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With the general election approaching, German Chancellor Angela Scholz supports reducing the value-added tax on basic groceries. German Chancellor Angela Scholz said in an interview on the evening of December 10th local time that he was in favor of reducing the value-added tax on basic groceries from 7% to 5% to help low-income families cope with inflation. The center-left leader also said that although the opposition Conservative Party has a big lead in the polls, he is confident of winning the early election on February 23rd.The restricted shares with a market value of 463 million yuan were lifted today. Smith Barney, Foreign Service Holdings and Aimeike were among the top companies in terms of market value. On Wednesday (December 11th), the restricted shares of four companies were lifted, with a total lifting amount of 31.3389 million shares. According to the latest closing price, the total lifting market value was 463 million yuan. Judging from the amount of lifting the ban, one company lifted more than 10 million shares. Smith Barney Technology, Foreign Service Holdings and Pulitzer were among the top, with 24,446,500 shares, 6,503,200 shares and 234,800 shares respectively. Judging from the market value of lifting the ban, the number of shares lifted by a company exceeds 100 million yuan. Smith Barney Technology, Foreign Service Holdings and Aimeike are among the top companies in terms of market value, with market values of 392 million yuan, 34.8574 million yuan and 33.43 million yuan respectively. Judging from the proportion of shares released from the ban to the total share capital, the proportion of one company released from the ban exceeded 10%. Smith Barney Technology, Foreign Service Holdings and Aimeike are among the top companies, with the lifting rates of 29.38%, 0.28% and 0.05% respectively.Japanese and Korean stock markets opened slightly lower, with the Nikkei 225 index down 0.02% at 39,357.77. South Korea's KOSPI index opened down 0.2% to 2,412.15 points.

Asian Development Bank: Reduce India's growth forecast from 7.0% to 6.5% in 2024 and from 7.2% to 7.0% in 2025.Millay: Argentina seeks to reach a free trade agreement with the United States next year.TF Securities: The supply-side reform of cement has gradually entered the second stage, and the industry profits are expected to go out of the relative bottom. According to the TF Securities Research Report, the whole process of the supply-side reform of cement industry can be divided into two steps. In the first step, the effect of "reducing production" was achieved by controlling the new production capacity and promoting peak-shifting production nationwide, and the industry profits were pushed up to a new high in 2019. At present, the cement industry is gradually entering the second stage of supply-side reform, and it is expected to realize the withdrawal of actual production capacity with the help of market-oriented behaviors such as environmental protection, double carbon policy and enterprise merger and reorganization. In the short term, peak-shifting production is still the most effective means to adjust the balance between supply and demand. After entering 2025, with the gradual tightening of the policy of restricting overcapacity, enterprises are forced to withdraw from small and medium-sized production capacity by making up the indicators of overcapacity, and the industry is expected to begin to realize real capacity clearing. In 2027, it will enter the stage of deepening and perfecting carbon trading, and the effect of industry capacity optimization is expected to be further revealed. At present, the profit end of the cement industry has shown signs of stabilization. Under the dual promotion of policy-driven and self-restraint under the growth of corporate profit demands, the profit in the fourth quarter is expected to begin to walk out of the relative bottom. CONCH, Shangfeng Cement, huaxin cement, China Resources Building Materials Technology and Western Cement are recommended.

Shenzhen Holdings: Auditor replacement: PricewaterhouseCoopers resigned and Ernst & Young took over. On December 10th, Shenzhen Holdings (00604.HK) announced that according to Rule 13.51(4) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, PricewaterhouseCoopers agreed to resign as the auditor of Shenzhen Holdings with effect from December 10th, 2024. At the same time, the board of directors of Shenzhen Holdings decided to appoint Ernst & Young as the new auditor of the company, which will also take effect from December 10, 2024 until the end of the next annual general meeting.Guotai Junan's annual strategy for innovative drugs in 2025: innovative pharmaceutical companies have accelerated into the harvest period, and the valuation has been at a historical low in the past five years. Guotai Junan said that the centralized purchasing policy has become stable, mature and normalized, and the marginal impact has weakened. Innovative drugs have gained policy inclination in the medical insurance negotiation. In the past two years, the policy has continued to promote pharmaceutical innovation, and the top-level design and local supporting chain support the development of innovative drugs. Commercial insurance is expected to bring new growth momentum to China's pharmaceutical market, and the overall industry trend is upward. At present, the trend of innovative drug industry is improving, the supply continues to accelerate, and a number of domestic innovative drugs are approved soon, which is expected to drive a new round of heavy volume. At the same time, the commercialization has achieved remarkable results and has occupied a dominant position in some sub-sectors. Pharma's performance continued to differentiate, and innovative drugs and just-needed drugs performed well. Biotech commercialization continues to increase, per capita yield continues to increase, the node of turning losses is approaching, and innovation ushers in the harvest period. Horizontal comparison: compared with overseas peers, the overall valuation of domestic innovative pharmaceutical companies is in a historically low range; Vertical comparison: the valuation of SW- pharmaceutical biology and SW- chemical preparations is at a historical low in the past five years, and it is expected that the valuation of subsequent sectors will pick up.Everbright Securities: The effect of trade-in subsidy for the whole year is much better than expected. Everbright Securities released a research report saying that the Politburo proposed to implement more relaxed policies, vigorously boost consumption and lead the development of new quality productivity. The intelligent direction of the automobile industry not only conforms to the development tone, but also plays an important role in boosting consumption. At the same time, the industry involves the "two new" themes of large-scale equipment renewal and trade-in of consumer goods, and the bank continues to be optimistic about investment opportunities in the automobile sector driven by favorable policies.