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Two-way opening-up continues to deepen, and foreign-funded institutions continue to be optimistic about China's capital market. Near the end of the year, many foreign-funded institutions have issued investment strategies for 2025. Foreign-funded institutions generally believe that a series of incremental policies since the end of September are gradually exerting their effects, providing strong support for China's stable economic growth and high-quality development. At the same time, the interconnection of financial markets continues to deepen, and the system of qualified foreign investors continues to be optimized, which also makes foreign investors' interest in investing in China continue to rise. Many foreign-funded institutions such as Goldman Sachs, UBS and Morgan Asset Management continue to be optimistic about the market outlook of China's capital market. Xing Ziqiang, chief economist of Morgan Stanley in China, said that the regulatory authorities are increasingly friendly to foreign investment, and the attention of overseas long-term capital and foreign investors to China is also developing in a positive direction. With the coordinated efforts of reform, it is believed that China's economy and market confidence will continue to stabilize and rebound. (Securities Times)Funds continue to enter the market through the channel. The net subscription of stock ETFs exceeded 36.5 billion in the month. Since December, funds have continued to enter the market through stock ETFs (transactional open index funds). Wind information data shows that as of December 13, the net subscription share of stock ETFs in the month reached 36.543 billion. From the perspective of specific capital flow, broad-based ETFs attract gold strongly, and many CSI A 500 ETFs and CSI 300ETF are actively subscribed by investors. In addition, dividend ETFs are also net subscribed by investors. (Securities Daily)Two-way opening-up continues to deepen, and foreign-funded institutions continue to be optimistic about China's capital market. Near the end of the year, many foreign-funded institutions have issued investment strategies for 2025. Foreign-funded institutions generally believe that a series of incremental policies since the end of September are gradually exerting their effects, providing strong support for China's stable economic growth and high-quality development. At the same time, the interconnection of financial markets continues to deepen, and the system of qualified foreign investors continues to be optimized, which also makes foreign investors' interest in investing in China continue to rise. Many foreign-funded institutions such as Goldman Sachs, UBS and Morgan Asset Management continue to be optimistic about the market outlook of China's capital market. Xing Ziqiang, chief economist of Morgan Stanley in China, said that the regulatory authorities are increasingly friendly to foreign investment, and the attention of overseas long-term capital and foreign investors to China is also developing in a positive direction. With the coordinated efforts of reform, it is believed that China's economy and market confidence will continue to stabilize and rebound. (Securities Times)

Shanghai Stock Exchange: This week, the coastal market has a surplus of transportation capacity, and the comprehensive index is under pressure. According to Shanghai Stock Exchange, this week, the downstream demand is sluggish, the terminal purchasing enthusiasm is not high, and due to multiple factors such as the recovery of ship turnover and the return of concurrently operated ships, the market transportation capacity is surplus, and the comprehensive index is slightly lower. On December 13th, the China coastal (bulk) comprehensive freight index released by Shanghai Shipping Exchange closed at 1123.01 points, down 1.7% from the previous period.Market News: A 6.6-magnitude earthquake occurred in Moller, Chile.Moody's: Downgrading France's sovereign credit rating to Aa3, the outlook is stable.

Shanghai will build a space-time digital twin system. Chen Jining, secretary of the Shanghai Municipal Party Committee, attended the opening day of "Shanghai Quantum City Space-time Innovation Base" in Fuxing Island, Yangpu District yesterday morning to unveil the Shanghai Key Laboratory of Space-time Innovation of Quantum City. According to the construction plan, relevant parties in Shanghai will innovatively integrate and apply all kinds of new digital technologies to build a spatio-temporal digital twin system with virtual reality, online and offline linkage, and all things interconnected. By 2027, the city's spatio-temporal intelligent governance capacity will be comprehensively improved, and thousands of industries will be supported, forming a number of industrial clusters in the spatio-temporal field of artificial intelligence. (Liberation Daily)Lenovo released eight new server products, based on the fifth-generation AMD EPYC processor platform. At the launch conference of Lenovo's new computing infrastructure products, Lenovo released eight server products based on the fifth-generation AMD EPYC processor-Lenovo Questioner, ThinkSystem V3 series server product family and a brand-new ThinkSystem AMD tower server, which will join hands with AMD to accelerate the development of AI computing infrastructure in China. (Sina Technology)Zhongjin's fixed income: the financing demand is weak under the background of debt conversion, and the monetary policy needs to continue to increase. Zhongjin's fixed income commented on the financial data in November, saying that it is expected that the currency will be loose or significantly accelerated next year, while the short-term interest rate may have a large downside. Under the background of slow real estate recovery, the domestic economy has stabilized relatively moderately, and the long-term interest rate has been affected or relatively limited. Next year, monetary and fiscal cooperation will be closer, and the supply factor of government bonds may not have much disturbance to the long end. Recently, the market has fully priced loose expectations, and the long-term interest rate has dropped rapidly. Next year, with the RRR cut, the short-term interest rate will fall or accelerate, and the yield curve will move down sharply.