The concept of cryptocurrency in US stocks strengthened collectively at the beginning of the session, with Hut 8 and Riot Platforms rising by more than 8%, Bitdeer rising by more than 6%, TeraWulf and CleanSpark rising by more than 3%. In the news, US President-elect Trump announced that he would do some great things in the field of cryptocurrency.According to the report, the Israeli Air Force has completed the investigation of the October 7 incident and will submit it to the Chief of Staff next week.South Korean investors flocked to the gold market. Today, the South Korean National Assembly passed the "Yin Xiyue General Special Inspection Law for Civil Disturbance" and the "Jin Jianxit Inspection Law". According to a survey released by the Korean polling agency on the 12th, 74.8% of the respondents thought that President Yin Xiyue should immediately step down or be impeached, and stop performing his duties. The political situation is turbulent, and the sales of gold bars of the five major banks in South Korea have also increased significantly. On the first day after the emergency martial law incident, that is, on the 4th of this month, more than 1.5 billion won of gold bars were sold, far exceeding the daily average. (CCTV Finance)
WTI crude oil fell by 1.0% in the day to 69.17 USD/barrel.Liu Xiaochun, Vice President of Shanghai New Finance Research Institute: Small and medium-sized financial institutions may focus on capital increase, restructuring and mergers and acquisitions. The Central Economic Work Conference proposed to effectively prevent and resolve risks in key areas and firmly hold the bottom line of no systematic risks. The meeting also proposed that the risks of local small and medium-sized financial institutions should be properly handled. Liu Xiaochun, vice president of Shanghai Institute of New Finance and Shanghai Jiaotong University Institute of Finance, believes that local debt risks are gradually being resolved, and efforts should be made to resolve real estate risks and risks of small and medium-sized financial institutions in the next stage. (SSE)Luo Zhiheng, chief economist of Yuekai Securities: Improving deficit ratio's firm determination to release the central government to stabilize the economy is conducive to stabilizing expectations. The Central Economic Work Conference proposed to implement a more active fiscal policy. Improve the fiscal deficit ratio, and ensure that the fiscal policy will continue to exert more efforts. Luo Zhiheng, chief economist of Yuekai Securities, said that the fiscal policy continued the general tone of "positive", which reflected the stability and continuity of the policy, but emphasized "more positive", which was mainly reflected in the increase of deficit ratio and the scale of special bonds and ultra-long-term special government bonds. It is expected that the scale of fiscal expenditure will be significantly increased and the growth rate of fiscal expenditure will be increased next year. The generalized deficit ratio probability in 2025 is higher than that in 2024. In his view, the narrow sense of deficit ratio has a high probability of exceeding 3%, and the improvement of deficit ratio has special significance, which can achieve triple effects. First, the increase in deficit ratio means a further increase in the deficit scale, which is conducive to expanding expenditure, strengthening the ability of fiscal countercyclical adjustment, better preventing risks, benefiting people's livelihood and stabilizing growth. Second, deficit ratio is different from other financial instruments, and the public pays great attention to deficit ratio and its changes. Therefore, fiscal policy should use limited "bullets" to stabilize expectations, and the same fiscal stimulus scale should be reflected in deficit ratio as much as possible. Deficit ratio can better convey policy intentions and has strong policy signal significance; Improving deficit ratio's firm determination to release the central government to stabilize the economy is conducive to stabilizing expectations. Third, the high probability of deficit is still dominated by central government bonds. The form of transfer payment can better ensure the stability of grassroots financial resources and increase the disposable degree of local financial resources, which is conducive to the local government's "three guarantees" work. (SSE)
China Resources Land: The contracted sales in November was about 25.80 billion yuan, up 6.9% year-on-year. China Resources Land announced on the evening of December 12 that in November 2024, the Group achieved a total contracted sales of about 25.80 billion yuan, with a total contracted sales floor area of about 1.203 million square meters, up 6.9% and 11.1% respectively. In the first 11 months of 2024, the cumulative contracted sales was about RMB 229.10 billion, and the total contracted sales floor area was about 10.031 million square meters, down by 19.9% and 16.8% respectively.European Central Bank President Lagarde: We must be very cautious. European Central Bank President Lagarde: We must be very cautious because service prices and wages are rising rapidly. Financial difficulties are self-created uncertainties.According to statistics, on December 12th, as of press time, five A-share listed companies including Alaide, Zhongzhong Technology, Yiwang Yichuang, Crystal Optoelectronics and Decai Co., Ltd. disclosed their holdings.