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Zheshang Securities: A-shares may benefit from the rising style of risk appetite, which is more inclined to small-cap growth. Zheshang Securities Research Report pointed out that the current inflation level is in the early stage of bottoming out, and there is a lot of flexibility for the recovery of effective demand. It is expected that monetary policy will still have a total easing space such as RRR cuts and interest rate cuts. In terms of large-scale assets, A-shares may benefit from rising risk appetite, and their styles are more inclined to small-cap growth, and the valuation of technology stocks may be relatively flexible. It is recommended to pay attention to high-elastic sectors such as GEM, Kechuang 50 and Beizheng 50. In the field of fixed income, the current risk-free interest rate level has gradually approached the new equilibrium level. It is expected that the yield of the next 10-year government bonds will generally fluctuate, and the long-term interest rate is less likely to have upward risks. The credit spread is expected to narrow, and the urban investment bonds in the qualified areas will sink in a short period of time or the main allocation direction.Jilin issued a 5-year general bond with a scale of 300 million yuan, an issue rate of 1.6600%, a marginal multiple of 3.00 times and an expected multiple of 1.67; Jilin issued a 10-year general bond with a scale of 300 million yuan, an issue rate of 2.0000%, a marginal multiple of 8.10 times and an expected multiple of 2.01; Jilin issued 30-year ordinary special local bonds, with a scale of 1.6 trillion yuan, an issue interest rate of 2.2000%, a marginal multiple of 1.53 times and an expected multiple of 2.21; Jilin issued 20-year ordinary special local debt, with a scale of 18.5 trillion yuan, an issue interest rate of 2.2300%, a marginal multiple of 22.48 times and an expected multiple of 2.24; Jilin issued 30-year ordinary special local bonds, with a scale of 20 billion yuan, an issue interest rate of 2.2000%, a marginal multiple of 1.59 times and an expected multiple of 2.22.Pacific Securities: The historical low of the valuation office of liquor industry is about to be repaired. The Pacific Securities Research Report pointed out that the liquor industry is rationally slowing down, and the valuation office is at a historical low, and it is about to be repaired. Next year, the leading growth target will generally drop to single digits. However, the accumulated inventory risk and pricing pressure still need time to gradually ease after the imbalance between supply and demand has intensified in the past two years and the previous industry bubble has receded. With the economic recovery stimulated by this round of policies and the stabilization of the bottom of the real estate industry, the liquor industry is expected to usher in a wave of recovery. Since 2023, industry differentiation has intensified, but with the improvement of management level and refined channel operation in recent years, excellent wine enterprises have stronger marketing foundation and anti-risk ability compared with previous downward cycles. The price of high-end wine determines the brand position, so the approval price is more important, which depends on the choice of quantity and price and the control of approval price by wine enterprises. Sub-high-end needs to pay more attention to channel risks. The high growth brought by pre-distribution investment needs to be tested in the downward period, and once the channel collapses and stalls, it is difficult to reverse it. Real estate wine pays attention to the growth momentum of internal product structure and the market potential in and around the province. The upgrading speed determines the slope and the ceiling determines the space. Suggested attention: Wuliangye, LU ZHOU LAO JIAO CO.,LTD, Shuijingfang, etc.

Recruitment platform Indeded: Job vacancies in the UK are falling faster than those in other developed countries. The recruitment platform Indeded said on Tuesday that job vacancies in the UK have fallen faster than those in other developed countries in the past year, which is another sign that the British economy lost momentum in the second half of this year. Indeed data shows that as of November 29, the number of British job advertisements posted on its platform decreased by 23% compared with the same period of last year, which was even greater than the 14% decline from August to October according to official data. France is only a little better than Britain, and the number of job vacancies has dropped by 22% compared with the same period of last year, while other comparable countries, including the United States, Germany, Ireland, Canada and Australia, have dropped by 5% to 15%.Guangdong: fully implement the source substitution of raw and auxiliary materials with low (no) VOCs content. The Guangdong Provincial People's Government issued an action plan for continuous improvement of air quality in Guangdong Province, and fully implement the source substitution of raw and auxiliary materials with low (no) VOCs content. Fully promote the use of raw and auxiliary materials with low (no) VOCs content, implement source substitution projects, increase the substitution of raw and auxiliary materials with low (no) VOCs content in industrial painting, packaging and printing and electronics industries, and increase the protection of outdoor structures and the promotion and use of low (no) VOCs content coatings for urban road traffic signs.Details of the arrest of the person involved in the killing of the CEO of the insurance giant in new york surfaced: Luigi Mangione, who was regarded by the new york police as the person involved in the murder of Brian Thompson, an executive of UnitedHealth Group Inc, was arrested in Pennsylvania on Monday, and now he is accused of possessing illegal firearms and using false identification. According to the criminal indictment issued by the Pennsylvania court system on Monday night, Mangione, 26, made her first appearance in the court in Hollidaysburg. He was charged with five counts, including forgery, holding a gun without a license and showing false documents to law enforcement agencies. Mangione was detained by the police after being recognized and reported by employees in a McDonald's restaurant in Altoona that morning. The police officer asked him to show his identity, and Mangione took out a New Jersey driver's license named "Mark Rosario" and the date of birth was July 1998. The police officer then asked him if he had been to new york recently. "The man fell silent and began to tremble," the indictment said. When more police arrived at the scene, Mangione was told that he was under investigation and would be arrested if he lied about his identity. He later said that his name was Luigi Mangione and that he was born in May 1998. A police officer asked Mangione why he lied, and he replied, "I obviously shouldn't." The police arrested him on charges of forgery and providing false information to law enforcement agencies. He was handcuffed, searched and taken back to the police station. A black pistol and a silencer were found in his backpack, both of which were made of 3D printers. This pistol has a metal sleeve, a metal threaded barrel and a plastic handle, and a Glock magazine with six 9mm bullets. A dropped bullet was also found in the defendant's backpack.

The number of mainland tourists visiting Hong Kong has increased by nearly 30%, and the effect of "one sign and many trips" is obvious. Last Saturday (December 7) was the first weekend after the implementation of the "one sign and many trips" policy for Shenzhen residents to Hong Kong. According to the statistics of the Hong Kong SAR government, there were about 145,000 mainland tourists visiting Hong Kong on the 7 th, which was 28.5% higher than the average daily number of tourists in November. From December 1st this year, Shenzhen registered residents and residence permit holders can apply for a "one-sign multi-trip" endorsement to travel to Hong Kong, that is, they can travel to and from Hong Kong for an unlimited number of times within one year and stay in Hong Kong for no more than 7 days at a time. December is the traditional tourist season in Hong Kong, and all major business districts and scenic spots will attract tourists through discount promotions and theme activities. With the implementation of the new policy of "one sign and many trips", many Shenzhen residents went shopping in Hong Kong last weekend. (CCTV News)China's key mineral control is "stricter than expected". Regarding China's announcement last week to strengthen export control to the United States, The New York Times commented in a report on December 9 that it is "stricter than expected". The report claims that the most worrying thing is the extensive ban on transshipment. This clause extends export control to companies inside and outside China, and prohibits these companies from buying minerals in China and reselling them to American companies. The Center for Strategic and International Studies (CSIS), an American think tank, points out that the new export control measures include several firsts-the first time that it explicitly targets the United States rather than other countries, and the first time that it directly responds to the restrictions imposed by the United States on its access to advanced technology. (Observer Network)Jilin issued a 5-year general bond with a scale of 300 million yuan, an issue rate of 1.6600%, a marginal multiple of 3.00 times and an expected multiple of 1.67; Jilin issued a 10-year general bond with a scale of 300 million yuan, an issue rate of 2.0000%, a marginal multiple of 8.10 times and an expected multiple of 2.01; Jilin issued 30-year ordinary special local bonds, with a scale of 1.6 trillion yuan, an issue interest rate of 2.2000%, a marginal multiple of 1.53 times and an expected multiple of 2.21; Jilin issued 20-year ordinary special local debt, with a scale of 18.5 trillion yuan, an issue interest rate of 2.2300%, a marginal multiple of 22.48 times and an expected multiple of 2.24; Jilin issued 30-year ordinary special local bonds, with a scale of 20 billion yuan, an issue interest rate of 2.2000%, a marginal multiple of 1.59 times and an expected multiple of 2.22.