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CF40 Research: Three Channels to Expand Domestic Demand. An article published by Guan Wei of China Financial Forty Forum (CF40) pointed out that the expansion of total demand, whether it is to expand consumption or investment demand, should be implemented on credit growth. When credit goes up, residents, enterprises and governments have more money in their pockets, so do expenditures and incomes, as well as profits and investments. At present, there are three main ways to expand credit: first, fiscal policy is exerted and the government borrows money; Second, the monetary policy will exert its strength and reduce the policy interest rate; The third is to stabilize the real estate market, and there can be no further sharp decline. In terms of finance, maintain the intensity of fiscal expenditure in a broad sense, and moderately increase the fiscal deficit to 4% in 2025. In terms of monetary policy, we should take reducing the real interest rate as an important goal, continue to implement "strong interest rate reduction", and timely reduce the interest rate of structural monetary policy tools below the policy interest rate level. In terms of the property market, it will ease the current cash flow pressure faced by real estate enterprises and promote the real estate to stop falling and stabilize from both ends of supply and demand.Sichuan issued 30-year ordinary special local bonds, with a scale of 35.4 billion yuan, an issue interest rate of 2.2000%, a marginal multiple of 1.58 times and an expected multiple of 2.19.About 200 people have been killed by gang attacks on civilians in Haiti. Recently, a large-scale violence against civilians in Port-au-Prince, the capital of Haiti, has killed about 200 people, most of whom are elderly people. Witnesses said that the massacre continued.

Nine associations, including China Consumers Association and internet society of china, China Hotel Association, China Self-employed Workers Association, china electronic chamber of commerce, China Packaging Federation, China Chain Store & Franchise Association, China Baked Food and Sugar Products Industry Association and China Nutrition Society, jointly proposed on December 11 to encourage catering industry operators (including self-employed workers) to curb catering waste in the industry through innovative measures, public welfare publicity and optimized services.The commander of Syrian democratic forces said that under the mediation of the US, Syrian rebels and Syrian democratic forces reached a ceasefire agreement in the northern city of Mambiji.Analyst: There may be a RRR cut of 50 basis points to 100 basis points next year. Tan Yiming, chief fixed income analyst of Minsheng Securities, said that there may be a RRR cut of 50 basis points to 100 basis points next year, considering the supply pressure of government bonds, the restoration of credit supply and the provision of long-term stable low-cost funds for financial institutions.

Huadian energy: The subordinate power plants and holding companies received government subsidies of 22.33 million yuan. huadian energy announced that the subordinate power plants and holding companies of the company received government subsidies related to income of 22.33 million yuan on December 9, 2024. Among them, Harbin No.3 Power Plant of huadian energy Co., Ltd. received a government subsidy of 10.87 million yuan, and Harbin Thermal Power Co., Ltd. received a government subsidy of 11.46 million yuan. In accordance with the relevant provisions of Accounting Standards for Business Enterprises No.16-Government Subsidies, the company included this subsidy in the current profit and loss, and it is estimated that the total profit of the company in 2024 will be increased by 8.39 million yuan.*ST Hanma: The reorganization plan of the company and its five subsidiaries was approved by the court. On December 11, 2024, the company and its five subsidiaries, Anhui Valin Automobile Co., Ltd., Anhui Xingma Special Purpose Vehicle Co., Ltd., Anhui Fuma Automobile Parts Group Co., Ltd., Anhui Fuma Electronic Technology Co., Ltd. and Wuhu Fuma Automobile Parts Co., Ltd., received the court ruling, approved their reorganization plans and terminated the reorganization procedures, and then entered the implementation stage.Jiayi Co., Ltd.: It plans to increase capital by 28 million US dollars to set up Vietnam Sun Company. Jiayi Co., Ltd. announced that the company plans to increase capital by 28 million US dollars to its wholly-owned subsidiary Jiayi Singapore with its own funds for the establishment of wholly-owned Sun Company Jiayi Drinking Water Co., Ltd. in Vietnam. This investment aims at expanding overseas production bases, enhancing supply chain flexibility, enhancing core competitiveness and accelerating business internationalization.