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In November, the scale of wealth management exceeded expectations, and the scale of 14 wealth management companies increased by over 420 billion yuan. In November, the product scale of wealth management companies ushered in a general increase. According to the obtained data, in November, there were 6 state-owned wealth management companies and 8 joint-stock wealth management companies (CMB, Xingyin, Everbright, Xinyin, Ping 'an, Huaxia, Puyin and Minsheng), totaling 14 wealth management companies, with a survival scale of nearly 22.6 trillion yuan, an increase of more than 420 billion yuan compared with October, and the growth rate was slightly lower than the impact of capital backflow in October. (21st century business herald)The onshore RMB against the US dollar officially closed at 7.2590 at 16:30 Beijing time, down 97 points from the official closing price of the previous trading day and down 99 points from the closing price of the previous day and night.The National Southeast Regional Emergency Rescue Center is about to be delivered. It was learned from the recent press conference held in Chaozhou, Guangdong that the National Southeast Regional Emergency Rescue Center is about to be delivered. The National Southeast Regional Emergency Rescue Center is located in Chao 'an District, Chaozhou City, Guangdong Province. It is one of the six national regional emergency rescue centers in China, focusing on the emergency rescue of typhoons and their secondary and derivative disasters. It has basic functions such as emergency command, comprehensive rescue, training drills, equipment storage and transportation, etc., to ensure that it can reach the disaster area in the shortest time to complete the difficult rescue task. (CCTV News)

Japanese manufacturers' confidence index turned negative to the central bank's forecast in December. A short-term survey in Reuters, Japan, found that Japanese manufacturers' business confidence deteriorated further in December due to concerns about US protectionist policies. The survey of 505 large Japanese non-financial enterprises showed that manufacturers' confidence index fell from 5 in November to -1 in December, which was the first time since last February, and the number of pessimists exceeded optimists for the first time in 10 months. The loss of business confidence may cast a shadow over the Bank of Japan's forecast. The Bank of Japan had previously predicted that a steady recovery driven by rising wages and consumption would help inflation reach the 2% target in a sustainable way and justify further interest rate hikes. Many manufacturing industries have reported that business confidence has declined. Among electronic machinery manufacturers, steel and non-ferrous metal manufacturers, pessimists far exceed optimists.Trump appointed TOM BARRACK as the US ambassador to Turkey.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.

Huaxi Securities: Maintaining the "Buy" rating of this century is expected to outperform the industry. Huaxi Securities Research Report pointed out that the Spring Festival is the most rigid peak season for liquor demand in a year, and it is also the key node for liquor companies to complete sales and promote marketing. It is expected that the demand for business banquets, corporate annual meetings, family gatherings, gifts from relatives and friends will be stronger, and the marketing of the industry will be improved after the Spring Festival. This century (603369.SH In the short and medium term, in order to seize the window period of intensive cultivation in the province, it is relatively more important for the company to improve its market share and expand its market coverage. It is considered that under the trend of intensified competition in the industry, it is not excluded that the company can maintain its current investment and even increase its investment in a targeted manner, so it is relatively cautious to calculate the profit elasticity. At present, the industry has entered a period of slowdown and the company will be more pragmatic in setting goals. However, the company's own advantages are still accumulating and it is expected to outperform the industry relatively. Maintain the "buy" rating.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.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.