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CICC: Cloud and terminal AI landing In 2025, the localization of semiconductors and components ushered in a new cycle. According to CICC's research report, in 2024, semiconductors and components as a whole were in the upward stage of prosperity. It is expected that inventory, supply and demand will stabilize in 2025, and AI cloud and terminal demand will land, and domestic elements will usher in a new cycle. It is expected that in 2025, the AI ​ ​ replacement tide is expected to accelerate the downstream demand growth of the semiconductor design sector. We are optimistic about the demand expansion of cloud and end-side computing chips driven by AI, and the alpha level of individual stocks is optimistic about the pull of product structure expansion on the performance of related companies, and it is suggested to pay attention to the investment opportunities brought by mergers and acquisitions for some tracks. It is expected that the supply and demand of chip manufacturing will approach a balance in 2025, and the capacity utilization rate will remain at a reasonable level; Among them, the research and development of advanced process manufacturing is expected to continue to advance, driving the development of equipment, parts, materials and design tools.CITIC Securities: It is expected that the scale of personal pension will grow steadily. According to the CITIC Securities Research Report, on December 12, 2024, the Ministry of Human Resources and Social Security and other departments jointly issued the Notice on the Full Implementation of Personal Pension System, and the personal pension system will be promoted to the whole country on December 15, with emphasis on product supply and collection conditions optimized. In terms of individual pension funds, 85 index funds were added. At present, the total number of personal pension products is 941, and the performance of most products is relatively stable. The personal pension system shoulders the important mission of perfecting the multi-level and multi-pillar pension insurance system and doing a good job in pension finance. It is expected that with the continuous optimization of system design, continuous enrichment of product supply and continuous improvement of service level, the scale of personal pension is expected to grow steadily, which will also help to better play the wealth management function of the capital market and build a sound policy system of "long money and long investment".The A-share financing balance hit a new high of more than 9 years, and the big consumption sector broke out. According to china securities journal, on December 12, the A-share market opened lower and went higher. At the close, the Shanghai Composite Index rose by nearly 1%, the Shenzhen Composite Index rose by 1% and the Growth Enterprise Market Index rose by more than 1%. More than 3,500 stocks in the entire A-share market rose, with more than 150 stocks trading daily, and the big consumer sector broke out. The market turnover was 1.89 trillion yuan, which has exceeded 1 trillion yuan for 52 consecutive trading days, setting a new record for the A-share market. In terms of funds, Wind data shows that as of December 11th, the financing balance in the A-share market was 1,875.85 billion yuan, a record high of over 9 years. In the first three trading days of this week, the financing balance "increased three times in a row", with a cumulative increase of 22.579 billion yuan. Analysts believe that short-term ample liquidity and optimistic policy expectations are still the main support of the market. In the medium and long term, the A-share market is expected to continue to fluctuate upward under the dual promotion of policy expectations and economic trends.

Compared with the beginning of the personal pension system, the number of participating insurance companies has increased nearly four times, and insurance companies have become an important supplier of personal pension products. The comprehensive opening of the personal pension system will undoubtedly create a historical opportunity for the insurance industry to participate more deeply in the construction of the third pillar. (SSE)Employees hide $154 million in accounts. Macy's said that internal control was ineffective. On Thursday, Macy's said that a reassessment of its financial situation showed that as of February this year, the internal control (including proper record maintenance) of the chain department store was not effective. The retailer launched an evaluation at the end of November after discovering that an employee had concealed as much as $154 million in expenses for many years. Therefore, the company postponed the release of the third quarter earnings report until December 11th. Macy's said that under the supervision of the board of directors, Tony Spring, its CEO, and Adrian Mitchell, its chief financial officer, re-evaluated the effectiveness of internal control, and pointed out that its financial report was not effective as of February 3 due to major defects. The department store chain said that it is implementing changes to improve internal control and make up for major defects.The yen once fell to 152.74 against the US dollar, and the trend fluctuated after the release of the Bank of Japan's short-term survey. After the release of the Bank of Japan's short-term survey, the yen initially rose slightly, but then weakened. The yen once fell 0.1% against the US dollar to 152.74. The 10-year Japanese government bond futures rose 4 points to 142.49.

Guotai Junan: The rise of leading enterprises and the downward shift of costs are important features of the steel industry entering a new cycle. Guotai Junan issued a document saying that with the change of demand structure, the demand for plates has steadily increased, and the demand for high-end plates such as automobiles, household appliances, shipbuilding, offshore engineering and energy is strong. The added value and profit per ton of products brought by leading companies' active adjustment of product structure, accumulation of products, R&D drive, continuous capital expenditure and equipment investment have been significantly improved, gradually widening the gap with the industry average gross profit. When the industry is facing the marginal losses of most steel enterprises, leading companies still maintain a high profit level by relying on the cost advantages brought by product differences and management, and the rise and differentiation of industry leaders are emerging. On the other hand, with the gradual increase in the supply side and the difficulty in improving the demand side, iron ore has gradually entered a loose cycle, and the steel cost constraints are expected to gradually improve.Zhou Hongchun, a researcher at the State Council Development Research Center: Cultivating green buildings will form a new economic growth point. The Central Economic Work Conference proposed to jointly promote carbon reduction, pollution reduction and green growth, and step up the comprehensive green transformation of economic and social development. In this regard, Zhou Hongchun, a researcher at the the State Council Development Research Center, said that reducing carbon, reducing pollution and expanding green growth is the proper logic for China's high-quality economic development. The essence is to strengthen systematic thinking, pay attention to the coordination of various policies and reform and opening-up measures, and realize the green transformation and sustainable development of China's economy and society.Bank of Japan: The index of small non-manufacturers rose for the second consecutive quarter, reaching the highest level since August 1991.