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Inter-bank cash bonds are strong as a whole, and national debt and CDB active bonds are down by 3-5bp. The 5-year treasury bonds and CDB active bonds went down by about 5bp, and "24 Treasury bonds with interest 20" reported 1.42%, which was a record low compared with yield to maturity, a Chinese bond in the same period, and "24 CDB 08" reported 1.515% in the same period, a record low since January 26th, 2006. The 10-year "24 interest-bearing treasury bonds 11" initially declined, and now it remains below 1.8%.Shunkong developed 50 million yuan to set up an industrial investment company. According to the enterprise survey APP, recently, Guangdong Shunkong Qingxun Industrial Investment Co., Ltd. was established with Liang Weifeng as the legal representative and a registered capital of 50 million yuan. Its business scope includes: sales of eco-environmental materials; Sales of building materials; Sales of new membrane materials; Sales of synthetic materials, etc. Enterprise investigation shows that the company is wholly owned by Shunkong Development.The central bank's open market today launched a 7-day reverse repurchase operation of 205.1 billion yuan, and the operating interest rate was flat at 1.50%. Today, 190.9 billion yuan of 7-day reverse repurchase expired, and the net investment on that day was 14.2 billion yuan.

The Nikkei 225 index fell to 1%.Shanghai Securities: The pharmaceutical and bio-industry is expected to further repair its performance and valuation. The Shanghai Securities Research Report pointed out that with the support of policies and the adjustment of the internal structure of the industry, the pharmaceutical and bio-industry is expected to further repair its performance and valuation. It is suggested to pay attention to five directions: 1) Innovative drugs (with strong national policy support, the payment terminal is expected to further improve and go to sea to occupy the global market); 2)CXO (the negative impact of the biosafety bill event has been eliminated, and the demand for orders in the superimposed interest rate reduction cycle has increased, which is expected to usher in a double repair of performance and valuation); 3) Imitation and innovation (centralized procurement is expected to clear up, increase innovation, and traditional pharmaceutical companies will usher in new opportunities); 4) Traditional Chinese Medicine (the national policy supports the innovation of traditional Chinese medicine, and its performance is expected to maintain a good growth rate); 5) Medical devices (equipment updating, high-consumption innovation, low-consumption going to sea, etc.). Individual stocks can be concerned about: Baekje Shenzhou, Wuxi PharmaTech, China Resources Sanjiu and so on.The 28th meeting of the China-ROK Joint Economic and Trade Commission was held in Seoul, South Korea. On the 12th, Vice Minister of Commerce Li Fei co-chaired the 28th meeting of the China-ROK Joint Economic and Trade Commission with Vice Minister of Foreign Affairs Jiang Renxian in Seoul, South Korea. The two sides exchanged views on deepening China-ROK industrial chain supply chain, trade and investment, regional and multilateral cooperation, pragmatically promoted related matters, and reached broad consensus.

Chief economist of CITIC Jiantou: More active finance and moderately loose currency are beneficial to both stocks and debts. Huang Wentao, chief economist of CITIC Jiantou, interpreted the Central Economic Work Conference and said that the meeting stressed that it is necessary to maintain stable economic growth next year, maintain overall stability in employment and prices, raise the fiscal and monetary adjustment to the strongest level for many years, and give priority to expanding domestic demand. The construction of modern industrial system focuses on new quality productivity, and the economic system reform has landmark measures to expand autonomy and unilateral opening up in an orderly manner to stabilize the property market and stock market. Stable employment and stable prices will bring about both nominal and real growth, more active finance and moderately loose currency, which will be beneficial to both stocks and debts, the stock index, valuation and liquidity will stabilize and rebound, and the bond market interest rate will have more downside. Looking forward to 2025, the 5% real and nominal GDP growth rate is the direction of efforts. The growth is more brought about by the domestic demand boost and two innovations, new quality productivity and new supply, industrial digitalization and digital industrialization, rural revitalization and new urbanization, Belt and Road Initiative and opening up, and the high-quality ending of the "14 th Five-Year Plan" started the "15 th Five-Year Plan".The three major stock indexes opened lower, with the Shanghai Composite Index down 0.54%, the Shenzhen Component Index down 0.74% and the Growth Enterprise Market down 0.87%.The T-shaped overpass with the longest and heaviest single span in China successfully turned and crossed Panxi Railway. According to The Paper, on the afternoon of December 11th, after 82 minutes of continuous construction, the T-shaped overpass with the longest and heaviest single span in China turned 52 degrees clockwise from Panxi Railway Vehicle Turning Station to Yangweishao Station under the jurisdiction of Kunming Bureau of China Railway, realizing a "gorgeous turn" and successfully completed the turn across Panxi Railway.