【Abstract】The Standing Committee of the People's Republic of China: Give full play to the role of intermediaries as gatekeepers in the capital market; The National Fiscal Work Conference was held in Beijing: next year, we will implement a more active fiscal policy and increase the fiscal deficit rate; State-owned Assets Supervision and Administration Commission of the State Council: Establish a scientific market value management concept to better maintain the stability of the capital market; National Development and Reform Commission: It is strictly forbidden to add various risks such as hidden debts of local governments in the process of revitalizing existing assets; National Press and Publication Administration: A total of 122 domestic online games were approved in December; Shanghai: Supporting innovative exploration in cutting-edge medical fields such as brain science, brain-computer interface, and computational biology; Guangzhou Futures Exchange: Polysilicon futures will be listed and traded on December 26; The three major U.S. stock indexes collectively closed higher, with the Nasdaq up 1.35% and Tesla up more than 7%.

Overnight outer disk

The three major U.S. stock indexes rose across the board. At the close, the Dow Jones rose 0.91%, the NASDAQ rose 1.35%, and the S&P 500 rose 1.1%. Large technology stocks rose across the board, with Tesla up more than 7%, Netflix up more than 2%, Apple, Amazon, and Meta up more than 1%, and Nvidia, Google, Intel, and Microsoft rising slightly. Among them, Apple has hit new highs for three consecutive trading days, with a total market capitalization of $3.9 trillion.

Hot spotlight

1. Regular meeting: give full play to the role of intermediaries as gatekeepers of the capital market

Premier Li Qiang of the State Council presided over an executive meeting of the State Council on December 23 to review and adopt the "Opinions on Strictly Regulating the Administrative Inspection of Enterprises", deploy measures to deepen the regulatory reform of drugs and medical devices and promote the high-quality development of the pharmaceutical industry, study and strengthen the supervision of the whole chain of food safety, listen to the report on the establishment of an incentive and restraint mechanism for transfer payments to promote high-quality development, and review and approve the "Regulations of the State Council on Regulating Intermediaries to Provide Services for the Company's Public Offering of Shares (Draft)".

The meeting pointed out that it is necessary to deepen the reform of the whole process of drug and medical device supervision, create an innovation ecology with global competitiveness, promote China's progress from a pharmaceutical country to a pharmaceutical power, and better meet the needs of the masses for high-quality drugs and medical devices. It is necessary to increase support for the R&D and innovation of drugs and medical devices, play a leading role in standards, and actively promote the use of innovative drugs and medical devices. It is necessary to improve the quality and efficiency of review and approval, speed up the approval and listing of drugs and medical devices that are urgently needed in clinical practice, and exempt or exempt clinical trials for eligible innovative drugs and medical devices for rare diseases. It is necessary to improve the compliance level of the pharmaceutical industry with efficient and strict supervision, and support the expansion of opening up and cooperation in the pharmaceutical industry. It is necessary to follow up on policies on medical insurance, medical care, and prices in a timely manner, and make concerted efforts to promote the high-quality development of the pharmaceutical industry.

The meeting deliberated and adopted the "Provisions of the State Council on Regulating Intermediaries to Provide Services for the Company's Public Offering of Shares (Draft)", emphasizing that it is necessary to give full play to the role of intermediaries as "gatekeepers" in the capital market, prevent intermediaries from bundling improper interests with issuers, severely crack down on financial fraud, fraudulent issuance and other illegal acts, effectively protect the legitimate rights and interests of investors, and promote the healthy and stable development of the capital market.

2. The National Financial Work Conference was held: next year, a more active fiscal policy will be implemented to increase the fiscal deficit rate

The National Financial Work Conference was held in Beijing from December 23 to 24. The meeting summarized the financial work in 2024 and studied and arranged key tasks in 2025. Lan Fo'an, Secretary of the Party Leadership Group and Minister of the Ministry of Finance, made a work report. The meeting pointed out that in 2025, it is necessary to implement a more active fiscal policy, continue to work harder, be more powerful, and play a good policy "combination punch". The meeting stressed that in 2025, it is necessary to support the expansion of domestic demand and vigorously boost consumption. The meeting pointed out that in 2025, it is necessary to implement a more active fiscal policy, continue to work harder, be more powerful, and play a good policy "combination punch". First, it is necessary to raise the fiscal deficit rate, increase the intensity of expenditure, and speed up the pace of expenditure. The second is to arrange larger-scale government bonds to provide more support for stable growth and structural adjustment. The third is to vigorously optimize the expenditure structure, strengthen precise investment, and pay more attention to benefiting people's livelihood, promoting consumption, and increasing stamina. Fourth, we will continue to make efforts to prevent and resolve risks in key areas and promote the stable and sustainable development of finance. Fifth, we should further increase transfer payments to local governments, enhance local financial resources, and strengthen the bottom line of the "three guarantees" at the grassroots level.

3. State-owned Assets Supervision and Administration Commission of the State Council: Establish a scientific market value management concept to better maintain the stability of the capital market

From December 23rd to 24th, the State-owned Assets Supervision and Administration Commission of the State Council held a meeting of the heads of central enterprises, which emphasized that to do a solid job in the development and reform work in 2025, we must earnestly improve the quality and efficiency of development, focus on consolidating the foundation of business development, strengthen group control and centralized management of funds, increase the expansion of the city's income, reduce expenditure, effectively improve operating cash flow, strict financial discipline, expand effective investment, establish a scientific market value management concept, better maintain the stability of the capital market, and continue to do a good job in the "two arrears" clean-upto play a better role in maintaining stable economic growth.

4. National Development and Reform Commission: It is strictly forbidden to add various risks such as hidden debts of local governments in the process of revitalizing existing assets

The

General Office of the National Development and Reform Commission issued a notice on further improving the implementation of the new mechanism of public-private partnership, which proposes to standardize the revitalization of stock assets, and for projects that do not involve new construction, reconstruction and expansion, it is necessary to combine the historical operation of the project and the actual situation of the region, reasonably predict the project income, determine the project valuation, and thoroughly demonstrate the feasibility and necessity of adopting the franchise model. It is necessary to strictly implement the requirements for preventing and resolving the hidden debt risks of local governments, and must not alienate the franchise model into a means for local governments, local state-owned enterprises or platform companies to sell assets and disguised financing in the name of revitalizing existing assets, and strictly prohibit the addition of various risks such as hidden debts of local governments in the process of revitalizing stock assets. Priority should be given to supporting private enterprises to participate in the revitalization of stock assets through the franchise model, and encouraging qualified state-owned enterprises to standardize their participation in franchise projects that do not involve new construction, reconstruction and expansion.

5. National Press and Publication Administration: A total of 122 domestic online games were approved in December

On December 24, the website of the National Press and Publication Administration announced the latest approval information for domestic online games, and 122 domestic online games obtained version numbers. The version number of imported online games was updated simultaneously, and 13 imported online games were obtained, including key products of NetEase, Tencent and other companies.

6. Seven departments issued the National Whole Grain Action Plan (2024-2035).

Seven departments issued the National Whole Grain Action Plan (2024-2035). It is pointed out that the breeding of suitable grain varieties for whole grain foods should be promoted. Strengthen the interdisciplinary integration, increase the screening and cultivation of excellent whole grain varieties, carry out biological improvement breeding and production technology research, and develop new whole grain raw material varieties rich in active substance components, excellent edible sensory quality and processing quality. Through the research and development and promotion of breeding and planting technology, we will promote the improvement of the quality of bulk grain varieties, the production and quality of whole grains, and fully tap the potential of grain production. Promote innovation in key common technologies of whole grains. Focus on the major, core and key technical issues restricting the development of the whole grain industry, and promote the connection between basic research and applied research. Research and development of whole grain raw ingredients quality and safety assurance technology, development of high-efficiency and low-consumption whole grain raw ingredients and food processing and circulation technology and equipment. Create diversified whole grain raw ingredients and whole grain foods that are in line with the characteristics and habits of China's cereal consumption. Encourage the integration and innovation of agriculture, food, medical care and nursing, strengthen the collaborative innovation and scientific research of the whole grain industry chain, and explore the construction of national, provincial and ministerial whole grain industry-university-research cooperation and innovation platforms. Strengthen technical guidance for whole grain product production enterprises.

7. Shanghai: Support innovative exploration in cutting-edge medical fields such as brain science, brain-computer interface, and computational biology

On December 24, the General Office of the Shanghai Municipal Government issued the "Work Plan for the Development of Medical Artificial Intelligence in Shanghai (2025-2027)", which mentions that it will increase the research layout around cutting-edge fields such as artificial intelligence, cognitive intelligence, and reinforcement learning, and support innovative exploration in cutting-edge medical fields such as brain science and brain-computer interface, and computational biology. Encourage national laboratories, scientific research institutions and medical institutions in Shanghai to strengthen cooperation, and strive to form a number of leading and subversive theoretical achievements.

8. Guangzhou Futures Exchange: Polysilicon futures will be listed and traded on December 26

Guangfu announced that polysilicon futures will be listed and traded on December 26, 2024 (Thursday), and the listed benchmark prices of each contract are as follows, PS2506 contract 38600 yuan/ton, PS2507 contract 38600 yuan/ton, PS2508 contract 38600 yuan/ton, PS2509 contract 38600 yuan/ton, PS2510 contract 38600 yuan/ton, PS2511 contract 38600 yuan/ton, PS2512 contract 38600 yuan/ Ton.

Thematic opportunities

1. China will deepen the regulatory reform of drugs and medical devices and actively promote the use of innovative drugs and devices

Recently, the executive meeting of the State Council deployed relevant measures to deepen the regulatory reform of drugs and medical devices and promote the high-quality development of the pharmaceutical industry. The meeting pointed out that it is necessary to deepen the reform of the whole process of drug and medical device supervision, create an innovation ecology with global competitiveness, promote China's progress from a pharmaceutical country to a pharmaceutical power, and better meet the needs of the masses for high-quality drugs and medical devices. It is necessary to increase support for the R&D and innovation of drugs and medical devices, play a leading role in standards, and actively promote the use of innovative drugs and medical devices. Caitong Securities believes that China's medical insurance expenditure on innovative drugs has increased from 5.949 billion yuan in 2019 to 48.189 billion yuan in 2022, an increase of 7.1 times. Both the number of transactions of overseas innovative drug products introduced by Chinese pharmaceutical companies and the number of licensing transactions of Chinese domestic innovative drugs in overseas markets are showing a rapid growth trend. In addition, the equipment renewal policy has been gradually implemented to promote the recovery of medical equipment bidding. As of the end of September this year, there have been more than 1,000 approved projects for medical equipment renewal, with a total budget of 41.2 billion yuan, and it is expected that a larger scale of equipment renewal projects will be implemented in 2025.

2. Polysilicon leaders have announced that the technical transformation and maintenance industry is expected to usher in inventory and production capacity clearance

On December 24, Tongwei Co., Ltd. announced that at present, due to the dry period in the southwest region in winter, the month-on-month increase in electricity prices, considering that the overall market of the photovoltaic industry continues to be in the bottom adjustment stage, the company's Yongxiang Co., Ltd. actively responded to the spirit of the Central Economic Work Conference, committed to breaking the "involution" competition, promoting the long-term and healthy development of the photovoltaic industry, and gradually arranged for the four high-purity crystalline silicon production companies under Yongxiang Co., Ltd. to reduce production in a phased and orderly manner. On the same day, Daqo Energy also said that it would gradually start the phased maintenance of high-purity polysilicon production lines in Xinjiang and Inner Mongolia production bases, and orderly reduce and control production of some production lines. According to the industry chain survey, the utilization rate of most polysilicon manufacturers is relatively low, and the polysilicon inventory is expected to gradually decrease from January onwards, as the leading manufacturers have taken the initiative to reduce production since December. Although the absolute number of polysilicon inventories is high, considering that some low-quality inventories cannot be used in the future, the actual effective inventory data is expected to be lower than the apparent figure. Huaxin Securities said that it is optimistic about the positive effect of polysilicon futures on the inventory and production capacity of the polysilicon industry after the listing.

3. "Bean Bag" is a research organization that pays close attention to new trends in application

Recently, ByteDance officially released the bean bag visual understanding model at the "Volcano Engine Force" conference. The data shows that in the past three months, the call volume of the Doubao large model in the information processing scenario has increased by 39 times, the customer service and sales scenario has increased by 16 times, the hardware terminal scenario has increased by 13 times, the AI tool scenario has increased by 9 times, and the learning and education scenarios have also increased significantly, and the application of large models may be accelerating. Looking around the A-share market, institutional investors quickly moved to investigate listed companies in related industries, and explored the application of AI models such as beanbags on the end side. According to incomplete statistics, since December, nearly 60 companies in AI PC, AI mobile phones, AI glasses, AIGC concepts, AI chips and other sectors have been surveyed, covering multiple links such as downstream applications and upstream hardware in the AI industry.

Company News

1. CATL Panshi chassis was officially released

According to CATL news, on December 24, CATL Rock Chassis was officially released, redefining ultra-high safety standards and opening an era of ultra-high safety travel. Relying on the three major technological innovations of structural safety, cell safety, and high-voltage safety, CATL's Panshi chassis realizes that the 120km/h center pillar does not catch fire or explode, and guards ultra-high and safe travel in all scenarios and at all speeds. In addition, with safety as the cornerstone, CATL's Panshi chassis empowers the multi-dimensional experience upgrade of the whole vehicle, achieving longer battery life, more intelligence, more space, and faster development.

2. Silian Board Shiyida: At present, it does not involve the "WeChat shop" business

On the evening of December 24, 002137 the company disclosed the announcement of the company's stock trading changes, and the company found that the market paid more attention to the concept of "WeChat shop", and the company is not currently involved in the business of "WeChat shop". At present, the company's main business and products are: (1) intelligent hardware manufacturing business: the company mainly provides brand owners with a series of services such as engineering testing, manufacturing, and supply chain management of industrial-grade equipment and new energy-related products; (2) Intelligent terminal product business: mainly engaged in the design, research and development, production and sales of LED intelligent lighting and related supporting intelligent terminal products, providing customers with LED product solutions.

3. Commodity City: Strive for more than 10 billion US dollars in cross-border payment transactions on the "Yi Pay" platform in 2026

Commodity City (600415) on the evening of December 24 issued an announcement on the implementation of the "Overall Plan for Deepening the Comprehensive Reform of International Trade in Yiwu City, Zhejiang Province", according to the requirements of the "Plan", the company will rely on the construction of Chinagoods small commodity digital trade comprehensive service platform, vigorously promote the innovation and development of import trade, give full play to the function of Yiwu Comprehensive Bonded Zone, promote the "standard into the market", establish a small commodity standard system, and promote the brand management of "Yiwu China Commodity City". Strengthen market-oriented cooperation with international shipping companies, and promote the construction of domestic consolidation centers and overseas warehouses. Among them, the company will focus on the implementation of five measures, such as striving to expand the import scale of consumer goods and enhancing the trade digitalization capabilities of export enterprises, and strive to achieve a cross-border payment transaction scale of more than 10 billion US dollars on the "Yi Pay" platform in 2026.

4. BAIC Blue Valley: The subsidiary completed the capital increase and share expansion, and introduced 11 strategic investments, with a total investment of 8.15 billion yuan

BAIC Blue Valley (600733) on the evening of December 24 issued an announcement on the progress of the subsidiary's capital increase and share expansion, the subsidiary BAIC New Energy introduced Beijing State-owned Capital Operation and Management Co., Ltd., Beijing Infrastructure Investment Co., Ltd., Ningbo Meishan Bonded Port Area Winning Investment Co., Ltd., Beijing Xiaoma Yixing Technology Co., Ltd. and other 11 strategic investors and signed the "Capital Increase Agreement", a total of 8.15 billion yuan of capital increase, after the completion of this round of capital increase, BAIC Blue Valley is still the controlling shareholder of BAIC New Energy. According to the announcement, the subscription price will be used to repay the debts formed by bank loans and the normal operation, management, investment and other expenses and expenses within the scope of BAIC New Energy, which will help enhance the company's competitiveness and optimize the capital structure, which is in line with the interests of all shareholders.

5. Huahai Qingke: It is planned to acquire the remaining 82% equity of Xinyu Company for no more than 1.005 billion yuan

Huahai Qingke (688120) announced on the evening of December 24 that the company and/or the company's wholly-owned subsidiary, Huahai Qingke Shanghai, intends to use a total of no more than 1.005 billion yuan of its own funds to acquire the remaining 82% of the equity of the company's shareholding subsidiary Xinyu Semiconductor (Shanghai) Co., Ltd. (hereinafter referred to as "Xinyu Company"), and after the completion of this transaction, Xinyu Company will become a wholly-owned subsidiary of the company. Xinyu is one of the few suppliers in China that can realize the production of large-beam ion implantation equipment, and the company can quickly realize the absorption and transformation of the core technology of ion implantation through this acquisition.

6. Sanli Spectrum: The subsidiary of the shareholding company plans to acquire part of the LCD polarizer business assets of Sumitomo Group

Sanlipu (002876) announced on the evening of December 24 that Hubei Liyou Optoelectronics Technology Co., Ltd. (hereinafter referred to as "Liyou Optoelectronics"), a holding subsidiary of Hubei Sanlipu Optoelectronics Technology Co., Ltd. (hereinafter referred to as "Hubei Sanlipu"), a shareholding company of the company, intends to acquire part of the equity and related assets and services related to the LCD polarizer business held by Sumitomo Chemical Co., Ltd. and its controlled affiliates (merged with "Sumitomo Group"), and the relevant transaction agreement is scheduled to be signed on December 25. The transaction is not expected to have a material impact on the Company's financial condition and results of operations.

7. New milestone: It is planned to indirectly acquire 60% of the equity of Dongying Geriatric Hospital

New Milestone (002219) announced on the evening of December 24 that the company and Beijing New Milestone Health Care Industry Group Co., Ltd. (hereinafter referred to as "New Milestone Care") signed the "Acquisition Framework Agreement on Dongying New Milestone Geriatric Hospital Co., Ltd.", intending to indirectly acquire 60% of the equity of Dongying New Milestone Geriatric Hospital Co., Ltd. (hereinafter referred to as "Dongying Geriatric Hospital"). If the subsequent implementation of this acquisition is implemented, the company's business scale will be expanded, the revenue of medical services will be further increased, the profitability will be improved accordingly, and the company's operation and management capabilities of medical and elderly care will be greatly improved.

8. Iceberg Hot and Cold: Completed the sale of all shares of Guotai Junan

Bingshan Cold and Hot (000530) announced on the evening of December 24 that at present, the company has completed the sale of the shares of Guotai Jun Security Department, and the sale period is from October 14 to December 24, with a sale of 10.91 million shares and an average sale price of about 20.46 yuan per share. According to preliminary calculations, the fair value change income is about 27 million yuan, the investment income is about 33.24 million yuan, and the company's net profit in 2024 is about 51.38 million yuan. The net proceeds from the sale will be used primarily to replenish liquidity or repay bank borrowings.

9. Junhe shares: net profit in 2024 is expected to increase by 107.54%-123.93% year-on-year

Junhe shares (603617) released a performance forecast on the evening of December 24, and it is expected that the net profit attributable to the parent company in 2024 will be 76 million yuan - 82 million yuan, an increase of 107.54% - 123.93% year-on-year. The company's performance is mainly due to the improvement of the industry trend in overseas markets, and the company's orders in hand increased significantly compared with the previous year in the same period, which made the company's product production and sales and gross profit margin effectively increase year-on-year.

10. Yinlun Co., Ltd.: The holding subsidiary obtained a purchase order for liquid cooling and heat dissipation system

Yinlun Co., Ltd. (002126) announced on the evening of December 24 that the company's holding subsidiary, Zhejiang Kaishan Yinlun Heat Exchanger Co., Ltd. (hereinafter referred to as "Kaishan Yinlun") recently obtained a purchase order from three data center overall solution service providers (limited to confidentiality requirements, unable to disclose their names, referred to as "customers"), Kaishan Yinlun will provide customers with a total of 193 sets of liquid cooling and heat dissipation systems for computing centers, and the follow-up Kaishan Yinlun will be delivered on schedule according to customer requirements.

11. Wolong Electric Drive: It is planned to invest 2.03 billion yuan in the construction of new energy storage projects

Wolong Electric Drive (600580) announced on the evening of December 24 that the company plans to invest in the construction of Baotou Damaoqi new energy plus energy storage grid pilot demonstration project through Shunfeng New Energy (Damaoqi) Co., Ltd., a grandson company, with a total installed capacity of 500MW and a total investment of 2.03 billion yuan.

12. Xingyuan Material: Innova, a subsidiary, signed a strategic cooperation agreement with Zhuhai Guanyu

Xingyuan Materials (300568) announced on the evening of December 24 that the company's subsidiary Innova (Singapore) Co., Ltd. (hereinafter referred to as "Innova") and Zhuhai Guanyu (688772) reached a "strategic cooperation agreement", and the two sides will use their respective advantages in the production, development, processing and sales of lithium battery separator materials to carry out comprehensive cooperation. From 2025 to 2031, the two sides will continue to carry out in-depth communication, exchanges and cooperation in product supply, technical exchanges, high-level visits, and overseas base construction, so as to promote mutual benefit and win-win results between the two sides.

13. Hanyu Pharmaceutical: Liraglutide Injection obtained the US FDA approval certificate

Hanyu Pharmaceuticals (300199) announced on the evening of December 24 that on December 23, the company received a notice from the U.S. Food and Drug Administration ("FDA") that the abbreviated application for liraglutide injection jointly submitted to the FDA by Hanyu Pharmaceuticals and Hikma Pharmaceuticals USA, Inc. has obtained an approval certificate. The FDA approval certificate obtained by liraglutide injection means that the drug is qualified for legal sales in the United States.