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Guojin Securities: In 2025, we are optimistic about Apple's industrial chain and can independently control and benefit from the industrial chain. Guojin Securities Research Report pointed out that the AI big model has brought new development opportunities to consumer electronics and IOT hardware, and it is expected to continue to drive hardware innovation, improve the value of the industrial chain and accelerate the replacement cycle. The trend of Apple's hardware innovation and growth is gradually clear. In 2025, IPhone17 is expected to usher in great innovation in hardware and end-side AI. In 2026, Apple is expected to launch folding mobile phones/iPads and smart glasses. AI smart glasses are in full bloom and are expected to usher in explosive growth. Self-control of semiconductors is the general trend, and we are optimistic about semiconductor equipment parts, materials and domestic computing power industry chain. In 2025, we are optimistic about Apple's industrial chain, AI glasses, AI-driven and self-controllable benefit industrial chain.Ren Hongbin, President of the China Council for the Promotion of International Trade, met with Lee Ka Chiu John, Chief Executive of the Hong Kong Special Administrative Region. On December 9, Ren Hongbin, President of the China Council for the Promotion of International Trade, met with Lee Ka Chiu John, Chief Executive of the Hong Kong Special Administrative Region. The two sides exchanged views on strengthening economic and trade exchanges between the mainland and Hong Kong, promoting the industrial and commercial circles of the two places to jointly build the "Belt and Road" with high quality, helping Guangdong-Hong Kong-Macao Greater Bay Area to develop with high quality, and jointly safeguarding the stability of the global industrial chain supply chain. The two sides indicated that they would make joint efforts to promote the second Guangdong-Hong Kong-Macao Greater Bay Area Development Business Conference to be held from December 11th to 12th to be a complete success.Guangdong: Build and improve the integrated motor vehicle emission monitoring system of "heaven, earth and drivers". By the end of 2025, the coverage rate of remote sensing monitoring of diesel vehicles will reach over 60%. The Guangdong Provincial People's Government issued an action plan for continuous improvement of air quality in Guangdong Province to strictly control motor vehicle emissions. Strengthen the supervision and inspection of the environmental protection standards and information disclosure of new cars, and realize the full coverage of new production trucks. During the periodic inspection of motor vehicle emissions, the evaporative emission control of gasoline vehicles is tested. Strengthen the supervision of motor vehicle emission inspection agencies, and actively explore technologies such as raw data storage and data encryption transmission to prevent motor vehicle emission inspection agencies from cheating. We will build and improve the integrated motor vehicle emission monitoring system of "heaven, earth and drivers", and the coverage rate of remote sensing monitoring of diesel vehicles will reach over 60% by the end of 2025. Strengthen the home inspection of major car users whose remote sensing monitoring rate exceeds 10%, and severely crack down on illegal activities such as dismantling exhaust aftertreatment devices and destroying and tampering with on-board diagnostic systems (OBD). Organize the remote sensing monitoring, supervision and inspection of motor vehicle emissions, strictly implement the system of motor vehicle emission inspection and compulsory maintenance, strengthen the joint supervision and law enforcement of motor vehicles that exceed the standard, and basically eliminate the phenomenon of "black smoke" from motor vehicles.

Guojin Securities: In 2025, we are optimistic about Apple's industrial chain and can independently control and benefit from the industrial chain. Guojin Securities Research Report pointed out that the AI big model has brought new development opportunities to consumer electronics and IOT hardware, and it is expected to continue to drive hardware innovation, improve the value of the industrial chain and accelerate the replacement cycle. The trend of Apple's hardware innovation and growth is gradually clear. In 2025, IPhone17 is expected to usher in great innovation in hardware and end-side AI. In 2026, Apple is expected to launch folding mobile phones/iPads and smart glasses. AI smart glasses are in full bloom and are expected to usher in explosive growth. Self-control of semiconductors is the general trend, and we are optimistic about semiconductor equipment parts, materials and domestic computing power industry chain. In 2025, we are optimistic about Apple's industrial chain, AI glasses, AI-driven and self-controllable benefit industrial chain.South Korea's stock market rebounded after its market value evaporated by $100 billion due to the political crisis. South Korea's stock market rebounded on Tuesday, which was the first rise since the martial law storm caused the country to fall into political turmoil last week. South Korea's Kospi index rose more than 2% in early trading, after its recent decline pushed it to the edge of a bear market. The Kosdaq small-cap stock index rose more than 4%. In the four trading days as of Monday, the total market value of these two index companies evaporated by $100 billion. South Korean authorities have repeatedly promised to take all measures to stabilize market sentiment, saying that the recent market trend is "excessive" considering the country's economic fundamentals. President Yin Xiyue survived the parliamentary impeachment vote over the weekend, but the opposition party vowed to continue to push him to step down.The central parity of RMB against the US dollar was reported at 7.1896 yuan, down by 26 points.

Huaxi Securities: In 2025, the rate of RRR cut and interest rate cut may not be lower than 50bp and 20bp. Huaxi Securities Research Report pointed out that this Politburo meeting revisited "moderately loose monetary policy", and the market inevitably associated with the magnificent combination of monetary and fiscal policies in 2008-2010. Specific to this round of monetary policy, it may be similar to it, not only the tone has changed, but also the framework has changed from the previous cross-cycle (or both cross-cycle and counter-cycle) to counter-cycle adjustment, which is likely to point to an increase in the adjustment range of reserve ratio and policy interest rate. Looking forward to 2025, the rate of single RRR cut and interest rate cut of monetary policy may not be lower than 50bp and 20bp (the rate in 2024), and the possibility of further increasing the rate in the face of extreme circumstances is not ruled out. The specific degree and duration of easing may depend on the economic situation.Swiss Re: It is estimated that the global real GDP growth rate will reach 2.7% in 2026. Swiss Re released the latest sigma report, and the world economy is expected to maintain steady growth in the next two years, but the downside risks will rise. It is estimated that the global real GDP growth rate will reach 2.8% and 2.7% in 2025 and 2026, which is basically the same as that in 2024.Aoyuan Group: It failed to pay off the due debt principal of about 43 billion yuan in time. Aoyuan Group Co., Ltd. issued an announcement to disclose the latest situation of the company's debt settlement and pending litigation. According to the announcement, as of November 30, 2024, the accumulated debt principal that Aoyuan Group failed to pay off in time was about 43.028 billion yuan, of which the open market debt principal that failed to pay off in time was 250,000 yuan; The company and its subsidiaries are involved in a number of major pending lawsuits, involving about 60.600 billion yuan, including about 52.554 billion yuan related to financing and 8.046 billion yuan related to non-financing. In addition, Aoyuan Group has 64 pieces of information about untrustworthy executors, involving a total amount of 2.228 billion yuan.