleration of physical workload of infrastructure has boosted the prices of raw materials industries in the upper and middle reaches". It is embodied in the remarkable improvement of PPI in computer machine manufacturing, communication terminal equipment manufacturing, automobile manufacturing, durable consumer goods (means of subsistence), non-metallic mineral products industry and other industries. In terms of CPI, although the year-on-year growth rate of CPI further declined to 0.2%, which was significantly lower than the market expectation, it was largely affected by the over-seasonal decline in food prices. The core CPI, which the market paid more attention to, continued to improve slightly on the margin, with the year-on-year reading rising from 0.1% at the bottom of September to 0.2% in October and 0.3% in November. In terms of splitting, the CPI decline of the three major durable consumer goods and services has narrowed compared with the same period of last year. On the whole, the combination of "CPI 0.2%+PPI -2.5%" reveals that China is still facing significant "low inflation" pressure, and it is still necessary to continue to strengthen the price level with a package of incremental policies. Looking back, if the boosting effect of the "two new" policies on the demand of downstream industrial products and the driving effect of the accelerated issuance of special bonds on the physical workload of infrastructure can be released continuously, it will provide some support for the improvement of PPI; However, if you want to see the PPI continue to turn positive significantly, you may have to wait for the policy to further push the physical workload and real estate start-up data, as well as the more stringent supply-side optimization policies in some areas with more production capacity.Yuanfei Pet: The company's overseas sales revenue and profits are on the rise. On December 9, Yuanfei Pet said that at present, the company maintains a good development trend and we have great confidence in the future market development at home and abroad. Since the beginning of this year, due to the continuous increase in the demand of the pet industry and the continuous rise in the company's comprehensive competitiveness, the sales revenue and profit realization of the company's overseas sales have shown an upward trend. At present, the company has put into production a total of four production bases, and has two production bases in Pingyang, Wenzhou, which are equipped with many production lines such as pet snacks, pet traction appliances and pet toys. There are two production bases in Cambodia, namely, Aitao, Cambodia, which focuses on pet food, and Ryder, Cambodia, which focuses on pet products. In the second half of this year, Ryder, Cambodia added a new pet toy production line. In addition, factories in Bangladesh and China are under construction.