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CITIC Securities: It is estimated that the reverse repo rate will drop by 40-50bps next year, and the LPR and loan interest rates may drop even more. CITIC Securities Research Report believes that the Central Economic Work Conference will be held in Beijing. On the whole, the policy level is fully aware of the grim situation that external pressure may increase significantly within next year, and has put forward a series of requirements such as stable growth, stable prices, stable employment and stable people's livelihood. From the perspective of fiscal policy, the amount of financial instruments supporting the real economy will be comprehensively increased, the government's disposable financial resources will be significantly improved, and the fiscal expenditure structure will be tilted to the marginal consumption of people's livelihood. From the perspective of monetary policy, the meeting called for the implementation of a moderately loose monetary policy, timely lowering the RRR and cutting interest rates. We expect the reverse repo rate to drop by 40-50bps next year, and the LPR and loan interest rates may drop even more.French President's Office: The appointment of the Prime Minister was postponed until Friday morning.Sources: A few ECB policymakers initially hoped to cut interest rates by 50 basis points. Three sources said that several ECB policymakers initially hoped to cut interest rates more sharply on Thursday, and they were worried that the new US tariffs would hinder economic growth. The European Central Bank cut interest rates by 25 basis points on Thursday, and opened the door for more easing policies, as the euro zone economy was dragged down by domestic political instability and the threat of a new round of trade war in the United States. However, due to the low forecast of inflation and economic growth, about five of the 26 members of the official Committee initially advocated a 50 basis point interest rate cut. In particular, they pointed out that if the incoming Trump administration imposes new tariffs on the EU, the growth of economic output next year may be lower than the 1.1% expected by the European Central Bank. A small number of policy makers who called for greater interest rate cuts quickly gave in, adding that given the current uncertainty, people are reluctant to make a hasty decision.

The International (Xiong 'an) Robot Industry Alliance was formally established. On December 12th, it was learned from the 2024 xiong'an new area Intelligent Robot Industry Development Conference held in xiong'an new area, Hebei Province that the International (Xiong 'an) Robot Industry Alliance and Xiong 'an Robot Innovation and Technology Research Institute were formally established. "As an important representative of the future industry, the intelligent robot industry is in a critical period of rapid development. The establishment of the International (Xiong 'an) Robot Industry Alliance will strongly promote the development of Xiong 'an robot industry, and the establishment of Xiong 'an Robot Innovation Technology Research Institute will provide strong technical support for the sustainable development of intelligent robot industry, marking a solid step in technology research and development and innovation of xiong'an new area robot industry. " Zhang Qin, former vice chairman of China Association for Science and Technology, said. (xinhuanet)The U.S. Treasury auctioned eight-term treasury bonds, and the winning bid rate was 4.500% (4.350% on December 5), and the bid multiple was 2.81 (3.50 in the previous auction).Su Jian, Director of Peking University National Economic Research Center: Promote the construction of a unified national market and realize the free flow of factors and commodities throughout the country. The Central Economic Work Conference put forward that giving play to the traction role of economic system reform and promoting the landmark reform measures will be effective. High-quality completion of the deepening and upgrading of state-owned enterprise reform, the introduction of private economy promotion law. Carry out special actions to standardize law enforcement involving enterprises. Formulate guidelines for the construction of a unified national market. Strengthen supervision and promote the healthy development of platform economy. Make overall plans to promote the reform of the fiscal and taxation system and increase local independent financial resources. Deepen the comprehensive reform of investment and financing in the capital market, open up the blocking points of medium and long-term funds entering the market, and enhance the inclusiveness and adaptability of the capital market system. Su Jian, director of Peking University National Economic Research Center, told reporters that the "guidelines for the construction of a unified national market" is to promote the construction of a unified national market and realize the free flow of factors and commodities throughout the country. Its reform covers a wide range and has profound implications. In terms of factors, the flow of capital, labor, land, information and science and technology needs to further break down local protection and industry barriers. "It is expected to involve land system reform, investment and financing system reform, household registration management system reform, etc." (SSE)

Leader of the Houthi Movement: We cooperated with Islamic resistance organizations and conducted joint actions against Israel. The Support Front took action this week against occupied Jaffa, Ashdod and Ashkelon.Russia said it cracked down on several Ukrainian military equipment and repulsed Russia's multi-directional attacks. The Russian Defense Ministry issued a war report on the 12th, saying that in the past day, Russian armed forces killed and wounded 1,345 Ukrainian troops and destroyed many Ukrainian military equipment including tanks, armored vehicles and American howitzers. Russian air defense forces shot down four American-made "Haima" rockets and 37 drones of the Ukrainian army. In addition, Russian troops also controlled the "Zarija" settlement in Donetsk. According to the General Staff of the Ukrainian Armed Forces, there were 203 battles in the frontline area in the past day, and the situation on the frontline remained grim. The Ukrainian air force, missile units and artillery units destroyed many Russian military personnel assembly areas and control points. In the direction of Kharkov, Pokrovsk and Kulahovo, the Ukrainian army repelled many Russian attacks. In addition, the Ukrainian army continued to carry out operations in the Kursk region.The mortgage interest rate in the United States fell for the third consecutive week, and the demand for home purchases rose. The mortgage interest rate in the United States fell for the third consecutive week. Freddie Mac said in a statement that the average interest rate of 30-year fixed-rate mortgages was 6.6%, down from 6.69% last week. Redfin Corp' s data for the four weeks ending December 8 show that buyers have been pushing forward in recent weeks, and the purchase contract has increased by 4.1% year-on-year. However, the broker said that affordability still faces challenges, because interest rates are still at a high level and the median selling price has increased by 6% year-on-year. "Demand is adapting to the new normal after the election," said Chen Zhao, head of economic research at Redfin.