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The 30-year Treasury ETF rose sharply at the opening, hitting a record high. Both "Boshi SSE 30-year Treasury ETF" and "Pengyang China Bond -30-year Treasury ETF" rose by 0.65%.The Hang Seng Index of Hong Kong stocks opened lower by 0.78%, the index of state-owned enterprises fell by 0.88%, and the branch index opened lower by 1.01%.The 28th meeting of the China-ROK Joint Economic and Trade Commission was held in Seoul, South Korea. On the 12th, Vice Minister of Commerce Li Fei co-chaired the 28th meeting of the China-ROK Joint Economic and Trade Commission with Vice Minister of Foreign Affairs Jiang Renxian in Seoul, South Korea. The two sides exchanged views on deepening China-ROK industrial chain supply chain, trade and investment, regional and multilateral cooperation, pragmatically promoted related matters, and reached broad consensus.

Zheshang Securities: It does not rule out the possibility of lowering the RRR and cutting interest rates at the same time before the end of the year. Zheshang Securities research report said that this central economic work conference went further on the basis of the previous Politburo meeting, and clearly put forward "timely RRR reduction and interest rate reduction". Combined with the central bank's statement on the RRR reduction space in late September, it is expected that there will be a 50-basis-point RRR reduction before the end of the year, which will greatly promote interest rate reduction in the first quarter of next year, and even does not rule out the possibility of simultaneous RRR reduction and interest rate reduction before the end of the year. We are optimistic that the equity market and the bond market will step out of the double bull market in the process of gradual policy development.The three major stock indexes opened lower, with the Shanghai Composite Index down 0.54%, the Shenzhen Component Index down 0.74% and the Growth Enterprise Market down 0.87%.Chief economist of CITIC Jiantou: More active finance and moderately loose currency are beneficial to both stocks and debts. Huang Wentao, chief economist of CITIC Jiantou, interpreted the Central Economic Work Conference and said that the meeting stressed that it is necessary to maintain stable economic growth next year, maintain overall stability in employment and prices, raise the fiscal and monetary adjustment to the strongest level for many years, and give priority to expanding domestic demand. The construction of modern industrial system focuses on new quality productivity, and the economic system reform has landmark measures to expand autonomy and unilateral opening up in an orderly manner to stabilize the property market and stock market. Stable employment and stable prices will bring about both nominal and real growth, more active finance and moderately loose currency, which will be beneficial to both stocks and debts, the stock index, valuation and liquidity will stabilize and rebound, and the bond market interest rate will have more downside. Looking forward to 2025, the 5% real and nominal GDP growth rate is the direction of efforts. The growth is more brought about by the domestic demand boost and two innovations, new quality productivity and new supply, industrial digitalization and digital industrialization, rural revitalization and new urbanization, Belt and Road Initiative and opening up, and the high-quality ending of the "14 th Five-Year Plan" started the "15 th Five-Year Plan".

The retail sector continued its upward trend of Zhongbai Group for 10 days and 7 boards, and the retail sector continued its upward trend. Zhongbai Group for 10 days and 7 boards, Maoye Commercial and Actually Zhijia had daily limit, and Guangbai shares, Dashang shares, Central Shopping Mall and Hongqi Chain opened higher collectively.Visionox: Chengdu Chenxian Micro-LED production line has entered the sprint stage of mass production and shipment. Visionox (002387) said on the interactive platform on December 13th that the first TFT-based Micro-LED production line in Chengdu Chenxian, a shareholding company, completed the equipment moving in in September this year and is now entering the sprint stage of mass production and shipment.Guosheng Securities: AEC heavy-duty computing industry chain has entered the era of Lian Heng. Guosheng Securities Research Report pointed out that AEC(Active Electrical Cable) is an active cable interconnection scheme, which is mainly used in short-distance high-speed data transmission scenarios in data centers. 1)AEC is expected to become the first step for optical module manufacturers to penetrate downwards. Optical modules need to master photoelectric conversion and high-speed data communication, and DAC/AEC/AOC products have relatively mature technical requirements compared with single-mode/multimode optical module products with longer transmission distance. 2) Copper interconnection is widely used by large CSP not only in NVIDIA. NVIDIA used a large number of high-density copper interconnects in B series products, which made the industry re-recognize the reliability and price advantage of copper interconnects in short-distance scenes. 3) In the era of Lian Heng, domestic manufacturers still have obvious advantages. Chip manufacturers, represented by NVIDIA, have been hoping to conduct a comprehensive industry consolidation and provide customers with a complete set of solutions. What CSP manufacturers want more is the decoupling of the industrial chain, and every link such as GPU, copper connection, optical module and switch can find corresponding suppliers. The heavy volume of AEC and the rise of CSP manufacturer's independent scheme indicate that the computing power industry chain has entered the era of Lian Heng, and we are firmly optimistic about the domestic related computing power industry chain.