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CICC: Xiamen Tungsten Industry will be successfully issued, and resource development and high-end production capacity construction are expected to accelerate. According to the research report of CICC, Xiamen Tungsten Industry (600549.SH) will be successfully issued, and resource development and high-end production capacity construction are expected to accelerate. It is worth noting that the final issue price of this fundraising is 20.80 yuan/share, which is 28.87% higher than the reserve price, and 3.35% lower than the closing price of 21.52 yuan/share on November 6, the first day of the issuance period. After the completion of the issuance, the company is expected to accelerate the development of tungsten resources and the construction of downstream high-end production capacity, and strengthen profit growth. Considering the impact of stock issuance, the net profit of returning to the mother in 2024 will remain unchanged at 1.92 billion yuan, and the net profit of returning to the mother in 2025 will be raised by 1.7% to 2.25 billion yuan, and CAGR+18.6% from 2023 to 2025. Raise the target price by 17% to 24.1 yuan.Open source securities: AI video model is accelerating the competition and continuing to lay out "AI+ movies". According to the open source securities research report, 1)AI video model is accelerating the competition, and its multi-modal capability is continuously upgraded, helping to open up the commercialization space. 2) Film and television content, copyright and marketing companies actively embrace AI video and continue to lay out "AI+ Film and Television". We are optimistic about the continuous iteration of the AI ​ ​ video model, the accelerated application, the superposition of policy assistance such as the release of new film supply and consumption subsidies, and further promote the opening of the commercialization space of "AI+ film and television".The 2024 National Conference on Cultural and Tourism Project Construction was held. On December 10th, the 2024 National Conference on Cultural and Tourism Project Construction was held in Hefei, Anhui Province. The meeting demanded that we should accurately grasp the situation and opportunities faced by the construction of cultural and tourism projects, deepen the concept of integration, strengthen financial support, pay attention to scientific and technological empowerment, strengthen the guarantee of factors, strengthen the bottom line thinking, continue to promote the high-quality construction of cultural and tourism projects and the high-quality development of industries, and help to cultivate cultural tourism into a pillar industry. During the meeting, large-scale equipment renewal and consumer goods trade-in projects in the fields of culture and tourism were held, and representatives of relevant parties carried out policy propaganda and supply-demand docking exchanges around the "two new" work.

The Shanghai Composite Index opened at 3,430.08 points in the afternoon, up 0.22%. The Shanghai and Shenzhen 300 Index opened at 3,993.87 points in the afternoon, down 0.04%. Shenzhen Component Index opened at 10,860.99 points in the afternoon, up 0.45%. The GEM index opened at 2,266.24 points in the afternoon, up 0.10%. Small and medium-sized board opened at 11,727.56 points in the afternoon, up 0.65%.ST Huatong's newly established technology company includes Internet information service business. The enterprise search APP shows that recently, Shanghai Lingwu Technology Co., Ltd. was established, with the legal representative of Chen Qi and the registered capital of 1 million yuan. Its business scope includes: Internet information service; The second kind of value-added telecommunications services, etc. Enterprise equity penetration shows that the company is indirectly wholly-owned by ST Huatong.The global layout will further promote Sannuo Bio-CGM products to enter the European market. Recently, Sannuo Bio-CGM has reached a strategic cooperation with A.Menarini Diagnostics, a leading European medical diagnosis company, and signed an exclusive distribution agreement. The continuous glucose monitoring (CGM) products of Sannuo Bio will be launched in the European market in the form of joint brands of both parties. Sannuo Bio authorized A.Menarini Diagnostics to exclusively sell its CGM products in more than 20 countries and regions in Europe. In the future, the latter will vigorously promote the access, promotion and sales of Sannuo Bio CGM products in the European medical insurance market. Sannuo Bio has been actively deploying its internationalization strategy since its listing, and its iCan CGM is the first continuous glucose monitoring product certified by CE MDR in China. At present, Europe is the second largest market for CGM. In this cooperation, the two sides signed an exclusive distribution contract with considerable volume, which is expected to greatly accelerate the penetration and coverage of Sannuo Bio-CGM products in the European market.

China, a huge Hong Kong stock market, once rose over 80%.Wang Tao, UBS: It is expected that the Central Economic Work Conference will focus on the short-term policy package. Recently, the market highly expects the Central Economic Work Conference to guide the high-quality economic development of China next year. Wang Tao, head of Asian economic research at UBS and chief China economist, said: "I expect that the Central Economic Work Conference may focus on the short-term policy package in 2025 and 2026, but it will also emphasize accelerating some reform measures already outlined at the Third Plenary Session." Wang Tao believes that the next important reform measures may include providing better protection and access for the private economy, deepening the reform of state-owned enterprises to improve efficiency and governance, promoting household registration reform to improve the welfare of migrant workers, strengthening the social security network, and carrying out fiscal and taxation reforms to solve local fiscal revenue problems. "I think structural, deeper and faster reforms will be very important, not only to attract foreign investment, but also to boost domestic confidence." (China Daily)Zhuo Chuang Information: In December, the cost side kept moving down the soybean meal price or followed the seasonal decline law. According to Zhuo Chuang Information, looking back on the whole year of 2024, the center of gravity of soybean meal price showed a downward trend. In December, the price of Brazil's soybean premium was continuously lowered, and the spot price of soybean meal was further lowered under the pressure of the cost side. The problem of soybean customs clearance repeatedly traded in the market has limited impact on domestic supply, while the breeding end has started to slaughter one after another, which has a negative impact on the demand for soybean meal. Therefore, Zhuo Chuang Information predicts that the spot price of soybean meal may follow the seasonal law in December, showing a downward trend.