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Ministry of Commerce: Make efforts to expand the scope, implement the trade-in policy of consumer goods and innovate diversified consumption scenarios. On December 13th, Wang Wentao, Party Secretary and Minister of the Ministry of Commerce, presided over a special meeting of the party group to convey the spirit of studying the Central Economic Work Conference. The meeting stressed that it is necessary to vigorously boost consumption. We will intensify efforts to expand the scope, implement the trade-in policy for consumer goods, innovate diversified consumption scenarios, expand service consumption, and actively develop the first-round economy. It is necessary to expand high-level opening to the outside world and stabilize foreign trade and foreign investment. We will expand independent opening and unilateral opening in an orderly manner, steadily expand institutional opening, and promote the free trade pilot zone to improve quality and efficiency and expand the reform mandate. Efforts should be made to stabilize trade in goods and actively develop service trade, green trade and digital trade. We will deepen the reform of foreign investment promotion system and mechanism, steadily push forward the opening of service industry, expand the pilot projects in the fields of telecommunications, medical care and education, and continue to build the brand of "Investing in China". Promote high-quality joint construction of the "Belt and Road", deepen and improve the overseas comprehensive service system.The yield of German 10-year government bonds is the biggest weekly increase since mid-April. The yield of German 10-year government bonds hit the highest level since November 25th, at 2.233%.Analysis: Two major factors, disposal of non-performing assets and resolution of local debts, affect the total financial data. According to the analysis of market institutions, the financial data of the current month are greatly influenced by disposal of non-performing assets and resolution of local debts. The reform of financial institutions has been carried out in an orderly manner, and the disposal of non-performing assets of commercial banks has pressed the "acceleration button". According to industry insiders, the write-off of non-performing loans is only a bank accounting treatment, and the lending relationship between banks and enterprises has not changed, which does not directly affect the business activities of the real economy. In November, some non-performing loans were sold through packaging, transfer and sale, so that non-performing assets were listed as a whole. This part is not included in the scale of social financing, which will have a certain impact on the growth rate of social financing scale, but it will also not affect the financing relationship of the real economy. In addition, the intensity of localized debts has increased, and local governments may accelerate the replacement of debts in the short term, affecting the credit stock. It is understood that the Ministry of Finance has issued new local debt limits to all localities, and some provinces have started issuing them. At present, the total amount of special bonds issued by local governments in China has basically reached the planned annual issuance quota. According to market research, after the financing platform and other entities get the special debt funds, most of them will repay the debts in about 10 to 20 days, most of which are loans, so as to avoid "paying interest at both ends" of bonds and loans. It is estimated that nearly 250 billion yuan of local bond swap will be completed nationwide in November, and there will be a larger bond swap in December. According to industry insiders, for local governments, after the debt pressure is released slowly, it is more conducive to the development of the real economy, which is good for relieving the debt chain, smoothing the economic cycle and preventing risks, and has multiple positive effects. (The country is a through train)

 UBS raised the target price of Broadcom from $200 to $220.Morgan Stanley lowered the Nike target price from $82.00 to $80.00.

Lianchuang Optoelectronics: It is planned to terminate the acquisition of Lianchuang Superconductor's equity. Lianchuang Optoelectronics announced that the company originally planned to realize the merger of Lianchuang Superconductor through capital increase and acquisition of a small number of equity. However, during the reply, it was found that there were significant differences between the financial data of Lianchuang Superconductor in 2023 and the 2023 annual report disclosed by Yinggu, the parent company of Ningxia Xuying, which mainly involved the issue of revenue recognition. In addition, the validity period of Lianchuang Superconducting Audit Report and Asset Appraisal Report will expire soon, and it needs to be re-audited and re-evaluated if the transaction continues. By the end of October 2024, Lianchuang Superconductor had achieved an operating income of 45.2084 million yuan, a net profit of-13.1177 million yuan and a net profit of-14.7016 million yuan, which was far from the annual target of the 2024 performance forecast data calculated in the previous asset appraisal report. Based on the principle of prudence, in order to protect the interests of listed companies and investors, the company intends to decide to terminate the above transactions.Philadelphia SE Semiconductor Index reached its highest level in more than a week, rising by 3.1%.Kaitou Macro: There is no end in sight for the industrial difficulties in the euro zone. Jack Allen-Reynolds, a macro economist at Kaitou, said in a report that the stagnation of industrial production in the euro zone in October shows that its industrial sector is still weak and will continue to struggle. In fact, he said, without Ireland's data, the G-20' s constant production data would look much worse, or it would drop by 0.5% month-on-month, while Ireland's data is notoriously unstable. Allen-Reynolds said that the output in October excluding Ireland decreased by 2.8% compared with the same period of last year, which was 18% lower than the output level of energy-intensive industries before the outbreak of the conflict between Russia and Ukraine. He said that automobile production is 17% lower than the pre-epidemic level. Although the production performance of other industries is not so bad, the latest survey shows that the overall industrial production continues to decline.